India has achieved great heights by making great progress in relations and trade with the Gulf countries. India and Oman have implemented the Free Trade Agreement. Both countries are expected to benefit tremendously from this. This agreement between India and Oman has been possible after an excellent meeting with PM Modi and His Majesty Sultan Haitham bin Tariq on 16 December. During this, PM Modi reviewed the entire range of bilateral relations with the Sultan of Oman, discussing ways to deepen cooperation in commerce, culture, defence, innovation and other areas. After this big agreement with the Gulf country Oman, there is panic in China-Pakistan.
Free Trade Agreement (FTA) with Oman will help in promoting apparel exports. Apparel Export Promotion Council (AEPC) said this on Thursday. AEPC has said that Indian exporters have huge business opportunities in this Gulf country. Negotiations for this agreement, officially called the Comprehensive Economic Partnership Agreement (CEPA), are progressing at a fast pace. AEPC said the rapid progress towards CEPA is encouraging and will be a game changer for India-Oman bilateral trade.
Business reached so many billion dollars
In the financial year 2022-23, bilateral trade between the two countries was $ 12.39 billion, which was $ 9.99 billion in the previous year. Mithileshwar Thakur, General Secretary, AEPC, said, “RMG (readymade garments) exports to Oman increased from $ 13 million in 2020 to $ 28 million in 2021. Customs duty on RMG products in Oman is five percent. Although, it is a small market, it has immense potential to grow once the tariffs are eliminated post FTA and it will become another gateway for GCC countries.
The Gulf Cooperation Council (GCC) is an association of six countries in the Gulf region – Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. The council is India’s largest business group. He also said that to increase exports, India is organizing India Tex Expo 2024 here from 26-29 February next year. A road show was organized by AEPC in Bengaluru on 15 December to attract domestic industry to the show. (Language)
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