From News Desk
Comprehensive Agreement Signed: India and Oman sign a Comprehensive Trade Agreement Advancing a New Era of Economic Partnership and Opportunity under the leadership of Prime Minister Narendra Modi.
In the presence and Narendra Modi and Sultan Haitham bin Tarik, the India–Oman Comprehensive Economic Partnership Agreement (CEPA) was signed by Commerce and Industry Minister Piyush Goyal and Oman’s Minister of Commerce, Industry & Investment Promotion Qais bin Mohammed Al Yousef, marking a major milestone in India’s strategic engagement with the Gulf region.
Agreement Unlocks Export Opportunity for India’s Labour-Intensive Sectors including textiles, leather, footwear, gems & jewellery, engineering products, plastics, furniture, agricultural products, pharmaceuticals, medical devices and automobiles generating employment and empowering artisans, women-led enterprises and MSMEs
Market Access for Indian Goods with zero-duty access on 98.08% of Oman’s tariff lines, covering 99.38% of India’s exports by value.
This is the 2nd Free Trade Agreement signed in the last 6 months after United Kingdom.
Ambitious Services Commitments – First of its kind by Oman
Oman has offered 127 sub-sectors – A wide-ranging package covers Computer Related Services, Business Services, Professional services, Audio visual services, R & D Services, Education services and Health Services – unlocking high-value opportunities and job creation.
Enhanced Mobility for Indian Professionals
For the first time, Oman has offered commitments across key Mode 4 categories, High quality temporary entry and temporary stay commitments for Intra-Corporate Transferees, and Contractual Service Suppliers, Business Visitors and Independent Professionals and liberalised entry and stay for professionals in accountancy, taxation, architecture, medical and allied sectors.
Commitment on 100% Foreign Direct Investment for Indian companies in major services sectors (Mode 3)
Provision for future negotiations on Social Security coverage of workers upon implementation of Oman’s contributory social security system
First-ever commitment by any country on Traditional Medicine across all modes opening significant opportunities for India’s AYUSH and wellness sectors, promotes medical value travel and strengthens cooperation in traditional healthcare systems.
Fast tracking of marketing authorisations for Pharmaceutical products approved by USFDA, EMA, UKMHRA, etc.; acceptance of GMP inspection documents reducing time and cost for Indian pharma exporters.
Facilitates mutual recognition arrangements for Halal certification, acceptance of India’s NPOP certification for organic products, and enhanced cooperation in standards and conformity assessment.
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