India and Oman close to finalizing proposed trade agreement

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New Delhi: India and Oman are close to finalizing a proposed trade agreement. According to sources familiar with the matter, officials from both sides have begun the process of legal review of the proposed Comprehensive Free Trade Agreement (FTA). Talks on a trade deal have reached the final stage.

The model code of conduct can be implemented anytime as the general elections are around the corner. In such a situation, India is very keen to finalize this agreement. In such a situation it becomes important to finalize this agreement within the stipulated time frame. India wants to improve relations with the Gulf countries by signing a trade agreement with this West Asian country. Oman is a strategic partner for India and has a 5,000-year-old trade relationship with India.

Apart from this, Oman is also a member of the six-member Gulf Cooperation Council. The Gulf Cooperation countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Although India and the United Arab Emirates reached an agreement on a comprehensive FTA two years ago, formal negotiations with the Gulf Cooperation Council are pending.

India pulled out of the China-backed Asian Trade Group's Regional Comprehensive and Comprehensive Partnership in 2019. Now India is changing its foreign trade strategy. India has signed free trade agreements with Mauritius, United Arab Emirates and Australia in the last three years.

Bilateral trade between India and Oman has grown rapidly. The trade between these two countries has increased by 42 percent to 4.48 billion dollars from 3.15 billion dollars in 2022. Petroleum products accounted for half of Oman's exports to India during the last financial year. It mainly consisted of petrol.

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