The Sultanate of Oman and India will soon sign a Comprehensive Economic Partnership Agreement (CEPA), reports quoting Issa Saleh Abdullah Saleh Al Shibani, the Ambassador to India, said.
The PTI news agency quoted him and said negotiations have concluded, and currently, the legislative and administrative processes are in motion.
"Hopefully... we will reach a stage of signature very soon," he said in response to a question related to the expected timeline for signing the agreement.
Both sides have been trying to reduce or eliminate customs duties on a maximum number of goods traded between them.
The proposed agreement would simplify and increase the scope of trade beyond energy, into other commodities, Al Shibani said.
India's key imports from Oman are petroleum products and urea. These account for over 70% of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel, the report said.
India's Commerce Minister Piyush Goyal on September 19 said that discussions for a free trade agreement (FTA) are in an advanced stage and could be concluded soon.
"As of now, we are at an advanced stage of dialogue with Oman (on FTA), which should conclude soon. Some other (GCC) countries have shown interest, we will be talking to them, and if we get confidence that it will be good for the Indian economy, we are open to FTAs with other GCC countries too," Goyal said in Dubai.
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