Muscat: The Comprehensive Economic Partnership Agreement with India will help the Sultanate of Oman's local products expand to global markets.
It reduces and eliminates customs duties on key exports - nearly 97.4 percent of Omani goods to the Indian market.
It will expand industrial partnerships in fertilizers, iron, petrochemicals, and energy while facilitating rules of origin to serve local products.
India will cut tariffs on about 78 percent of its tariff lines, covering nearly 95 percent of imports from Oman by value.v
Oman offered zero-duty access on over 98% of its tariff lines, covering Indian exports, including gems and jewellery, textiles, pharmaceuticals, and automobiles.
CEPA will enhance India's connectivity to the GCC and Middle Eastern markets and West Asia.
The agreement will reduce operating costs for exporters, reduce goods release time and accelerate customs clearance procedures.
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