look news india
New Delhi: India and Oman are close to finalizing the proposed trade agreement. According to sources familiar with the matter, officials from both sides have started the process of legal review of the proposed Comprehensive Free Trade Agreement (FTA). Negotiations on trade deal have reached the final stage.
As the general elections are near, the Model Code of Conduct can be implemented any time. In such a situation, India is very eager to finalize this agreement. In such a situation, it becomes important to finalize this agreement within the stipulated time limit. India wants to improve relations with the Gulf countries by signing a trade agreement with this West Asian country. Oman is a strategic partner of 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 UAE reached an agreement on a comprehensive FTA two years ago, formal negotiations with the Gulf Cooperation Council are pending.
India walked 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, UAE and Australia in the last three years.
Bilateral trade between India and Oman has increased rapidly. Trade between these two countries has increased by 42 percent from $3.15 billion to $4.48 billion in 2022. Petroleum products accounted for half of Oman's exports to India during the last financial year. This mainly included petrol.