India-Oman trade agreement: India excludes dairy, gold, silver, footwear from trade pact with Oman

[ad_1] Muscat: India has protected the interest of domestic farmers and MSMEs by not extending any duty concessions on products across several sectors, including agricultural items such as dairy, as well as chocolates, gold, silver, jewellery, footwear, and sports goods, under the trade pact with Oman.The pact was signed on Thursday in Muscat.The commerce ministry said to safeguard its interest, sensitive products have been kept in the exclusion category by India without offering any concessions.Also read: India-Oman trade agreement: Two countries sign CEPA to deepen economic engagementIt includes "agricultural products, including dairy, tea, coffee, rubber, and tobacco products; gold and silver bullion, jewellery; other labour-intensive products such as footwear, sports goods; and scrap of many base metals", the ministry said.Live EventsFurther for the products of export interest to Oman and which are sensitive to India, the offer is mostly a tariff-rate quota (TRQ)-based tariff liberalisation.Under the TRQ mechanism, India has extended duty concessions up to a specified quota, beyond which the normal import duty will apply. Goods under this category include dates, marbles, and petrochemical products.An official said Oman has allowed Indian firms to import marble blocks, which is a banned export item in the Gulf nation.The agreement comes amid steadily expanding economic ties between the two countries. Bilateral trade stood at $8.947 billion in FY24 and rose to $10.613 billion in FY25, while investment links remain strong with more than 6,000 India–Oman joint ventures operating in Oman.The CEPA was signed when Prime Minister Narendra Modi is on a four-day, three-nation visit. The 14th round of the India–Oman Strategic Consultative Group meeting was held in Muscat, co-chaired by Arun Kumar Chatterjee and Sheikh Khalifa Alharthy. The talks reviewed bilateral cooperation across defence, trade, energy, investment and people-to-people ties, and discussed regional and global issues of mutual interest. As per the CEPA, the annual quota for duty free dates will be 2,000 tonnes. With inputs from PTI [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/india-oman-trade-agreement-india-excludes-dairy-gold-silver-footwear-from-trade-pact-with-oman/?feed_id=3842&_unique_id=694f5515562b5

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