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What is the story about?
India is aiming to operationalise trade pacts with Oman and United Kingdom before June 2026 as part of its trade diversification strategy to tide over global uncertainties and the impact of the ongoing West Asia crisis.
India and Oman are aiming to operationalise their Comprehensive Economic Partnership Agreement (CEPA) by May 2026. Bilateral trade stands at over $10 billion currently with the West Asian country. Nearly 7 lakh Indian nationals reside in Oman, including Indian merchant families with a presence of over 200–300 years, with annual remittances of around $2 billion.
Oman has offered zero-duty access on 98.08% of its tariff lines, covering 99.38% of India’s exports to Oman. All major labour-intensive sectors including Gems & Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, medical devices, pharmaceuticals, and Automobiles receive full tariff elimination.
Out of the above, immediate tariff elimination is being offered on 97.96% Tariff Lines. India is offering tariff liberalization on 77.79% of its total tariff lines (12,556) which covers 94.81% of India’s imports from Oman by value.
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 liberalization. To safeguard its interest, sensitive products have been kept in the exclusion category by India without offering any concessions, especially 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.
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With India's export share in Oman's global imports basket at 5.31% out of the latter's global services imports of $12.52 billion, India's Commerce Ministry has projected significant untapped potential for Indian service providers in sectors like Computer Related Services, Business and Professional Services, Audio-visual Services, Research and Development, Education and Health Services to promote high-value job creation and support commercial engagement between both countries.
Separately, India's Free Trade Agreement (FTA) with the United Kingdom has been passed by both houses of Parliament in the European country. Stating that businesses on both sides are excited about opportunities, India's Commerce and Industry Minister Piyush Goyal said that India and the UK are looking to implement their FTA and the Double Contribution Convention (DCC) in the next 30 to 45 days.
India’s exports to the UK rose by 12.6% to $14.5 billion, while imports grew by 2.3% to $8.6 billion in 2024-25. Bilateral trade between India and the UK increased to $21.34 billion in FY 2023-24 from $20.36 billion in FY 2022-23.
Also Read: India’s UK, Oman FTAs likely by April; EU deal to operationalise by end-2026: Goyal
India and Oman are aiming to operationalise their Comprehensive Economic Partnership Agreement (CEPA) by May 2026. Bilateral trade stands at over $10 billion currently with the West Asian country. Nearly 7 lakh Indian nationals reside in Oman, including Indian merchant families with a presence of over 200–300 years, with annual remittances of around $2 billion.
Oman has offered zero-duty access on 98.08% of its tariff lines, covering 99.38% of India’s exports to Oman. All major labour-intensive sectors including Gems & Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, medical devices, pharmaceuticals, and Automobiles receive full tariff elimination.
Out of the above, immediate tariff elimination is being offered on 97.96% Tariff Lines. India is offering tariff liberalization on 77.79% of its total tariff lines (12,556) which covers 94.81% of India’s imports from Oman by value.
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 liberalization. To safeguard its interest, sensitive products have been kept in the exclusion category by India without offering any concessions, especially 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.
Also Read: RBL Bank gets RBI nod for Emirates NBD’s 74% stake buy
With India's export share in Oman's global imports basket at 5.31% out of the latter's global services imports of $12.52 billion, India's Commerce Ministry has projected significant untapped potential for Indian service providers in sectors like Computer Related Services, Business and Professional Services, Audio-visual Services, Research and Development, Education and Health Services to promote high-value job creation and support commercial engagement between both countries.
Separately, India's Free Trade Agreement (FTA) with the United Kingdom has been passed by both houses of Parliament in the European country. Stating that businesses on both sides are excited about opportunities, India's Commerce and Industry Minister Piyush Goyal said that India and the UK are looking to implement their FTA and the Double Contribution Convention (DCC) in the next 30 to 45 days.
India’s exports to the UK rose by 12.6% to $14.5 billion, while imports grew by 2.3% to $8.6 billion in 2024-25. Bilateral trade between India and the UK increased to $21.34 billion in FY 2023-24 from $20.36 billion in FY 2022-23.
Also Read: India’s UK, Oman FTAs likely by April; EU deal to operationalise by end-2026: Goyal
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