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India has shipped goods worth $1.8 million, including gems and jewellery, marine products, engineering goods, minerals, and electric cables, to Oman from various destinations to mark the operationalisation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The shipped consignments will avail preferential duty access in Oman, which India's Commerce and Industry Minister Piyush Goyal described as a gateway to the wider Gulf Cooperation Council, East Africa and the Indian Ocean region.
Terming the India-Oman CEPA as a statement of civilisational trust, the Minister said that Indian generics approved by the US FDA and authorities in the European Union (EU) and the United Kingdom (UK) will receive a marketing authorization in Oman within 90 days, which will enable Omani patients get affordable Indian medicines faster.
Foreseeing a large number of Indian investments in Oman, the Minister said that Indian workers will be given preferential treatment in non-service sectors in majority Indian-owned companies, adding that concerns on Omanisation policy had been addressed to India's satisfaction.
Having received frankincense and dates in a gift by Oman's Ambassador to India Isa Saleh Al Shibani as mark of the centuries-old bilateral trade between both the countries, the Minister said that the West Asian country's commitment to lift decades-old ban on export of unpolished marble blocks will enable craftsmen in Rajasthan and Andhra Pradesh get access to Omani raw material.
While noting that every trade agreement stands on its own feet, the Minister pointed to similarity between economies within the Gulf Cooperation Council (GCC), adding that FTAs with the UAE and Oman will certainly have a bearing on the India-GCC FTA negotiations.
Highlighting trade pacts as a stamp of friendship, stable and predictable policy regime between two nations, he pointed out that market access into Oman will serve as a gateway into other countries much beyond the West Asia crisis.
Also Read: Oman says it can help meet India's energy and fertiliser needs amid West Asia turmoil
The shipped consignments will avail preferential duty access in Oman, which India's Commerce and Industry Minister Piyush Goyal described as a gateway to the wider Gulf Cooperation Council, East Africa and the Indian Ocean region.
Terming the India-Oman CEPA as a statement of civilisational trust, the Minister said that Indian generics approved by the US FDA and authorities in the European Union (EU) and the United Kingdom (UK) will receive a marketing authorization in Oman within 90 days, which will enable Omani patients get affordable Indian medicines faster.
Foreseeing a large number of Indian investments in Oman, the Minister said that Indian workers will be given preferential treatment in non-service sectors in majority Indian-owned companies, adding that concerns on Omanisation policy had been addressed to India's satisfaction.
Having received frankincense and dates in a gift by Oman's Ambassador to India Isa Saleh Al Shibani as mark of the centuries-old bilateral trade between both the countries, the Minister said that the West Asian country's commitment to lift decades-old ban on export of unpolished marble blocks will enable craftsmen in Rajasthan and Andhra Pradesh get access to Omani raw material.
While noting that every trade agreement stands on its own feet, the Minister pointed to similarity between economies within the Gulf Cooperation Council (GCC), adding that FTAs with the UAE and Oman will certainly have a bearing on the India-GCC FTA negotiations.
Highlighting trade pacts as a stamp of friendship, stable and predictable policy regime between two nations, he pointed out that market access into Oman will serve as a gateway into other countries much beyond the West Asia crisis.
Also Read: Oman says it can help meet India's energy and fertiliser needs amid West Asia turmoil
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