|
Oman-India economic ties are poised to shift from traditional buyer-seller transactions to strategic business partnerships, with significant opportunities in trade, manufacturing, logistics, ports and investment, Oman's Consul General Mahboob Issa Al Raisi said.
Speaking at the third edition of the CII Gujarat Export Conclave 2026 in Ahmedabad, Raisi said Oman is strategically positioned to serve as a gateway for Indian businesses. "There are significant opportunities to deepen our partnership across trade, manufacturing, logistics, ports, and investment...," he said, adding Indian companies can leverage Oman's strategic location and logistics capabilities to strengthen supply chains and access new markets. "Oman is well positioned to serve as a gateway for Indian businesses seeing to expand into the Gulf, East Africa, and wider international markets...," he stated. India and Oman signed the Comprehensive Economic Partnership Agreement (CEPA) on June 1, 2026. The agreement provides duty-free access to 99.38 per cent of India's exports to Oman by value, covering 98.08 per cent of its tariff lines. Since coming into force on June 1, 2026, 783 Certificates of Origin have been issued. The number of tariff lines at the HS 8-digit level exported to Oman also rose from 2,879 in May 2026 to 3,371 in June 2026, while exports across these lines increased to USD 622.8 million in June from USD 402.7 million in May, as per government data. During FY 2024-25, bilateral trade between India and Oman rose to USD 10.61 billion from USD 8.94 billion in FY 2023-24, while trade during April-October 2025 stood at USD 6.48 billion, according to government data. India's merchandise exports to Oman reached USD 4.02 billion in FY 2025-26, while imports from Oman stood at USD 6.55 billion in FY 2024-25 and USD 3.91 billion during April-October 2025. (ANI)
|
