India-Oman free trade pact talks at advanced stage, says Ambassador Narang

Discussions for the proposed free trade agreement (FTA) between India and Oman are at an advanced stage and both sides hope to conclude the pact early, Indian Ambassador to Oman Amit Narang said on Tuesday.

The pact will give a significant push to bilateral trade and investment ties between the two countries, he said.

The pact, officially known as the Comprehensive Economic Partnership Agreement (CEPA), is expected to boost Indian exports to the west Asian country by eliminating duties, especially on petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel.

"Discussions for a bilateral CEPA with Oman are at an advanced stage. We hope to conclude these discussions early and once this is done, this will be a significant push to bilateral, not just trade, but also bilateral investment ties," Narang said.

Addressing an event organised by Ficci here, the Indian Ambassador to Oman also highlighted the significant potential for enhancing direct shipping li