Business News / Government is going to make this big deal - a lot of income will come from Gulf countries

Business News: A great deal is going to happen between India and Oman. This will promote more than 83.5 percent of Indian goods worth US $ 3.7 billion such as gasoline, iron and steel, electronics and machinery to Oman. According to the India-Oman CEPA: Gateway to Middle Eastern Markets and Beyond, prepared by research institute Global Trade Reform Initiative (GTRI), these goods currently attract five percent import duty in Oman.

what does the report say

Negotiations are going on on this Economic Partnership Deal (CEPA) between India and Oman. By reaching the agreement, both the countries are significantly reducing or eliminating customs duties on the maximum number of goods agreed between them. The report said, the new trade agreement will boost major export items such as motor gasoline (exports worth US$ 1.7 billion), iron and steel products (exports worth US$ 235 million), electronics (exports worth US$ 135 million), machinery (exports worth US$ 125 million). $), aluminum oxide (US$ 126 million), textiles (US$ 110 million), calcined alumina (US$ 105 million), plastics (US$ 64 million), boneless meat (US$ 50 million), essential oils (47 million US dollars) and motor cars (exports worth 28 million US dollars) will be extremely beneficial.

These products will get a new direction

However, it said that about 16.5 percent of the goods exported from India to Oman will not get additional benefits from this agreement. Their exports amount to about US$800 million and these goods already have duty-free access. These include wheat (exports worth US$ 45 million), basmati rice (US$ 125 million), fruits, vegetables (US$ 76 million), medicines (US$ 76 million), fish (US$ 13.7 million), tea, coffee ( 1.77 crore US dollars).