Bilateral Updates

India and the US held “constructive and positive discussions” across issues, covering trade in goods and nontariff measures and “reaffirmed” their commitment to conclude a mutually beneficial bilateral trade agreement (BTA) that strengthens trade and economic ties, according to the Commerce Department.

India’s Comprehensive Economic Partnership Agreement (CEPA) with Oman, which is likely to come into force on Monday, is expected to not only unlock export opportunities worth nearly double India’s current outbound shipments to Oman, but also help Indian goods access the Gulf Cooperation Council (GCC) region while bypassing the conflict-sensitive Strait of Hormuz chokepoint.

The free trade agreement (FTA) between India and Oman is expected to come into force from June 1, Commerce and Industry Minister Piyush Goyal said on Tuesday. The agreement will provide duty-free access to 98 per cent of India's exports, including textiles, agri, and leather goods in Oman. On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items.

Commerce and Industry Minister Piyush Goyal on Monday held talks with his Omanese counterpart Anwar bin Hilal bin Hamdoun Al Jabri on ways to promote bilateral trade and investment. In the last few days, Goyal has held discussions with the trade ministers of Saudi Arabia, UAE, Bahrain and Kuwait. "Held a telecall with HE Anwar bin Hilal bin Hamdoun Al Jabri, Oman's Minister of Commerce, Industry and Investment Promotion. Discussed unlocking opportunities under the India-Oman CEPA to boost bilateral trade and investment ties for the mutual growth of both nations," Goyal said in a social media post.