India and Oman have concluded negotiations on a trade agreement and a formal free trade agreement (FTA) could be signed as early as March, government sources said on Tuesday, February 27.
The sources said that the Indian side has sought lower tariffs for exports to Oman and also easier access for Indian workers and professionals to the country. Oman has sought improved market access in India in sectors like downstream petroleum products, fertilizers and iron and steel.
A trade pact with Oman will also give India a prominent trade route through the Strait of Hormuz, the sources said.
Most significant is the fact that the India-Oman talks on a trade pact had got underway just three months ago and reaching a conclusion and putting a formal FTA on the anvil for signing are an indication of the importance according to it by both countries, the sources added.