India and Oman have signed a Free Trade Agreement (FTA), which came into force on Monday with its first set of consignments. Being shipped at zero or concessional rates, as New Delhi offered a food security pact to further strengthen ties with the Gulf nations.
This agreement has made buying and selling businesses easier and cheaper for both countries. Oman said, “We can sell more fertilisers and petrochemicals to India.”
India also stated, “We can work together on food security.” Both countries are cooperating more closely on trade and food to boost their economies.
Oman has also agreed to offer visa benefits to Indian workers. This step has made it easier for Indian companies operating in Oman to hire Indian workers beyond the local employment requirements mandated by the Omani government under the Free Trade Agreement, said Piyush Goyal, Commerce and Industry Minister.
Additionally, Indian pharmaceuticals are expected to receive quick approvals for medicines by the US, Europe, and the UK. In return for this significant move, there is a tariff reduction on 78% of products imported from Oman, including fertilisers, energy, and industrial goods.
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Further, Indian consumers can receive cheaper dates from Oman, while the Gulf nation has also removed the ban on marble exports to India. Amid all of this, Piyush Goyal said that Oman was a gateway to the region and its major ports.