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India and Oman are on the brink of finalising a trade deal that would facilitate smoother access to each other's markets for goods and services, according to officials familiar with the negotiations, solidifying India's presence in the Gulf region.
Significant progress has been made in discussions on the comprehensive economic partnership agreement, with consensus reached on the majority of issues. Sources, preferring anonymity due to the confidential nature of the discussions, indicated that the talks are nearing a conclusion, with a potential agreement as early as March.
Despite Oman's relatively small economy, its strategic location along the Strait of Hormuz makes it crucial for India's interests in the region, being a vital transit point for Asia's crude oil. Moreover, Oman hosts a sizable Indian expatriate population, further underscoring its importance to India.
New Delhi seeks reduced tariffs on exports to Oman, covering a range of products from rice and pharmaceuticals to petroleum and steel, while also aiming to ease entry barriers for Indian professionals like doctors, nurses, and engineers.
Conversely, Oman is looking for improved market access for its exports, particularly downstream petroleum products, fertiliser, and iron and steel products.
While the Indian trade ministry spokesperson and Omani government officials were not immediately available for comment, the urgency of finalising the deal underscores Prime Minister Narendra Modi's efforts to bolster ties with the Middle East.
India has been actively pursuing trade agreements in the region, having already signed a free trade agreement with the United Arab Emirates and engaging in talks with the Gulf Cooperation Council countries.
Oman holds a significant position as India's third-largest trade partner within the GCC nations, with bilateral trade reaching $12.38 billion in 2022-23.
The recent visit of Sultan Haitham bin Tarik to India marked the first by an Omani ruler in over two decades, further deepening bilateral relations. Following the visit, Oman allocated an exclusive zone for Indian commercial cargo and naval vessels at the strategically important Dqum port.
Modi's government has also accelerated trade negotiations with other major partners, including the UK, the European Union, and the European Free Trade Association, signalling India's commitment to expanding its global trade footprint.
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