India and Oman signs Free Trade Agreement

The agreement was signed by Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef in the presence of Prime Minister Narendra Modi in Muscat. 

The deal is expected to come into force from the first quarter of next fiscal. The pact is coming at a time when India is facing



steep 50 per cent tariffs in its largest export destination, the US.

Oman has offered zero-duty access on over 98 per cent of its tariff lines (or product categories), covering 99.38 per cent of India's exports to Oman. 

On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items.