India-Oman FTA: Big boost for Indian exports
India just signed a free trade agreement (FTA) with Oman that could open up nearly $1 billion in new export opportunities.
Announced by PM Modi on December 18, the deal will remove tariffs on Indian goods heading to Oman—right now, those goods face a 5% customs duty and even higher charges on things like alcohol and chocolates.
What this means for India (and others)
This FTA gives India a stronger edge in Oman's $26 billion import market, especially for consumer products and light engineering goods.
It also means stiffer competition for countries like China, the EU, and the US—analyses estimate they could lose out on over $300 million in exports.
Pakistan's farm products and Malaysia and Singapore's soft drinks and industrial goods are especially at risk as India gains ground.