India is rapidly advancing its trade strategy. Now, India is about to sign a Free Trade Agreement (FTA) with another country. Union Commerce and Industry Minister Piyush Goyal said that India and Oman will sign a free trade agreement on Thursday, which will strengthen economic ties between the two countries and open new opportunities in important sectors. This agreement will be signed in the presence of Prime Minister Narendra Modi.
Oman has been India’s third largest export destination among the Gulf Cooperation Council countries, and this deal is expected to further strengthen economic ties between the two countries. Goyal said that Oman has been signing free trade agreements for almost 20 years. It had signed a similar agreement with America in 2006. He said the free trade agreement will open up new opportunities for business, and expand opportunities in sectors such as footwear, textiles, jewellery, agriculture, vehicles and parts, and renewable energy.
Opening doors to many countries
The minister said that this deal is an entry gate for Africa and Central Asia. This step will also increase trade possibilities with other countries. Trade between India and Oman is worth $10.5 billion. India imports goods worth more than $6 billion from Oman, while exports are worth $4 billion. Now, let us know what India imports from Oman and what it exports to Oman.
What does India import from Oman?
India’s main imports from Oman are petroleum and urea. These account for more than 70 percent of imports. Apart from these, India imports propylene, ethylene polymer, pet coke, gypsum, chemicals, iron and steel, and unrefined aluminum from Oman.
What does Oman import from India?
Oman also imports large quantities of goods from India, worth about $4 billion. India supplies mineral fuels, chemicals, precious metals, iron and steel, grains, ships, boats, electrical machinery, boilers, tea, coffee, spices, textiles and food articles to Oman.