The finance ministry on Sunday issued a notification regarding duty concessions on Omani goods under the trade pact with India, which will come into effect from June 1. The India-Oman Comprehensive Economic Partnership Agreement (CEPA) was signed in December last year.
Key Provisions of the Notification
The notification stated that the exemption from duty shall be available only if the importer proves to the satisfaction of the deputy commissioner of customs or assistant commissioner of customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of the Sultanate of Oman.
Scope of Duty Concessions
India is offering duty concessions on 77.8% of its total tariff lines, which amounts to 12,556 tariff lines. This covers 94.8% of India's imports from Oman by value. The concessions are expected to boost bilateral trade and strengthen economic ties between the two nations.
The CEPA is a comprehensive agreement that aims to enhance trade in goods, services, and investments. It is part of India's broader strategy to deepen economic engagement with Gulf countries.
