Duty concessions on petrochemical products a sticking point in India-Oman FTA talks
The HinduA demand for Customs duty on petrochemical products such as polypropylene and polyethylene, which are used primarily in the plastics industry, may act as a sticking point in the early conclusion of talks for the proposed free-trade agreement between India and Oman, according to an official. According to them, if India would give duty concessions on these already subsidised products, it would be a double advantage for Omani firms. According to thinktank GTRI, Indian goods such as petrol, iron and steel, electronics, and machinery, worth $3.7 billion, will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement. Currently, over 80% of India's goods enter Oman at an average of 5 per cent import duties, the GTRI report has said, adding Oman's import duty ranges from 0 to 100 per cent along with the existence of specific duties.
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India, Oman conclude trade talks; to sign deal after elections
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