MUSCAT : Addressing journalists at the Diplomatic Club, the Minister explained the key dimensions and provisions of the agreement, highlighting its potential benefits for both economies while reassuring that Omanisation and workers’ rights remain protected.

India, now the world’s fourth-largest economy with a rapidly expanding middle class of over 400 million people, offers significant demand potential for Omani goods and services. Through the agreement, Oman will gain improved access to the Indian market, where customs duties currently range between 17 and 40 per cent, with several products expected to see tariffs reduced to near zero.

On the domestic front, the Minister highlighted that Oman’s effective customs rate stands at around 1.2 per cent, reflecting its open and free-economy approach supported by multiple exemptions. He added that the agreement is expected to encourage Indian companies to establish production and export bases in Oman, boosting investment inflows while ensuring compliance with Omanisation requirements.

“The focus is on economic growth, employment and diversification,” he said, adding that Indian and Omani professionals would work together within new ventures to serve regional and global markets. Oman’s unique position as one of only a few countries with trade agreements linking it to both the world’s largest and fourth-largest economies was also highlighted as a strategic advantage.

While the agreement will come into force following the issuance of a Royal Decree, His Excellency stressed that preparatory work must begin immediately. This includes raising awareness among businesses, identifying competitive Omani products and ensuring the private sector is ready to capitalise on the opportunities once the agreement becomes effective.

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