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A comprehensive trade deal with the West Asian nation is a part of India’s keenness to improve its relation with the Gulf nations, with Oman being India’s strategic partner, with trade links of about 5,000 years. Representative Picture
After nearly finalising a pact, the proposed free-trade agreement (FTA) between India and Oman has hit a speed breaker, amid differences over market access for petrochemical products, people aware of the matter said.
The main area of contention has been the pressure on Delhi to give greater market access for polyethylene and polypropylene-intermediates used to manufacture plastics, medical devices, electronics and automobile components. These petrochemical products attract 7.5 per cent import duty in India.
Both sides had almost concluded the trade agreement and the process of legal scrubbing of text of the proposed FTA had also started in
First Published: Aug 04 2024 | 11:26 PM IST
