LEGAL SCRUBBING OF INDIA-OMAN FREE TRADE PACT UNDERWAY
Why in the news?
The progress of the India-Oman Free Trade Agreement (FTA) negotiations and its potential impact on trade relations between the two countries.
source:IE
FTA Benefits and Economic Impact:
- FTA aims to diversify Oman’s economy beyond oil and gas while providing market access to Indian products.
- Bilateral investment treaty (BIT) recently completed with UAE, furthering economic integration.
- India-Oman CEPA offers import duty reductions, strengthening strategic ties in the West Asia region.
What is FTA ?
A Free Trade Agreement (FTA) is a pact between countries or regional blocs aimed at diminishing or removing trade barriers through mutual negotiations to promote trade. ● FTAs oppose trade protectionism or economic isolationism, advocating for the principles of free trade and open markets. ● They are classified into types such as : Preferential Trade Agreement, Comprehensive Economic Cooperation Agreement (CECA), and Comprehensive Economic Partnership Agreement (CEPA). |