India-Oman FTA to help boost apparel exports: AEPC
Negotiations for the pact, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), are moving at a fast pace.
NEW DELHI: A free trade agreement with Oman will help boost apparel exports as huge business opportunities are there in the Gulf nation for Indian exporters, AEPC said on Thursday.
Negotiations for the pact, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), are moving at a fast pace.
The Apparel Export Promotion Council (AEPC) said that the swift movement towards CEPA is encouraging and will be a game changer for India– Oman bilateral trade. The bilateral trade between the two countries stood at $12.39 billion in 2022-23, up from $9.99 billion in the previous year.
“The RMG (readymade garments) exports to Oman grew from $13 million in 2020 to $28 million in 2021. The customs duty in Oman is 5 per cent on RMG products. Though it is a small market but has immense potential to grow once tariff is eliminated post-FTA and will be another doorway to GCC countries,” AEPC Secretary General Mithileshwar Thakur said.
The Gulf Cooperation Council (GCC) is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the largest trading bloc of India.
He also said that to increase exports, India is organising BHARAT TEX EXPO 2024 here from February 26-29 next year. A roadshow to attract domestic industry for the show was organised by the AEPC on December 15 in Bengaluru. Naren Goenka, chairman AEPC has given assurance to the brand representatives and sourcing teams about the sustainability status of Indian manufacturers across all the ESG (Environmental, Social, and Governance) parameters.
He stated that the event will ensure the preparedness of India to the world in compliance, product focus, quality, government and policy support.
