India-Oman CEPA kicks in June 1: What gets cheaper, which sectors gain, and key benefits explained

The India-Oman Comprehensive Economic Partnership Agreement (CEPA) will come into force on June 1. It grants New Delhi 100% duty-free access across 98.08% of tariff lines, covering 99.38% of export value, with the benefits available from Day 1. KIRTIKA SUNEJA explains

INDIA’S EXPORTS GAINS
Engg goods, pharma, agri & processed food, marine products, textiles, chemicals, electronics, plastics, gems & jewellery

DUTY FREE EXPORTS

• Natural honey, cashew, boneless meat, bakery products
• Chocolate, sugar confectionery, mineral wate
• Cheese, curd, milk, cream, frozen fish, butter
• Animal & vegetable fats and oil
• Oman levies 5-100% duty at present
• Zero-duty access, consolidates India’s 98.3% share, making Oman India’s largest export destination for eggs

MOBILITY, SERVICES GAINS

• Enhanced mobility for Indian Professionals
• Temporary stay commitments for intra-corporate transferees, contractual service suppliers, business visitors, independent professionals
• Liberalised entry, stay for professionals in accountancy, taxation, architecture, medical
• Commitment on 100% FDI for Indian cos in major services sectors
• First-ever commitment by any country on traditional medicine
• Fast tracking of marketing authorisations for USFDA, EMA, UKMHRA-approved pharma products

WHAT BECOMES CHEAPER FOR INDIA

• Dates: Duty-free access to 2,000 tonnes of Omani dates annually
• Concessions to Oman’s Gum Arabica (used in food, medicines), Frankincense used in perfume sector
• Petrochemicals, Marble blocks