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The Economic Times (India)

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India-Oman trade deal goes live June 1

The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is set to come into force on June 1, marking a significant milestone in bilateral economic relations. Both nations will formally announce the decision on Monday.This marks the fifth free trade agreement (FTA) implemented under the Modi government since 2014. It follows trade pacts rolled out with Mauritius (April 2021), the UAE (May 2022), Australia (December 2022), and the European Free Trade Association (EFTA—comprising Switzerland, Iceland, Liechtenstein, and Norway in October 2025). India has also signed deals with the UK (July 2025) and New Zealand (April 2026), alongside concluding trade talks with the 27-nation European Union (EU) on January 27 this year.CEPA vs FTAModern trade pacts typically span around 20 chapters. These encompass comprehensive regulations across trade in goods, trade in services, investment, intellectual property rights, customs procedures, and dispute settlement mechanisms.Similar bilateral frameworks are also designated as Comprehensive Economic Cooperation Agreements (CECA), Comprehensive Economic Trade Agreements (CETA), or Economic Cooperation and Trade Agreements (ECTA).Also read: India-Oman CEPA to strengthen energy security, trade resilience and export growthIndia-Oman tradeBilateral trade between the two nations reached USD 11.18 billion during 2025-26, up from USD 10.61 billion in 2024-25. India’s exports stood at USD 4.02 billion, while imports from Oman were valued at USD 7.16 billion.In the services domain, India's exports to Oman expanded from USD 397 million in 2020 to USD 665 million in 2024, driven primarily by telecommunications, computer and information, transport, and travel sectors. Conversely, services imports from Oman grew from USD 101 million to USD 197.7 million over the same period, led by transport, travel, telecom, and other business services.What does India gain? The deal unlocks 100% duty-free market access for Indian exports to Oman, covering 98.08% of Oman’s tariff lines, which represents 99.38% of the trade value (based on the 2022-23 average).Immediate Concessions: All zero-duty access comes into effect from "Day One" of the agreement. Currently, only 15.33% of India’s export value (11.34% of tariff lines) enters Oman duty-free under the Most Favoured Nation (MFN) regime.Price Competitiveness: The pact eliminates the current 5% import duty on Indian goods worth USD 3.64 billion.Growth Drivers: Key sectors poised for immediate advantages include textiles, agricultural products, transport equipment, precision instruments, processed food, and gems & jewellery.New Horizons: The agreement unlocks fresh export windows for Indian minerals, chemicals, base metals, machinery, plastic, rubber, automobiles, clocks, instruments, glass, ceramics, marble, and paper.India-Oman CEPA: Key sectoral gainsOman will grant immediate zero-duty access to crucial Indian industrial segments, including:Iron and steelElectrical and industrial machineryMarine products and copper goodsFurthermore, the removal of the 5% tariff is set to directly bolster the competitiveness of Indian vehicles in the Omani market, while securing binding zero-duty access for key finished medicines and vaccines.India protects sensitive sectorsTo insulate local industries and farming communities, India has placed 2,789 tariff lines on its exclusion list.Excluded Categories: Key domestic sectors shielded from tariff concessions include transport equipment, major chemicals, cereals, fruits, vegetables, spices, coffee, tea, and products of animal origin.Manufacturing Safeguards: High-value manufacturing chains including rubber, leather, textiles, footwear, petroleum oils, and mineral-based products remain protected.Agricultural Shielding: Strategic segments such as dairy products, meat, oilseeds, vegetable oils, sugar, and food-processing residues are entirely kept out of the liberalisation purview.Service sector stands to gainWith Oman’s total global services imports standing at USD 12.52 billion in 2024, India’s current share of 5.31% presents significant room for expansion.Oman has made robust commitments regarding the temporary entry and stay of Indian service professionals. Notably, the Intra-Corporate Transferees (ICT) ceiling has been raised from 20% to 50%, allowing Indian firms to deploy a higher volume of managerial and specialist personnel.Additionally, for the first time in any FTA, Oman has locked in specific commitments for professional service providers, benefitting Indian talent in IT, accounting, engineering, medical, education, construction, and consulting fields.Gains for India's agri sectorIndian agricultural exports such as natural honey, potatoes, cashews, boneless meat, and bakery items will secure immediate duty-free entry into Oman.Oman has agreed to dismantle tariffs—which currently range from 5% to 100%—on an array of items. These include cheese, curd, milk, cream, frozen fish, butter, meat, yoghurt, pastries, cakes, chocolate, sugar confectionery, mineral water, alongside animal and vegetable fats and oils.In return, Indian consumers will benefit from cheaper imports of Omani dates, with India granting zero-duty access for up to 2,000 tonnes of the commodity annually. New Delhi is also extending tariff concessions to Oman’s traditional products: Gum Arabica (utilised in food, pharmaceuticals, and cosmetics) and Frankincense (utilised in the incense and perfume sectors).Oman to benefit from tariff concessionsIndia is extending tariff concessions across 77.79% of its total tariff lines (equivalent to 12,556 lines), which encapsulates 94.81% of India’s total imports from Oman by value.For items that hold significant export value for Oman but remain sensitive for domestic industries in India—such as dates, marbles, and specific petrochemical products—liberalisation will be managed via a controlled Tariff-Rate Quota (TRQ) mechanism.India strengthening presence in Middle EastThe Oman CEPA serves as another pillar in India's deepening trade ties with the Gulf Cooperation Council (GCC), following its May 2022 pact with the UAE. New Delhi is set to commence trade talks with Qatar soon, and has already inked terms of reference (TOR) to initiate broader trade pact negotiations with the entire GCC bloc (comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain).Despite its size, Oman commands vast geopolitical importance as it borders the Strait of Hormuz, a critical maritime chokepoint heavily relied upon by Asian enterprises for oil trade. The nation serves as a strategic gateway for Indian goods and services into the broader Middle Eastern and African markets.Currently, nearly 7 lakh Indian nationals reside in Oman, sending home approximately USD 2 billion in annual remittances. Over 6,000 Indian establishments operate within Oman, and India has clocked USD 615.54 million in foreign direct investment (FDI) from Oman between April 2000 and September 2025. Notably, this CEPA is the first bilateral trade pact Oman has signed with any nation since its agreement with the United States in 2006, cementing its position as India’s third-largest export market within the GCC.

The Economic Times (India)

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Trump draws red lines on Iran deal

US President Donald Trump will only make a peace deal with Iran if it meets all of his conditions, a White House official told AFP on Friday, as questions swirled about the state of negotiations to end the war.The White House had indicated Trump was close to a decision on a potential deal, even as Tehran insisted there was still "no final agreement" on ending the Middle East conflict.Also read: To the Situation Room, now! With new message, Trump stirs Iran cauldron again An Iranian state media report also rebutted several key elements of Trump's characterization of the deal, with sources calling his remarks a "mixture of truth and lies."US sources had told AFP the deal was waiting on Trump's sign-off following weeks of halting negotiations over a conflict that has engulfed the Middle East and shaken the global economy. Trump attended a two-hour meeting in the White House Situation Room on Friday but did not reach a decision."President Trump will only make a deal that is good for America and satisfies his red lines," a White House official told AFP afterward. "Iran can never possess a nuclear weapon," the official added.Trump had announced the meeting in a lengthy social media post, reiterating long-held demands that Iran agree never to develop nuclear weapons and reopen the vital Strait of Hormuz shipping lane. Iranian foreign ministry spokesman Esmaeil Baqaei pushed back, telling state media that the Islamic republic "said goodbye to the language of 'must' 47 years ago." Exchanges of messages were continuing, he added, but "no final agreement has been reached yet."In a phone call with the Emir of Qatar, Iranian President Masoud Pezeshkian said Iran was ready to achieve a "dignified framework" to end the war, according to state news agency IRNA.In his post, Trump said Tehran would remove mines from the Strait of Hormuz and end its blockade of the waterway with "no tolls," while the US would lift its parallel blockade of Iranian ports. The two countries would also coordinate on removing and destroying Iran's enriched uranium, he said, adding that "no money will be exchanged, until further notice."Iran's Fars news agency, however, cited sources as saying Tehran was demanding "the immediate release of $12 billion in frozen Iranian assets" before moving to the next phase of negotiations. On the toll-free reopening of Hormuz, the sources said "no such clause appears in the text of the agreement," while Trump's comment on destroying Iran's nuclear material "is fundamentally baseless."Also read: ‘Tehran said goodbye to “must” 47 years ago’: Iran rejects Trump’s claims of imminent dealBaqaei also told state TV there were currently "no negotiations" taking place on Iran's nuclear program, as Iran's top diplomat suggested the US was holding up a deal with its approach to the talks.'Telling the truth'? Ali, a resident of the city of Tonekabon north of Tehran, said that whatever the deal was, there would likely be more strife to come."Both sides are speaking in a way that keeps their supporters satisfied. It's not clear who is telling the truth," the 49-year-old said.Hopes of an agreement had risen on Thursday after US officials voiced optimism about the diplomatic progress.Energy markets have whipsawed this week as investors parse the chances of an agreement that could potentially resume normal shipping through the crucial Strait of Hormuz.Washington and Tehran have accused each other of violating the truce in and around the strait as recently as this week, with US strikes on the southern Iranian port of Bandar Abbas countered by retaliatory Iranian fire.Iranian state TV said Friday that 24 ships had transited the strait in the past 24 hours, in coordination with the Revolutionary Guards and the foreign ministry.But it warned that "ships from hostile countries face a severe response" from Iran's military.Lebanon fighting On the war's Lebanon front, Israeli Prime Minister Benjamin Netanyahu said Friday that his country's forces had pushed deeper inside Lebanon, while Iran-backed Lebanese group Hezbollah claimed responsibility for a series of drone attacks on military targets in northern Israel, including troop gatherings and barracks.It also said its forces were attacking Israeli troops trying to advance in the area of the medieval Beaufort fortress, near the city of Nabatieh.The attacks came as Israeli and Lebanese military delegations held security talks in Washington, which were called "productive" by Elbridge Colby, the Pentagon's second-in-command.Israel kept up its heavy bombardment of southern Lebanon, where the Lebanese health ministry said a rescuer was among the 11 killed.A ceasefire between Israel and Hezbollah was supposed to have taken effect on April 17, but has never been observed.Both sides accuse each other of violating it and justify their attacks by the other camp's alleged breaches.Lebanon was drawn into the war in early March when Hezbollah launched rockets at Israel over the killing of Iran's supreme leader in US-Israeli attacks, prompting Israeli strikes and a ground invasion.

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