New Delhi: India will remove import duties on a range of Omani goods including crude petroleum oil, urea and Liquefied Natural Gas (LNG) under the comprehensive economic partnership agreement (CEPA) signed between the two countries on December 18.
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According to the agreement, India will eliminate duties on products such as crude petroleum oil, urea, liquefied natural gas, vessels, motor gasoline, liquefied propane, iron ore lumps and naphtha.
Duties will also be eliminated on the day of implementation of the CEPA on items including lifeboats other than rowing boats, anhydrous ammonia, sulphur, liquefied butanes, toluene, iron ore pellets and coal tar distillation products. The CEPA was signed on Wednesday and is likely to be implemented within the next three months.
The pact also provides for phased elimination of duties on certain items such as petroleum bitumen, natural gypsum, aluminium ingots, limestone, automotive diesel fuel, quicklime, dolomite, beauty and skin care preparations, vacuum gas oil, high speed diesel fuel, cement clinkers, unwrought aluminium, base oil, synthetic perfumery compounds and articles of aluminium.
India is offering tariff liberalisation on 77.79 percent of its total tariff lines or product categories, covering 12,556 items. This accounts for 94.81 percent of India’s imports from Oman by value.
For products of export interest to Oman that are sensitive for India, the tariff concessions are largely based on tariff-rate quota (TRQ) liberalisation.
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India imported goods worth USD 6.6 billion from Oman in FY25, with crude oil, liquefied natural gas and fertilisers dominating the import basket at USD 1.1 billion each.
Other key imports included chemical inputs such as methyl alcohol worth USD 435 million and anhydrous ammonia worth USD 382.4 million, along with petroleum coke valued at USD 315 million.