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 & jewelleryDUTY FREE EXPORTS Natural honey, cashew, boneless meat, bakery productsChocolate, sugar confectionery, mineral wateCheese, curd, milk, cream, frozen fish, butterAnimal & vegetable fats and oilOman levies 5-100% duty at presentZero-duty access, consolidates India’s 98.3% share, making Oman India’s largest export destination for eggsMOBILITY, SERVICES GAINS

Enhanced mobility for Indian ProfessionalsTemporary stay commitments for intra-corporate transferees, contractual service suppliers, business visitors, independent professionals Liberalised entry, stay for professionals in accountancy, taxation, architecture, medicalCommitment on 100% FDI for Indian cos in major services sectorsFirst-ever commitment by any country on traditional medicineFast tracking of marketing authorisations for USFDA, EMA, UKMHRA-approved pharma products WHAT BECOMES CHEAPER FOR INDIADates: Duty-free access to 2,000 tonnes of Omani dates annuallyConcessions to Oman’s Gum Arabica (used in food, medicines), Frankincense used in perfume sectorPetrochemicals, Marble blocks