India-Oman free trade pact likely to become operational within 3 months: Piyush Goyal
NEW DELHI: Commerce Minister Piyush Goyal said on Friday that the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman, offering zero duty access to a range of Indian labour-intensive exports, is likely to become operational within the next three months.
"The Oman-United States trade agreement, signed in 2006, took nearly three years to be implemented. Learning from that experience, India and Oman have decided to operationalise this agreement much faster," the minister said at a briefing.
The agreement provides for automatic approvals within 90 days for Indian pharmaceutical products and manufacturing units that are recognised by multiple countries.
India and Oman signed the Comprehensive Economic Partnership Agreement (CEPA) on Thursday during the second day of Prime Minister Narendra Modi’s visit to Muscat.
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