UP's vegetable and dairy products will be exported to Oman
Rajeev Kumar, New Delhi. Now green vegetables from Uttar Pradesh and dairy products from Gujarat can be easily exported to the market of Gulf country Oman. On Friday, Commerce and Industry Minister Piyush Goyal said that Oman's dairy has shown interest in partnering with Gujarat-based Amul Dairy so that Amul Dairy's products can be easily sold in Oman.
Comprehensive Economic Partnership Agreement (CIPA) has been signed between the two countries on Thursday, under which now there will be no duty on various types of items including Indian agricultural and other food items in the Oman market. Earlier this fee ranged from 5-100 percent. However, no specific time has been fixed for implementation of SIPA.
UP's vegetable and dairy products will be exported to Oman
Regarding this, Goyal said that Oman had signed a trade agreement with America in the year 2006, which was implemented in the year 2009, but we have talked to Oman regarding the implementation of the agreement made with India and it is likely to be implemented in the next three months.
With FTA with Oman, now farmers of Uttar Pradesh will be able to send their vegetables to Oman like UAE. Oman imports agricultural items and other food items worth six billion dollars annually.
No duty on Indian agricultural products in Oman
Currently India's share in this import is less than 10 percent. Similarly, Oman imports gems and jewelery worth $1.07 billion annually and India's share in this is $300 million. Oman imports electronics items worth $3.0 billion annually while India's share in this is only $123 million.
Similarly, Oman imports chemicals worth $3.13 billion every year and India's share in this is only $160 million. Now there will be no duty on the export of all these items, due to which there is full opportunity to increase the export of these items in the Oman market.
The trade between India and Oman in the last financial year was $10.6 billion, of which Oman exported more than $6 billion, while India's exports were $4.3 billion.
Goyal said that Oman has plenty of land available, so Indian entrepreneurs can set up manufacturing units related to green energy and battery storage there. Apart from Indians, only citizens of Oman will be able to work in the units of Indian entrepreneurs. With the approval of this exemption, Indian people will get a chance to work in those factories also.