After nearly finalising a pact, the proposed free-trade agreement (FTA) between India and Oman has hit a speed breaker, amid differences over market access for petrochemical products, people aware of the matter said.
The main area of contention has been the pressure on Delhi to give greater market access for polyethylene and polypropylene intermediates used to manufacture plastics, medical devices, electronics and automobile components.
These petrochemical products attract 7.5 per cent import duty in India.
Both sides had almost concluded the trade agreement and the process of legal scrubbing of text of the proposed FTA had also started in February.
However, mid-March onwards India shifted its focus towards the Lok Sabha polls that concluded on June 1.
This story is from the August 05, 2024 edition of Business Standard.
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This story is from the August 05, 2024 edition of Business Standard.
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