India ask Oman to reduce custom tariff on chemical products

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3 months   ago

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India has put forward a request to Oman to reduce the customs tariff on key Indian chemical products. This will help India gain better access in the Gulf nation, as per India’s commerce ministry.

A joint statement issued at the conclusion of the 8th session of the India-Oman Joint Commission meeting also informed that both sides did agree to avail the respective internal approvals for a bilateral Double Taxation Avoidance Agreement (DTAA).

"India requested for a reduction in customs tariff on Indian chemical products exported to Oman, which is about 5 percent. The reduction of tariff on items such as dyes, inorganic and organic chemicals, agro-chemicals and cosmetics would provide better market access," it said.

The release also said that the India-Oman Bilateral Investment Treaty (BIT) is currently under revision.

India’s Commerce Minister Suresh Prabhu is heading the delegation to Muscat. The Omani delegation was led by Ali bin Masoud Al Sunaidy

India also informed Oman that owing to the fact that the Urea Off-Take Agreement (UOTA) was valid until 2020, there should be talks which could ensure its extension up to 2025. Oman said it was willing to consider extension UOTA beyond 2020.

The statement also said that India has also proposed to continue with the existing prices for the extension of validity of the Gas Supply Agreement (GSA).

Statements issued by the ministry said that there was a proposal mooted to set up the world’s largest waste-to-energy plant which will be set up in India.

"This joint venture will generate 200-gigawatt energy per year by processing around 9,000 tonnes of municipal solid waste per year. India informed that the government is awaiting the response from Oman," the statement said.

Also, both countries have agreed to continue cooperation in the field of tourism, mines, space, health, education, telecom and Information trade.

tag: news , business , india , oman , laws , tariffs , customs

 

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