CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India and Oman are enhancing their economic partnership by fast-tracking discussions on a Comprehensive Economic Partnership Agreement (CEPA), with the goal of bolstering trade relations between the two nations.
Recent Developments
During a visit by India's Commerce and Industry Minister Piyush Goyal to Oman, several key agreements were reached. Notably, both countries signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA), which was initially established in 1997. This amendment aligns with international standards and aims to streamline tax procedures for businesses operating across borders.
About DTAA
The Double Taxation Avoidance Agreement (DTAA) is a tax treaty between two countries designed to prevent individuals and businesses from being taxed twice on the same income. The agreement serves to:
Allocate taxing rights between the two countries.
Provide clarity on tax obligations, reducing legal uncertainties.
Encourage foreign investment, foster economic cooperation, and promote global financial transparency while preventing illegal tax avoidance.
India-Oman CEPA
The Comprehensive Economic Partnership Agreement (CEPA) aims to boost bilateral trade and investment between India and Oman. Negotiations for the agreement began in November 2023. The CEPA seeks to reduce or eliminate customs duties on select goods and simplify regulations to promote trade, investment, and services. India has previously implemented a CEPA agreement with the United Arab Emirates, which became effective in 2022.
Current Trade Overview
In the fiscal year 2023-24, India’s exports to Oman totaled approximately $4.47 billion, while imports from Oman amounted to $4.5 billion. The primary imports from Oman include petroleum products and urea, which together account for over 70% of total imports.
Impact On Bilateral Relations
The CEPA and the amended DTAA are expected to serve as significant milestones in strengthening India-Oman relations. These agreements will facilitate smoother trade and investment flows, creating a favorable environment for economic collaboration between the two nations.
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