India asks Oman cut customs duties chemical products

India asks Oman to cut customs duties on chemical products

6:03 AM, 19th July 2018
India asks Oman to cut customs duties on chemical products

NEW DELHI, INDIA: India has asked Oman to cut customs duties on chemical products like dyes to provide greater market access for its goods in that country, the commerce ministry said.

Reduction of duties on items like dyes, inorganic and organic chemicals, agrochemicals, cosmetics, glazed ceramic articles, aluminium alloys and tyres used in buses will provide better market access, it said in a statement.

"India requested for reduction in customs tariff on Indian chemical products exported to Oman, which is about 5 per cent," the ministry said.

The issues were raised by New Delhi in the India-Oman Joint Commission meeting in Muscat. Commerce and Industry Minister Suresh Prabhu is there on an official visit.

Further, both the countries agreed to obtain their respective internal approvals for early finalisation of Double Taxation Avoidance Agreement (DTAA) between the nations.

Both the sides also discussed the issue of Oman India Fertilizer Company and extension of Urea Off-Take Agreement (UOTA) beyond 2020.

"The Indian side informed that the final approval for signing the amended UOTA is likely to take about two months," it said, adding the Indian side suggested that as the agreement is valid till 2020, talks should start for its extension up to 2025.

The Omani side informed that they are willing to consider extension beyond 2020.

In the energy sector, India stated that a proposal for India-Oman joint venture for setting up of world's largest waste to energy plant here is under consideration.

"This joint venture will generate 200 GigaWatt energy per year by processing around 9,000 tonnes of Municipal Solid Waste (MSW) per year. India informed that it is awaiting response from Oman," the ministry said.

Oman also invited Indian investors in sectors like renewable energy and infrastructure.

India’s top items of exports to Oman include petroleum, iron & steel, basmati rice, ceramic items, chemicals, copper and electronics. While imports include crude oil, fertilisers, chemicals, aluminium products, bulk minerals and ores.

The bilateral trade has increased to $6.7 billion in 2017-18 from $4.13 billion in 2014-15.

© PTI

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