What are the duties concessions on petrochemical products causing a sticking point in India-Oman FTA talks
Explanation of the issues surrounding duty concessions on petrochemical products in India-Oman FTA talks.
The issues surrounding duty concessions on petrochemical products in India-Oman Free Trade Agreement (FTA) talks can be explained as follows:
- India is seeking more favorable duty concessions on petrochemical products imported from Oman to promote its domestic petrochemical industry.
- India is concerned about the potential flooding of its market by cheaper Omani petrochemical products due to the FTA, which could harm the growth of its domestic industry.
- Oman, on the other hand, wants to ensure that its petrochemical products can access the Indian market at competitive prices without facing excessive import duties.
- The negotiations on duty concessions are challenging because both countries have divergent interests and need to strike a balance to reach a mutually beneficial agreement.
- India is aiming to protect its domestic industry while also ensuring fair competition and access to Omani petrochemical products in its market.
- Oman wants to secure a competitive advantage for its petrochemical industry in the Indian market while addressing India's concerns on the impact of cheaper imports.
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a year ago