Muscat, Dec 18 (PTI) The following are the highlights of the India-Oman free trade agreement signed on Thursday.

It is officially called CEPA (Comprehensive Economic Partnership Agreement).

GOODS: *Oman has offered zero-duty access on 98.08 per cent of its tariff lines, covering 99.38 per cent of India's exports to Oman.

*First-ever commitment by any country on traditional medicine across all modes, opening significant opportunities for India’s Ayush and wellness sectors.

*All major labour-intensive sectors, including gems & jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, pharma, medical devices, and auto, receive full tariff elimination.

*Immediate tariff elimination is being offered on 97.96 per cent tariff lines.

*India is offering tariff liberalisation on 77.79 per cent of its total tariff lines (12,556), which covers 94.81 per cent of India's imports from Oman by value.

*For products of export interest to Oman and which are sensitive to India, the offer is mostly a tariff-rate quota (TRQ) based tariff liberalisation.

*No duty concessions for sensitive products - agri products, including dairy, tea, coffee, rubber, and tobacco products; gold and silver bullion, jewellery; footwear, sports goods; and scrap of many base metals.

*Fast tracking of marketing authorisations for pharmaceutical products approved by the USFDA, EMA, and UKMHRA, among others.

SERVICES: *Oman's global services imports stand at USD 12.52 bn, while India's share is just 5.31 per cent.

*Data reflects significant untapped potential for Indian service providers.

*Oman extends substantial commitments across a broad spectrum of sectors, including computer-related services, business and professional, audio-visual, R&D, education and health services.

*For the first time, Oman offers wide-ranging commitments under Mode 4 (movement of professionals).

*Notable increase in quota for Intra-Corporate Transferees from 20 per cent to 50 per cent, together with a longer permitted duration of stay for contractual service suppliers, extended from the existing 90 days to two years, with the possibility of a further two-year extension.

*More liberal entry and stay conditions for skilled professionals in key sectors, such as accountancy, taxation, architecture, and medical.

*CEPA provides for 100 per cent FDI by Indian companies in major services sectors in Oman.

*Both agreed to hold future discussions on social security coordination, once Oman's contributory social security system is implemented.

GENERAL INFO: *This is the first bilateral agreement that Oman has signed with any country since the US in 2006.

*Bilateral trade stands at over USD 10 billion in 2024-25.

*Oman is an important strategic partner in the Gulf region and is a key gateway for Indian goods and services to the wider Middle East and Africa.

*Nearly 7 lakh Indian nationals reside in Oman, including Indian merchant families, for over 200-300 years.

*Over 6,000 Indian establishments operating across sectors in Oman.

*Annual remittances of around USD 2 billion from Oman.

*This is the second trade pact signed in the last 6 months, after the UK. PTI RR CS BAL BAL

India-Oman CEPA expands zero-duty goods access and broad services mobility with enhanced Mode 4 commitments. The India-Oman CEPA grants Oman zero-duty access on 98.08% of its tariff lines (covering 99.38% of Indian exports) and immediate tariff elimination on 97.96% of lines, while India liberalises 77.79% of its tariff lines with TRQs for sensitive items; several agricultural and other sensitive products remain excluded. The agreement also advances regulatory facilitation for pharmaceuticals and substantive services commitments, including enhanced Mode 4 mobility, increased intra-corporate transferee quotas, longer permitted stays for contractual service suppliers, and 100% foreign direct investment in major services sectors.