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Context:
India is not seeking customs duty concessions on over 100 product categories such as liquor, and cigarette in the proposed free trade agreement (FTA) with Oman, which is under negotiations between the two countries, sources said.
Free Trade Agreement (FTA)
An FTA is an agreement between two or more countries that reduce or remove trade barriers. The main purpose of an FTA is to increase trade between the participating countries.
- What do FTAs do?
- Reduce trade barriers: FTAs reduce or remove tariffs and other barriers to trade in goods and services.
- Create a predictable trading environment: FTAs create a more transparent and predictable environment for trade and investment.
- Protect intellectual property: FTAs protect IPRs.
- Protect investors: FTAs safeguard investors.
- Establish free trade zones: FTAs create free trade zones. Importing and exporting goods and services become more straightforward.
- What does FTAs encompass?
- Goods: agricultural, industrial, and other products.
- Services: banking, construction, and trading.
- Investment
- Intellectual property rights (IPRs)
- Procurement by government
- Competition policy
