Muscat: India has lifted an anti-dumping duty imposed on polypropylene imported from Omani suppliers, especially the Oman Polypropylene.
India had clamped an anti-dumping duty of 6.5 per cent on polypropylene originating from Oman or exported from the Sultanate (and from Saudi Arabia and Singapore) on November 19, 2010 to protect domestic manufacturers.
The latest decision will make Omani polypropylene cheap in India, giving the much needed relief to the state-run Oman Polypropylene Company as South East Asian countries, including India, are a major markets for the Sultanate's polypropylene producers.
"The latest government decision is in line with the very strong economic and commercial relations, especially trade relation, between the two countries. I have no doubt that this decision would lead to a further growth in bilateral trade, particularly the Sultanate's non-oil exports to India," J.S. Mukul, Indian Ambassador to the Sultanate, told journalists here yesterday.
Highlighting the recent robust growth in bilateral trade between the two countries, he said that in the first seven months of the current financial year (between April and October, 2013), the total trade between India and Oman touched around $3.65 billion.
"We are on course to go well over the $5 billion-mark for the whole year, if the present trend continues for the entire year. Oman's total exports to India are around $2 billion during the seven-month period. The Indian exports to the Sultanate are in the region of $1.65 billion," elaborated Mukul.
Saying that the bilateral trade between the two countries remains very strong in recent years, the Indian ambassador noted that the Omani exports to India shot up by 91 per cent during the seven month period.
In 2012-13 financial year, India's exports to Oman has almost doubled, registering a phenomenal growth of 96.5 per cent. "So, the overall trade between the two countries is in the region of $5 billion."
Mukul also noted that the bilateral trade between India and Oman has increased by 129 per cent in the last five years. "In 2012, India has emerged as the top-most destination of
Omani non-oil exports to any country, registering a growth of 48 per cent, over the previous year."
He added that the major exports of his country to Oman include machinery, electrical and electronic products, textiles, information technology and its related products, coffee, tea, meat and other processed food products.
Mukul also said that both countries have a strong maritime trade relation for centuries.
These relations are in the nature of strategic partnership today. The trade, investment and tourism inflows have been buoyant in these years.