Petrochemical industry opposes Oman FTA, deal may be delayed

The negotiations on India-Oman free trade agreement that were racing towards concussion may drag a bit longer as Indian petrochemical producers have opposed any deep duty cuts on polypropylene and polyethylene that might be offered in the pact.

Both polypropylene and polyethylene, key raw materials for plastics, currently attract import tax (basic customs duty) of 7.5%. This is in addition to 18% Integrated Goods and Services Tax, which is meant to offset the GST incurred by domestic products.