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India and Oman Finalise Comprehensive Economic Partnership Agreement
Oman: India and Oman will sign the Comprehensive Economic Partnership Agreement (CEPA) in Muscat on Thursday. This agreement will be signed in the presence of PM Modi. It aims to promote trade, services, and investment between the two countries. Oman is India's third-largest export destination among GCC countries. India-Oman bilateral trade is expected to reach approximately $10.5 billion in 2024-25.
A free trade agreement is scheduled to be signed between Oman and the Indian government. This is part of an effort by the Indian government to enhance the economy. This is contained in an interview with an official. Commerce and Industry Minister Piyush Goyal is scheduled to visit Muscat in order to sign the free trade agreement. According to the interview, Commerce Secretary Rajesh Aggarwal is also expected in Oman.
The negotiations for the free trade agreement, CEPA (Comprehensive Economic Partnership Agreement), actually commenced in November 2023 and concluded this year. In a free trade agreement, both parties involved reduce or abolish certain customs duties on a number of products traded between the two nations. They also ease restrictions on the trade of services.
Oman is India's third-largest export destination among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with another GCC member, the United Arab Emirates, which came into effect in May 2022. The other members of the council are Bahrain, Kuwait, Saudi Arabia, and Qatar. India and Qatar will also soon begin negotiations for a trade agreement.
