India and Oman Seek Swift Finalization of Free Trade Agreement

On December 18, an official statement revealed that the commerce ministers of India and Oman have urged their negotiators to expedite negotiations for the proposed free trade agreement. The India-Oman Comprehensive Economic Partnership Agreement (CEPA) negotiations have made significant progress, with substantial completion of the text.

Discussions During the State Visit

During the state visit of Oman's Sultan, Haitham bin Tarik, to India on December 16, Commerce and Industry Minister Piyush Goyal and Minister of Commerce, Industry, and Investment Promotion of Oman, Qais Bin Mohammed Al Yousef, engaged in discussions on bilateral trade and investment relations. Both leaders emphasized the importance of concluding negotiations on the remaining issues to facilitate the early finalization and signing of the India-Oman CEPA.

Progress in CEPA Negotiations

India and Oman have already completed two rounds of talks for the CEPA. Such agreements involve substantial reductions or elimination of customs duties on a wide range of goods traded between the countries. Additionally, they aim to simplify regulations for promoting trade in services and investments.

Establishment of Oman and India Desks

To further enhance trade and investment cooperation, it was decided to establish an Oman Desk within Invest India and an India Desk within Invest Oman. These dedicated desks will facilitate and support businesses seeking opportunities in each country.

Growing Bilateral Trade

Bilateral trade between India and Oman has witnessed significant growth in recent years. In 2021-2022, it increased by an impressive 82.64% to reach USD 9.99 billion. This upward trend continued in 2022-23, with trade further rising to USD 12.39 billion.

The commitment of India and Oman to conclude the CEPA negotiations underscores their shared desire to strengthen economic ties and boost trade and investment opportunities. The establishment of dedicated desks in each country will provide valuable support to businesses exploring cross-border ventures. As both nations continue to build on their strong bilateral relationship, the successful conclusion of the CEPA holds immense promise for unlocking new avenues of economic growth and prosperity.