India and Oman Nearing Historic Free Trade Agreement, Ambassadors Highlight Potential

India and Oman are in advanced discussions to finalize a free trade agreement, known as the Comprehensive Economic Partnership Agreement (CEPA). The pact aims to strengthen bilateral trade and investment, potentially boosting Indian exports by eliminating duties on various products. The agreement could enhance direct shipping links, further improving trade figures.

India and Oman are on the verge of inking a historic free trade agreement, Indian Ambassador to Oman Amit Narang announced on Tuesday. Referred to as the Comprehensive Economic Partnership Agreement (CEPA), this pact promises a significant boost in bilateral trade and investment ties.

CEPA is expected to elevate Indian exports to Oman by eliminating duties on crucial products such as petroleum, textiles, electronics, pharmaceuticals, machinery, and iron and steel. "Once discussions conclude, this agreement will not only benefit trade but also bolster bilateral investment ties," Narang remarked at a Ficci event.

Narang also pointed out the potential for enhancing direct shipping links between India and Oman to reduce trade costs and improve trade efficiency. Meanwhile, Indian Ambassador to the UAE, Sunjay Sudhir, emphasized prospects for deeper cooperation in sectors like AI, healthcare, and space technology with the GCC.

(With inputs from agencies.)