India-Oman Trade Talks: CEPA on the Horizon

India and Oman are in advanced talks for a Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting economic ties by reducing import duties and easing trade norms. Commerce Minister Piyush Goyal's visit to Muscat is anticipated to propel negotiations further, enhancing bilateral trade opportunities.

India and Oman are set to review their ongoing negotiations for a Comprehensive Economic Partnership Agreement (CEPA) during Commerce and Industry Minister Piyush Goyal's visit to Muscat this week, according to an official statement released Sunday.

Though initial talks have concluded, Oman is seeking revisions to its market access offers on certain products. The CEPA discussions, which formally began in November 2023, aim to significantly boost bilateral trade by eliminating customs duties on a wide range of goods, promoting service trade, and drawing investments.

Goyal's agenda includes attending a joint commission meeting and a Joint Business Council meeting in Oman, as well as meeting key Omani officials. India sees Oman as a vital market within the Gulf Cooperation Council (GCC), following a similar agreement with the UAE. The CEPA is expected to offer a competitive edge for Indian products in Oman.

(With inputs from agencies.)