India and Oman Accelerate Talks on Free Trade Agreement

Indian and Omani trade ministers reviewed the progress of the proposed free trade agreement. Discussions in Muscat focused on negotiations to advance the Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment ties. The bilateral trade agreement aims to enhance economic cooperation between the two nations.

Trade ministers from India and Oman met on Monday to review progress on the proposed free trade agreement between the two countries, putting a spotlight on advancing negotiations for the pact. This agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), was the focus of a meeting between India's Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef, held in Muscat.

During the discussions, Goyal emphasized the need to expedite the negotiations, highlighting intentions to strengthen trade and investment ties and explore deeper bilateral partnerships. Goyal's visit to Muscat coincided with the Joint Commission Meeting scheduled for January 28, following a series of talks that began in November 2023.

Notably, Oman ranks as India's third-largest export destination among the Gulf Cooperation Council countries. India aims to replicate the success of its existing agreement with UAE, which came into effect in May 2022. Despite a decline in bilateral trade from USD 12.39 billion in 2022-23 to USD 8.94 billion in 2023-24 due to fluctuations, there remains hope for economic growth through this proposed agreement.

(With inputs from agencies.)