India, Oman On The Cusp Of Inking Free Trade Pact To Boost Economic Ties
India and Oman are set to sign a Comprehensive Economic Partnership Agreement (CEPA) to strengthen bilateral trade and investment ties, Commerce Secretary Rajesh Agrawal said. Approved by the Union Cabinet, the pact follows talks that began in November 2023 and concluded this year. Oman is India’s third-largest export destination in the GCC, after the UAE agreement signed in 2022.
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New Delhi: India and Oman are poised to sign the free trade agreement, which aims to boost economic ties between the two countries, Commerce Secretary Rajesh Agrawal said on Monday. Prime Minister Narendra Modi is visiting Oman on December 17-18.
The pact was approved by the Union Cabinet last week. "India and Oman are poised to sign the agreement soon," he told reporters here. The talks for the agreement, officially termed as CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023. The negotiations concluded this year.
Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with another GCC member, the UAE, which came into effect in May 2022.
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