India-Oman Trade Pact: A New Chapter in Economic Relations

Oman's Shura Council has approved a free trade agreement with India, known as the Comprehensive Economic Partnership Agreement (CEPA). The pact, which reduces customs duties and eases trade norms, now awaits the Indian Union Cabinet's approval. It aims to bolster bilateral trade and investment between the two nations.

The Shura Council in Oman has given the green light for a free trade agreement with India, setting the stage for significant economic collaboration between the two countries. The agreement, officially termed as CEPA, aims to reduce customs duties and promote investments.

Negotiated since November 2023, the CEPA now awaits approval from the Indian Union Cabinet, expected to deliberate on the pact on Friday. With Oman being India's third-largest export destination among Gulf Cooperation Council (GCC) countries, the agreement is expected to further strengthen economic ties.

India's exports to Oman are set for a boost, particularly as goods like gasoline and electronics currently face a 5 percent import duty. The permission for duty-free access to various Indian agricultural products could further accelerate trade growth, making Oman a significant partner for India.

(With inputs from agencies.)