Strengthening Ties: India and Oman Seal Free Trade Partnership

India and Oman are set to bolster economic ties with a new free trade agreement signed in Muscat. The Comprehensive Economic Partnership Agreement will reduce customs duties and promote services trade. The deal enhances India's export portfolio to Oman, including mineral fuels, chemicals, and machinery.

In a significant move to boost economic relations, India and Oman are poised to sign a Free Trade Agreement in Muscat on Thursday. The agreement, known as the Comprehensive Economic Partnership Agreement, aims to eliminate customs duties and promote trade in services between the two nations.

The signing ceremony, attended by Prime Minister Narendra Modi during his multi-nation tour, marks the culmination of talks that began in November 2023 and recently concluded. Commerce and Industry Minister Piyush Goyal is set to represent India, highlighting the strategic importance of the deal.

Oman, among the top export destinations for India within the Gulf Cooperation Council, stands to benefit significantly from this agreement. With Indian exports to Oman already involving key sectors like mineral fuels, chemicals, and machinery, the new deal aims to enhance this trade relationship further.

(With inputs from agencies.)