India-Oman Forge Strong Economic Ties with Historic FTA

India and Oman are set to sign a Comprehensive Economic Partnership Agreement (CEPA) to bolster economic relations. The deal is expected to significantly reduce trade barriers and expand collaboration in various sectors, enhancing India's trade footprint in the Gulf region.

India and Oman are poised to strengthen economic ties as they sign a free trade agreement in Muscat on Thursday. The Comprehensive Economic Partnership Agreement (CEPA) aims to significantly reduce trade barriers, promoting a smoother exchange of goods and services between the two nations.

Prime Minister Narendra Modi, on a four-day, three-nation visit, will be present for the signing ceremony. Commerce and Industry Minister Piyush Goyal highlighted that the agreement, long in negotiations since November 2023, marks a milestone in India-Oman's economic relationship.

Oman emerges as a strategic partner for India, serving as a gateway to GCC countries, Africa, and Central Asia. The FTA opens opportunities in sectors like textiles, gems, renewable energy, and more, with potential collaborations in services sectors including healthcare and education. This move aligns with India's similar agreements with other GCC members.

(With inputs from agencies.)