India and Oman Forge Landmark Free Trade Agreement

India and Oman are set to sign a free trade agreement in Muscat, enhancing trade opportunities in sectors including textiles, automobiles, and gems. The agreement, CEPA, reduces customs duties and promotes service trade. Oman serves as a gateway to wider regions, bolstering strategic partnerships.

India and Oman are poised to seal a significant free trade agreement in Muscat, marking a pivotal development in bilateral trade relations. The deal, scheduled for signing on Thursday, will boost sectors such as textiles, food processing, and gems, providing new growth avenues.

Prime Minister Narendra Modi, on an international tour, is present for the signing. Commerce and Industry Minister Piyush Goyal, attending the Oman-India Business Forum, emphasized the agreement's potential to enhance cooperation. This marks Oman's first trade pact in nearly two decades.

The Comprehensive Economic Partnership Agreement (CEPA) both reduces customs duties and eases service trade norms. Oman is India's third-largest export destination within the GCC, making this agreement crucial for expanding regional ties and strategic investments.

(With inputs from agencies.)