India and Oman Forge New Economic Pathway with CEPA

The India-Oman CEPA offers significant benefits for Indian exports and services, including tariff elimination on major goods and new opportunities in traditional medicine and various service sectors. This agreement enhances India's strategic economic presence in the Gulf, benefiting numerous sectors and professionals.

In a landmark move, India and Oman signed the Comprehensive Economic Partnership Agreement (CEPA) on Thursday, marking a new chapter in bilateral trade relations. This agreement ushers in zero-duty access to Oman's markets for 98 percent of Indian goods, facilitating a new economic corridor.

Key highlights include significant tariff eliminations across sectors such as textiles, pharmaceuticals, and auto, while prioritizing traditional medicine under India's Ayush initiative. On the services front, the CEPA opens up Oman's burgeoning services market, with commitments spanning business, R&D, health, and education sectors.

This bilateral victory is not just about trade. It strengthens strategic ties, promising bilateral trade upwards of USD 10 billion, empowering over 7 lakh Indian nationals in Oman, promoting 100 percent FDI in key service sectors, and setting an economic precedent in the Gulf region.

(With inputs from agencies.)