India and Oman Strengthen Economic Bonds through CEPA Talks

Union Minister Piyush Goyal discussed with Oman's Minister ways to leverage the India-Oman CEPA to enhance trade and investment ties. The CEPA, signed last December, offers significant tariff eliminations to boost key sectors, while continuing to strengthen the longstanding economic and cultural ties between the nations.

Union Minister of Commerce and Industry, Piyush Goyal, engaged in a crucial conversation with Oman's Commerce Minister to explore avenues under the India-Oman Comprehensive Economic Partnership Agreement (CEPA), aimed at enhancing bilateral trade and investment relations. Goyal announced on social media about the telephonic dialogue with Anwar bin Hilal bin Hamdoun Al Jabri, the Omani Minister of Commerce, Industry, and Investment Promotion, focusing on exploiting opportunities for mutual growth under the CEPA framework.

The India-Oman CEPA, signed in December last year, sets a broad framework encompassing trade in goods and services, investment, professional mobility, and regulatory cooperation. Bilateral trade between the two nations reached USD 10.61 billion during fiscal year 2024-25, showcasing the increasing economic interaction. Under the agreement, Oman has extended zero-duty access on a majority of its tariff lines, encompassing a significant portion of Indian exports to Oman, with immediate tariff elimination benefitting key sectors.

Key sectors poised for significant tariff eliminations include gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering goods, pharmaceuticals, medical devices, and automobiles. India reciprocates by offering liberalised tariffs on a considerable portion of imports from Oman. However, sensitive sectors like dairy, tea, coffee, and select metals remain excluded. The robust economic relationship is buttressed by deep-rooted people-to-people ties, as nearly 700,000 Indians reside in Oman, contributing to the economic fabric with over 6,000 Indian establishments operating in diverse sectors. Both nations anticipate further expanding trade and investment ties under the CEPA framework in forthcoming years.

(With inputs from agencies.)