Trade ministers of India and Oman on Monday reviewed progress of the proposed free trade agreement (FTA) between the two countries and focused on advancing the negotiations for the pact.
The agreement was discussed between Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef in Muscat.
"Our talks focused on advancing negotiations on the Comprehensive Economic Partnership Agreement (CEPA), strengthening trade and investment ties, and exploring avenues to further deepen our bilateral partnership," Goyal said on X. Goyal is in Muscat for the Joint Commission Meeting, which will be held on January 28.
On January 14, India and Oman held the fifth round of talks for the agreement, aiming to boost bilateral economic ties.
The negotiations for the agreement, officially dubbed CEPA, formally began in November 2023. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries for India.
India already has a similar agreement with another GCC member UAE which came into effect in May 2022. The bilateral trade has declined to USD 8.94 billion (exports USD 4.42 billion and imports USD 4.5 billion) in 2023-24 from USD 12.39 billion (exports USD 4.47 billion and imports USD 7.91 billion) in 2022-23. India's key imports are petroleum products and urea.
