Recently, trade ministers from Oman and India met to continue discussions on the Comprehensive Economic Partnership Agreement (CEPA), a proposed Free Trade Agreement (FTA). On January 26, 2025, Oman’s Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef met with India’s Commerce and Industry Minister Piyush Goyal in Muscat.
The CEPA talks, which started in November 2023, were reviewed by the ministers. They underlined how important it is to improve the two countries’ investment and trade relations.
During the January 28 Joint Commission Meeting, Goyal emphasized the significance of looking into additional ways to strengthen bilateral ties.
On January 14, 2025, the fifth round of negotiations for this agreement took place with the intention of strengthening bilateral economic ties.
The CEPA intends to ease regulations to encourage trade in services and draw in investments, while also drastically lowering or eliminating customs duties on a variety of goods traded between India and Oman.
At the moment, Oman ranks third among Gulf Cooperation Council (GCC) nations as an export destination for India. India and Oman’s trade volume has decreased, falling from USD 12.39 billion in 2022–2023 to USD 8.94 billion in 2023–2024.
Both nations signed a protocol to update the Double Taxation Avoidance Agreement (DTAA) and bring it into compliance with international standards in order to streamline tax processes and improve collaboration in tax-related matters, in addition to moving forward with free trade agreements.
These talks represent a shared desire to strengthen trade relations in the face of varying trade volumes and are a part of continuous efforts to strengthen economic ties between India and Oman.
