India-Oman Free Trade Agreement Inches Closer to Reality
India and Oman are making progress on finalizing a free trade agreement (FTA), with promising advancements reported. Boosted by Commerce and Industry Minister Piyush Goyal's visit to Muscat, negotiations for the Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. A conclusion may be reached 'very soon.'
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The long-anticipated free trade agreement between India and Oman is reportedly nearing conclusion, according to Commerce and Industry Minister Piyush Goyal. Announced during his recent talks in Muscat, Goyal conveyed optimism about the progress made in negotiations that formally kicked off in November 2023.
During a press briefing, Goyal stated, 'I think you will see some good news very soon on the Oman FTA.' This preliminary agreement, known officially as the Comprehensive Economic Partnership Agreement (CEPA), aims to reduce customs duties and encourage bilateral trade in goods and services.
Oman is a significant trading partner for India within the Gulf Cooperation Council (GCC). This agreement follows the recent FTA with another GCC member, the UAE, which became effective in May 2022. Bilateral trade between India and Oman reached USD 10.5 billion in 2024-25, with India's imports mainly consisting of petroleum and urea.
(With inputs from agencies.)
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