New Era of Trade: India and Oman Set to Announce CEPA
India and Oman are on the verge of announcing a free trade agreement. The deal, set to significantly reduce customs duties, will be completed after translation into Arabic and cabinet approval. This Comprehensive Economic Partnership Agreement aims to boost trade and investment between the two nations.
- Country:
- India
India and Oman are poised to announce the signing of a groundbreaking free trade agreement, according to an official statement. The pact's text is currently being translated into Arabic, paving the way for approval by both nations' cabinets.
The proposed deal, known as the Comprehensive Economic Partnership Agreement (CEPA), began negotiations in November 2023. CEPA aims to significantly reduce or eliminate customs duties on numerous goods traded between India and Oman.
With Oman being a major export destination among the Gulf Cooperation Council (GCC) nations for India, this agreement mirrors a similar pact with the UAE. The bilateral trade exceeds USD 10 billion, with key imports including petroleum products and urea.
(With inputs from agencies.)
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