India-Oman CEPA: A New Era of Bilateral Trade
India and Oman are on the verge of signing the Comprehensive Economic Partnership Agreement (CEPA) to diversify their trade basket, including commodities and services. The negotiations are completed, with legislative procedures underway. This agreement seeks to expand trade beyond energy into other commodities.
- Country:
- India
The eagerly anticipated Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is poised to be signed shortly, as both countries aim to broaden their trade portfolio to encompass a wider array of commodities and services. India's Ambassador to Oman, Issa Saleh Abdullah Saleh Alshibani, confirmed this development.
Negotiations for the agreement have successfully concluded, and the legislative and administrative procedures are currently in motion. Ambassador Alshibani expressed optimism, stating that the agreement is on the brink of being signed, given the current progression of proceedings.
The CEPA will significantly diminish or eradicate customs duties on maximum goods traded, while also easing service promotion norms. This agreement promises to expand trade beyond energy, diversify exports, and attract investments, with potential opportunities for the Indian and Omani economies alike.
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