India and Oman deepen partnership with CEPA signing during PM Modi’s visit
Muscat, Dec 18: India and Oman on Thursday sealed a landmark free trade agreement, marking a major step forward in their…
Image: ANI
Muscat, Dec 18: India and Oman on Thursday sealed a landmark free trade agreement, marking a major step forward in their strategic partnership as Prime Minister Narendra Modi held wide-ranging talks with Sultan Haitham bin Tarik in Muscat.
The agreement, formally known as the Comprehensive Economic Partnership Agreement (CEPA), was signed by Union Commerce and Industry Minister Piyush Goyal and Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef.
The pact is expected to expand market access, encourage investments and deepen cooperation across several key sectors, while also strengthening supply chain resilience amid global economic shifts.
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Modi–Sultan talks mark 70 years of ties
Prime Minister Modi, who arrived in Oman on Wednesday on the final leg of his three-nation tour, was accorded a ceremonial welcome by Sultan Haitham at Al Baraka Palace ahead of the bilateral meeting.
The two leaders underscored the significance of the year, which marks 70 years of diplomatic relations between India and Oman, and reviewed ways to further strengthen the India-Oman Strategic Partnership.
During the discussions, the leaders exchanged views on defence and security, trade and investment, energy, agriculture, technology, emerging sectors, culture and people-to-people ties, along with regional and global developments. Both sides described the CEPA as a milestone that would inject fresh momentum and confidence into bilateral relations.
Modi’s visit to Oman, undertaken at the invitation of Sultan Haitham, is his second trip to the Gulf nation and comes at a time when India has been actively expanding its network of free trade agreements. The Prime Minister has previously noted that such agreements are delivering tangible benefits to Indian farmers, traders and exporters.
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Trade gains and regional significance
Oman is currently India’s third-largest export destination among Gulf Cooperation Council countries. India already has a similar trade pact with the UAE, which came into force in May 2022.
Bilateral trade between India and Oman stood at around USD 10.5 billion in 2024–25, with Indian exports valued at USD 4 billion and imports at USD 6.54 billion. India’s imports from Oman are dominated by petroleum products and urea, which together account for more than 70 per cent of the total, followed by items such as polymers, pet coke, gypsum, chemicals, iron and steel, and aluminium.
India’s exports to Oman include mineral fuels, chemicals, precious metals, iron and steel, cereals, ships and floating structures, electrical machinery, boilers, tea, coffee, spices, apparel and various food products.
Before arriving in Oman, Prime Minister Modi visited Ethiopia and Jordan as part of his three-nation tour.
