Oman and India sign Cepa to expand trade ties
Oman and India have signed a long-delayed comprehensive economic partnership agreement which aims to boost trade between the two nations.
The Cepa is designed to enhance bilateral trade and investment cooperation while streamlining the movement of goods and services.
It will also expand the framework for collaboration across key sectors, including energy, technology and manufacturing, the state-run Oman News Agency reported.
The Cepa was signed by Qais bin Mohammed Al Yousef, Oman’s minister of commerce, industry and investment promotion, and India’s minister of commerce and industry Piyush Goyal.
Oman and India also signed a number of memoranda of understanding covering cooperation on maritime heritage and museums, scientific research, innovation, and skills development and agriculture.
India and Oman started trade negotiations in November 2023. The sultanate is the third-largest export market for India in the GCC.
New Delhi’s exports to Oman have doubled since 2018-19, standing at nearly $4.5 billion in 2022-2023.
The UAE and India signed a Cepa in 2022 when bilateral trade stood at around $60 billion. The target is to exceed $100 billion.
Further reading:
- French-Omani group to build 120MW wind farm
- Oman unveils $29bn plan to meet water demand by 2050
- Oman to develop free-zone projects worth $2.5bn
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