India, Oman Trade Ministers Exhort Officials To Conclude Talks For Trade

Commerce ministers of India and Oman have asked their negotiators to conclude talks of the proposed free trade agreement at the earliest, an official statement said on Monday.

Substantively, negotiations on the text of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) have been largely completed.

On the sidelines of the state visit of the Sultan of Oman, Haitham bin Tarik to India on Dec. 16, Commerce and Industry Minister Piyush Goyal and Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman Qais Bin Mohammed Al Yousef, held discussions on bilateral trade and investment relations between the two countries here.

"The leaders exhorted their respective negotiators to conclude discussions on the remaining issues paving way for early conclusion of India-Oman CEPA negotiations and signing of the agreement," the commerce ministry said.

Both countries have concluded two rounds of talks for a CEPA.

In such agreements, two countries either substantially cut or eliminate customs duties on the maximum number of goods traded between them, besides easing norms for promoting trade in services and investments.

It was decided that an Oman Desk would be created in Invest India for this purpose. Similarly, Invest Oman would also launch an India Desk.

Bilateral trade between the countries grew by 82.64% in 2021-2022 to reach $9.99 billion. In 2022-23, it further increased to $12.39 billion.