The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman, which officially began in November, 2023, will soon be concluded.
An official of the Indian government confirmed that the conclusion and signing of the proposed free trade agreement between the two countries is expected very soon. When asked if it would take two to three months, he said, “much less”.
The trade pact text is being translated into Arabic in Oman, after which the cabinets of both countries will approve the agreement, he further informed.
"Both countries have, in principle, decided to announce the conclusion and signing together," the official added.
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Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India; with bilateral trade between the two touching USD 10 billion in 2024-25 (exports comprising USD 4.06 billion and imports totaling USD 6.55 billion).
India’s key imports from Oman are petroleum products and urea, accounting for almost 70 per cent of the total imports.
Other major products traded include propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel.
Free trade agreements between two trading partners include either significant reduction or elimination of customs duties on a maximum number of goods traded between them.
They also ease norms to promote trade in services and attract investments.
India has a similar agreement with another GCC member, the UAE, which came into effect in May 2022.
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