India and Oman inked a free trade agreement on Thursday as Prime Minister Narendra Modi held talks with Sultan Haitham bin Tarik and explored ways to further add greater depth to the bilateral strategic partnership.
In Oman on the last leg of his four-day, three-nation visit, Prime Minister Narendra Modi said the free trade agreement (FTA) between India and Oman will act as an anchor for the two maritime neighbours’ bilateral relations, giving them renewed confidence. The Prime Minister was speaking at the India-Oman Business Summit in Muscat, where the Comprehensive Economic Partnership Agreement (CEPA) was also formally signed.
“Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century,” he said.
The PM said India is a progressive and self-driven nation that believes in helping “its friends grow”. Soon to become the world’s third-largest economy, the country’s growth can be especially beneficial for Oman, since the two are “close friends” and maritime neighbours, he added.
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“This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our people know each other well. We have generations of trust in our business relations, and we understand each other’s markets very well,” PM Modi said.
The PM was conferred with the Order of Oman, the Sultanate's uniquely distinct civilian honour, by Sultan Haitham bin Tarik for his contributions to strengthening bilateral ties. This is the latest addition to Modi's distinguished list of over 28 highest civilian awards from foreign nations, including recent honours like Ethiopia's Great Honour Nishan of Ethiopia and Kuwait's Order of Mubarak Al-Kabeer.
India-Oman bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports USD 6.54 billion) in 2024-25.
Inviting companies from Oman to partner in India’s growth story, the Prime Minister talked about the reforms undertaken by his government and said that India’s economy is growing at a high rate because of policy changes that altered its “economic DNA” over the past 11 years.
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