During his December 17-18 visit to Oman, India’s oldest strategic partner in the Gulf region, Modi will address business leaders from both countries at a business forum. The big-ticket announcement during the visit is expected to be the CEPA and commerce and industry minister Piyush Goyal is also likely to be present on the occasion.
The Union Cabinet on Friday approved the proposed free trade agreement between India and Oman, clearing the way for the CEPA.
Arun Chatterjee, secretary (C & PV) MEA, who handles India’s ties with the Gulf region, told media on Friday that teams from both sides have been working very hard for the early finalisation of the CEPA. “We have here immense faith that this agreement, if it is signed during this visit, will significantly deepen the economic ties between India and Oman. And it will open up a new chapter in the history of India-Oman trade and commercial relationship,” he said. Chatterjee expressed hope that Muscat’s Omanisation policy will not adversely impact India’s manpower in the Gulf country.
India-Oman bilateral trade was $10.61 billion in fiscal 2024-25. India was Oman’s fourth largest source of non-oil imports and third largest market for non-oil exports.