Cabinet approves India-Oman FTA ahead of PM’s visit
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New Delhi: The Union Cabinet on Friday approved a free trade agreement between India and Oman, which is expected to be signed during Prime Minister Narendra Modi’s visit to Oman on December 17-18, sources said.
Talks for the free trade agreement, officially termed as CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023 and the negotiations concluded this year.
Prime Minister Modi will embark on a four-day visit to Jordan, Ethiopia and Oman from December 15, according to an official statement.
In the third and final leg of his visit, Modi will visit Oman on December 17-18 at the invitation of Sultan Haitham bin Tarik.
Commerce and Industry Minister Piyush Goyal is also expected to visit Oman for the signing of the pact.
In free trade agreements, the two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with another GCC member, the UAE, which came into effect in May 2022.
