India, Oman Seal Landmark Trade Agreement
“Today, we are taking such a historic decision, the echo of which will be heard for many decades to come,” declared Prime Minister Narendra Modi during the India-Oman Business Summit in Muscat. He further emphasized, “Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century. This is a blueprint of our shared future. It will boost our trade… opening new doors to opportunities in every sector.”
The pact is projected to grant duty-free access to 98% of Indian exports, covering sectors such as textiles, farming products, and leather goods. In return, India will lower tariffs on Omani exports, including dates, marble, and petrochemical commodities.
Additionally, New Delhi secured tariff removal for several of its labor-intensive industries, including gems and jewellery, textiles, agricultural and engineering goods, and automobiles, according to a news agency.
Trade between India and Oman reached $10.5 billion during the 2024–25 fiscal year, underscoring the significance of this agreement in strengthening bilateral economic ties.
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