Indian Commerce and Industry Minister Piyush Goyal is on a two-day visit to Oman, focusing on advancing discussions on the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman. Goyal will participate in the 11th Joint Commission Meeting (JCM) in Muscat, chaired by Omani Commerce Minister Qais bin Mohammed bin Musa Al Youssef.
The Oman Ministry of Commerce has indicated that Goyal’s visit is expected to provide momentum to the ongoing negotiations for the CEPA, which are progressing steadily. Talks on a Free Trade Agreement (FTA) between the two nations, initiated in November 2023, were completed by March 2024. While the agreement was anticipated to be signed before the 2024 general elections, it has yet to be finalized. Under the CEPA, India is set to gain access to 98% of Oman’s products and services.
India’s exports to Oman stood at $4.2 billion, while imports were $4.5 billion, largely impacted by a significant drop in trade in fertilizers and petroleum. Oman remains the third-largest exporter within the Gulf Cooperation Council (GCC).
