India Nearing Finalisation Of Free Trade Agreement With Oman: Piyush Goyal

2025-06-03 08:03:53

(MENAFN- KNN India) New Delhi, Jun 3 (KNN) India is approaching the final stages of negotiating a Free Trade Agreement with Oman, according to Commerce and Industry Minister Piyush Goyal, who suggested that an official announcement could be imminent.

The anticipated agreement is projected to substantially enhance trade and investment relationships between the two nations.

Speaking to reporters during his current official visit to France, where he is advancing Indian commercial interests, Goyal stated that positive developments regarding the Oman FTA would be announced shortly.

The minister is also set to participate in a World Trade Organisation ministerial meeting scheduled for Tuesday.

The India-Oman Comprehensive Economic Partnership Agreement negotiations commenced in November 2023.

A significant milestone in the discussions occurred during Goyal's visit to Oman in late January 2025, where he participated in the 11th session of the India-Oman Joint Commission Meeting alongside Qais bin Mohammed Al Yousef, Oman's Minister of Commerce, Industry, and Investment Promotion.

The high-level bilateral meeting encompassed comprehensive discussions on multiple areas of cooperation, including trade, investment, technology, food security, and renewable energy initiatives.

Both ministers conducted a thorough review of existing bilateral relations and reached a consensus to expedite the CEPA negotiations with the objective of finalising the agreement as quickly as possible.

Government officials have characterised the CEPA as a potentially transformative development in India-Oman diplomatic and economic relations, emphasising its capacity to significantly expand bilateral trade volumes and investment flows between the two countries.

Oman currently ranks as India's third-largest export market within the Gulf Cooperation Council region. Bilateral trade figures for 2024-25 reached approximately USD 10.5 billion, comprising USD 4 billion in Indian exports and USD 6.54 billion in imports from Oman.

(KNN Bureau)

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