India, Oman aiming to seal mega trade deal

India and Oman are looking at sealing a broad trade and investment pact this year that will cut tariffs on each other’s goods and boost the overall trade basket in line with renewed vigour in the relations, especially in the economic sphere.

The negotiations for a comprehensive economic partnership agreement (CEPA) gained new momentum after Oman’s Sultan Haitham bin Tarik travelled to India over a year back.

Omani Commerce Minister Qais bin Mohammad Al-Yousef told PTI that Muscat is hopeful of concluding the ambitious trade pact with India this year that is expected to significantly expand the two-way trade and investment ties between the two countries.

India was the fourth largest market for Oman’s crude oil exports for the year 2023 after South Korea. India was also the third largest market for Oman’s non-oil exports in 2023 after Saudi Arabia.

“The comprehensive economic partnership agreement is still under negotiations,” the Omani Commerce Minister said. “We already had several rounds of negotiations...we will see how it progresses,” Al-Yousef said in an interaction with a group of visiting journalists.