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India and Oman strengthen trade ties during Piyush Goyal’s Muscat visit

The visit emphasized broader economic collaboration beyond the CEPA, with discussions aimed at enhancing investments and diversifying trade relations

PRAVASISAMWAD.COM

India’s Commerce and Industry Minister, Piyush Goyal, is on a two-day visit to Oman, reaffirming the commitment to advancing trade and investment relations between the two nations. A focal point of the visit is the ongoing discussions around the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which aims to foster deeper economic collaboration.

He also interacted with members of the Indian community at a Republic Day reception hosted by the Indian Embassy, Muscat.

During his visit, Goyal met with Oman’s Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed bin Moosa al-Yousef. Their talks encompassed a wide range of topics, including the global economic outlook and strategies to enhance bilateral trade. Goyal’s visit comes as both sides seek to overcome challenges in finalizing the CEPA, which promises a commercially significant, balanced, and mutually beneficial agreement.

The CEPA negotiations, initiated in November 2023, reached an advanced stage by January 2024, with most chapters finalized. However, the discussions faced a setback due to Oman’s request for a revised market access offer from India on certain products, notably polyethylene and polypropylene.

These petrochemical intermediates, crucial for manufacturing plastics, medical devices, electronics, and automobile components, currently attract a 7.5% import duty in India. Oman’s demands have necessitated renewed consultations within India to revisit its stance, delaying the agreement’s anticipated signing.

Despite these hurdles, Goyal’s visit has provided a renewed impetus to the negotiations, reflecting the strategic importance of the India-Oman partnership. Bilateral trade between the two nations stood at an estimated $8.94 billion in 2023-2024, underscoring Oman’s significance as a key trading partner within the Gulf Cooperation Council (GCC).

The visit also emphasized broader economic collaboration beyond the CEPA, with discussions aimed at enhancing investments and diversifying trade relations.

By addressing the remaining obstacles in the CEPA, both nations aim to pave the way for a landmark agreement that will bolster economic growth and strengthen their longstanding ties.

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Pawan Bhola
Pawan Bhola
Pawan Bhola’s professional expertise lies in BusinessDevelopment. He has been working for Synerggie, Oman for the past 8 years. An MBA in Marketing,art flows naturally in him and now embarking on an exciting writing journey.

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