New Delhi: Prime Minister Narendra Modi on Monday shared an article written by Union Commerce and Industry Minister Piyush Goyal, highlighting the benefits of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) for Indian exporters, farmers and job creation.
Sharing the details on the social media platform X, the Prime Minister’s Office said the trade agreement offers Indian exporters an opportunity to diversify markets, boost employment generation, safeguard farmers’ interests and foster shared prosperity between India and Oman.
“In this article, Union Minister Piyush Goyal highlights how the India-Oman CEPA offers Indian exporters an opportunity to diversify markets, boost job creation, safeguard farmers’ interests and foster shared prosperity between the two countries,” the PMO said on X.
The Prime Minister’s Office further noted that the government’s efforts to sign trade agreements with developed countries are aimed at improving the lives of every Indian.
The development comes as the India-Oman Comprehensive Economic Partnership Agreement came into force on Monday.
Union Minister Piyush Goyal described the agreement as a major milestone in Prime Minister Narendra Modi’s vision of creating global opportunities for students, artisans, women, farmers, fishermen and MSMEs.
According to Goyal, the agreement will help open new markets, boost exports, attract investments and accelerate job creation across sectors.
Under the CEPA, Oman will provide immediate 100 per cent duty-free market access to 98 per cent of tariff lines covering 99.38 per cent of India’s exports to the country. Earlier, only 15.3 per cent of India’s exports enjoyed zero-duty access.
Goyal said Indian goods that currently face a 5 per cent import duty in Oman, accounting for nearly $3.64 billion worth of exports, will now become more competitive in the Gulf market.
The minister said labour-intensive sectors such as textiles, gems and jewellery, leather, footwear, sports goods, engineering products, pharmaceuticals, medical devices and automobiles are expected to benefit significantly from the agreement.
(IANS)
