New Delhi: The India–Oman Comprehensive Economic Partnership Agreement (CEPA) will facilitate greater market access for professionals and companies from both countries, Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing the India–Oman Business Forum in Muscat, Goyal said that the agreement will provide a fair and predictable visa regime for Indian skilled professionals, while fully respecting Oman’s sovereign employment policies.
He said the agreement reflects a shared vision to build a diversified and resilient economic partnership covering trade, investment, tourism, innovation and technology.
Goyal emphasised the vast scope for collaboration across key sectors and urged businesses and investors on both sides to leverage these opportunities to drive mutual growth and shared prosperity.
He observed that the bilateral trade between the two countries surpassed $10 billion, but said that this milestone was “just the beginning”. “We have miles to go and lots of achievements that await us.” he remarked.
Goyal said that CEPA will pave the way for a more ambitious phase of cooperation by offering duty-free access, addressing trade barriers and simplifying rules, which would make exports from both sides more competitively priced in each other’s markets.
He invited Omani businesses to leverage India’s large and vibrant domestic market, while positioning Oman as a strategic gateway for Indian companies to the Gulf, Africa and West Asia.
Goyal said that the Comprehensive Economic Partnership Agreement (CEPA) is the “culmination of our shared vision and dedicated efforts to build a mutually prosperous future for our people.”
The minister said CEPA would open significant opportunities across sectors including textiles, food processing, automobiles, gems and jewellery, agrochemicals, renewable energy and auto components,
He highlighted Oman’s strategic location as a gateway to the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia and Africa, which offers enhanced market access for Indian businesses.
He also acknowledged the role of the 700,000-strong Indian diaspora in Oman, describing it as a living bridge that strengthens bilateral ties.
Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, in his address, said that India has emerged as Oman’s third-largest trading partner and Oman continues to be a key destination for Indian investments across strategic sectors.
The CEPA will be signed on December 18 in the presence of Prime Minister Narendra Modi and Sultan Haitham bin Tariq.
(IANS)
