Union Minister of Commerce and Industry, Piyush Goyal, held a telephonic discussion on Monday with Oman’s Minister of Commerce, Industry, and Investment Promotion, Anwar bin Hilal bin Hamdoun Al Jabri.

The talks focused on exploring and unlocking new opportunities under the India-Oman Comprehensive Economic Partnership Agreement (CEPA) to strengthen bilateral trade and investment ties.

In a post on social media, Goyal shared details of the conversation: "Held a telecall with H.E. Anwar bin Hilal bin Hamdoun Al Jabri, Oman's Minister of Commerce, Industry and Investment Promotion. Discussed unlocking opportunities under the India-Oman CEPA to boost bilateral trade & investment ties for the mutual growth of both nations."

The landmark CEPA, signed in December last year, established a robust framework covering trade in goods and services, investment, professional mobility, and regulatory cooperation.

According to the Ministry of Commerce and Industry, bilateral trade between the two nations reached USD 10.61 billion in FY 2024-25, highlighting the rapidly expanding economic engagement.

Under the agreement, Oman has provided zero-duty access on 98.08% of its tariff lines, which accounts for 99.38% of India’s exports to the country.

Immediate tariff elimination covers 97.96% of tariff lines, providing a significant boost to India’s labor-intensive sectors.

Key industries set to benefit include gems and jewelry, textiles, leather, footwear, plastics, furniture, agricultural products, engineering goods, pharmaceuticals, medical devices, and automobiles.

On the reciprocal side, India is offering tariff liberalization on 77.79% of its total tariff lines, covering 94.81% of imports from Oman by value.

For products deemed sensitive, India has proposed tariff-rate quota-based liberalization.

However, several sensitive sectors remain in the exclusion category, including dairy, tea, coffee, rubber, tobacco, gold and silver bullion, and certain metal scraps.

Beyond trade statistics, the economic partnership is anchored by deep people-to-people ties.

Nearly 7 lakh Indian nationals live in Oman, and Indian businesses have maintained a presence in the region for over two centuries.

Currently, more than 6,000 Indian establishments operate across various Omani sectors, with annual remittances of approximately USD 2 billion further underscoring the depth of the relationship.

With trade already surpassing the USD 10 billion mark, both nations anticipate a continued surge in investment and commercial ties under the CEPA framework.

Source: ANI