Union Commerce and Industry Minister Piyush Goyal revealed discussions between India and Oman to enhance bilateral trade and investment opportunities through the proposed CEPA. Goyal highlighted a telephonic conversation with Oman’s Minister of Commerce, Industry, and Investment Promotion, Anwar bin Hilal bin Hamdoun Al Jabri, focusing on strengthening economic ties.
The talks centered on utilizing the India-Oman Comprehensive Economic Partnership Agreement (CEPA) to facilitate trade flows and investment prospects. Although the agreement, inked in Muscat in December 2025, awaits implementation, it is anticipated to bolster economic relations significantly upon enactment.
Goyal emphasized the potential of the CEPA to provide duty-free access to about 98% of India’s exports, including textiles, agricultural products, and leather goods, in the Omani market. In return, India plans to slash tariffs on key Omani exports like dates, marble, and petrochemical products, aiming for a more equitable trade environment.
The recent dialogue forms part of a series of strategic engagements by Goyal with key Gulf partners to expand India’s economic presence in the region. Notably, Goyal has engaged with trade ministers from Saudi Arabia, the United Arab Emirates, Bahrain, and Kuwait in recent days to strengthen India’s economic ties in West Asia.
India and Oman enjoy a robust trade relationship, with bilateral trade amounting to approximately $10.5 billion in 2024-25. During this period, India’s exports totaled around $4 billion, while imports from Oman were valued at $6.54 billion.
