Prime Minister Narendra Modi recently endorsed an article by Union Minister Piyush Goyal, emphasizing the advantages of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) for Indian exporters, farmers, and job creation. The trade deal, as highlighted by Goyal, presents Indian exporters with opportunities to expand into new markets, enhance employment prospects, protect farmers’ interests, and promote mutual prosperity between the two nations.
The Prime Minister’s Office highlighted that such trade agreements with developed countries, like the India-Oman CEPA, are designed to enhance the well-being of all Indians. The CEPA officially came into effect on Monday, marking a significant step towards realizing Prime Minister Modi’s vision of creating global opportunities for various segments of society, including students, artisans, women, farmers, fishermen, and MSMEs.
Union Minister Piyush Goyal hailed the agreement as a key achievement in Prime Minister Modi’s goal of providing international opportunities for diverse sectors. The CEPA ensures immediate 100% duty-free access to 98% of tariff lines covering 99.38% of India’s exports to Oman, a substantial increase from the previous duty-free access of only 15.3% of exports. This move is expected to make Indian products more competitive in the Gulf market, particularly in sectors like textiles, gems and jewelry, leather, footwear, engineering products, pharmaceuticals, and automobiles.
