India Nears Free Trade Pact with Oman: Piyush Goyal
- India and Oman are in the advanced stages of finalizing a Comprehensive Economic Partnership Agreement (CEPA).
- The bilateral trade volume reached USD 10.5 billion in 2024-25, with Oman being a key GCC partner.
- Both nations signed an amended DTAA to enhance tax cooperation and align with international standards.
India is on the brink of signing a Free Trade Agreement (FTA) with Oman, as Commerce and Industry Minister Piyush Goyal confirmed that negotiations are progressing rapidly. "I think you will see some good news very soon on the Oman FTA", Goyal told reporters during his official visit to France, where he is also scheduled to attend a ministerial meeting of the World Trade Organisation (WTO) on Tuesday.
Talks for the FTA envisioned as a Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. Goyal had visited Oman from January 27 to 28, where he co-chaired the 11th Session of the India-Oman Joint Commission Meeting with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion.
The meeting witnessed in-depth discussions on strengthening bilateral ties in trade, investment, renewable energy, food security, technology, and other strategic sectors. Both ministers agreed to expedite CEPA negotiations, highlighting the pact’s potential to boost two-way trade and investments significantly.
In addition to CEPA discussions, the two nations signed a Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA). The amendment aligns the agreement with global taxation norms, streamlines tax procedures, and enhances cooperation on cross-border tax matters.
Oman is India's third-largest export destination among Gulf Cooperation Council (GCC) countries. The bilateral trade between the two nations stood at approximately USD 10.5 billion in FY 2024-25, with Indian exports totaling USD 4 billion and imports at USD 6.54 billion.
The imminent signing of the CEPA is expected to mark a new chapter in India-Oman trade relations, fostering deeper economic engagement and offering a stable platform for long-term business collaboration.
