India, Oman Agree To Speed Up Talks On Signing Bilateral Economic Pact
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Trade ministers from India and Oman recently convened to advance negotiations on a proposed Free Trade Agreement (FTA), specifically the Comprehensive Economic Partnership Agreement (CEPA). The discussions took place in Muscat between India's Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef on January 26, 2025.
The ministers reviewed the progress of the CEPA negotiations, which began in November 2023. They emphasized the need to strengthen trade and investment ties between the two nations.
Goyal highlighted the importance of exploring further avenues to deepen bilateral partnerships during the Joint Commission Meeting, which is scheduled for January 28.
The fifth round of talks for this agreement was held on January 14, 2025, with aims to enhance bilateral economic relations.
The CEPA aims to significantly reduce or eliminate customs duties on a wide range of goods traded between India and Oman, while also easing regulations to promote services trade and attract investments.
Oman is currently India's third-largest export destination among Gulf Cooperation Council (GCC) countries. The trade volume between India and Oman has seen a decline, dropping from USD 12.39 billion in 2022-23 to USD 8.94 billion in 2023-24.
Alongside advancing FTA talks, both countries signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA), aligning it with international standards to simplify tax procedures and enhance cooperation in tax matters.
These discussions are part of ongoing efforts to bolster economic ties between India and Oman, reflecting a mutual interest in enhancing trade relations amidst fluctuating trade volumes.
PTI