India, Oman close to finalizing free trade agreement
What's the story
India and Oman are on the verge of finalizing a free trade agreement (FTA), according to PTI. The text of the trade pact is currently being translated into Arabic for approval by the Omani cabinet. Once approved, both countries plan to jointly announce the conclusion and signing of this Comprehensive Economic Partnership Agreement (CEPA).
Agreement details
CEPA negotiations began in November 2023
The negotiations for the CEPA began in November 2023. Such agreements usually involve trading partners reducing or eliminating customs duties on a wide range of goods traded between them. They also simplify regulations to facilitate trade in services and attract investments. The announcement of the FTA will take "much less" than two to three months.
Trade relations
Bilateral trade between India and Oman
Oman is India's third-largest export destination among the Gulf Cooperation Council (GCC) countries. The bilateral trade between India and Oman was over $10 billion in 2024-25, with exports worth $4.06 billion and imports valued at $6.55 billion. India's major imports from Oman include petroleum products and urea, which account for over 70% of its total imports from the country.