Negotiators told to work on early conclusion of nearly completed India-Oman CEPA
Indian and Oman trade and commerce Ministers have discussed the need for a focused approach on enhancing investments in both countries.
Commerce and Industry Minister Piyush Goyal and Oman’s Minister of Commerce, Industry and Investment Promotion Qais Bin Mohammed Al Yousef have also decided that an Oman Desk would be created in Invest India and India Desk would be set up in Invest Oman for investments and trade promotions.
The Ministers met on the sidelines of the State Visit of the Sultan of Oman, His Majesty Haitham bin Tarik, to India on 16 Dec 2023,
They expressed satisfaction at the pace of ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA).
Substantively, negotiations on the text of the India-Oman CEPA have been largely completed.
The Ministers exhorted their respective negotiators to conclude discussions on the remaining issues paving way for early conclusion of India-Oman CEPA negotiations and signing of the Agreement.
The two countries are strategic partners and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955 which was upgraded to strategic partnership in 2008.
Bilateral trade between both the countries grew by 82.64% in 2021-2022 to reach US$9.99 billion.
In 2022-2023, it further increased to US$12.39 billion, more than doubling in the previous two years, in comparison to US$5.4 billion in 2020-2021. Fiinews.com
