India and Oman are poised to sign a Comprehensive Economic Partnership Agreement (CEPA), a move that promises to significantly boost bilateral trade and investment. The negotiations for this free trade agreement are in their advanced stages, and both countries are optimistic about concluding the pact soon.
The CEPA is expected to eliminate duties on a wide range of products, including petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. This will make Indian exports more competitive in the Omani market and create new opportunities for Indian businesses.
The agreement is also anticipated to strengthen the economic ties between India and Oman, fostering cooperation in areas such as energy, infrastructure, and technology. By reducing trade barriers, the CEPA will facilitate the flow of goods and services between the two countries, leading to increased economic prosperity.