India and Oman are anticipated to sign a Comprehensive Economic Partnership Agreement (CEPA) in the near future, according to the Omani Ambassador to India, Issa Saleh Abdullah Saleh Alshibani. The agreement aims to diversify the trade relationship between the two nations beyond energy resources, encompassing a wider range of commodities and services. Formal negotiations for the CEPA began in November 2023. Ambassador Alshibani referenced India’s existing CEPA agreements with other countries, such as the UAE (signed May 2022), as indicators of potential positive impacts on bilateral trade. Oman’s primary exports to India currently include petroleum products and urea, alongside other items like propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel, with the trade balance significantly influenced by oil and petrochemical prices. Oman is India’s third-largest export destination among Gulf Cooperation Council (GCC) countries. Bilateral trade between India and Oman reached $10.61 billion during 2024-25. Investment ties are also substantial, with over 6,000 India-Oman joint ventures in Oman representing an estimated investment exceeding $776 million, and cumulative Foreign Direct Investment (FDI) equity inflow from Oman to India totaling $605.57 million between April 2000 and March 2025.
Source: www.thehindu.com