NEW DELHI: India signed a free trade agreement with Oman on Thursday, marking its second such deal with a Gulf Cooperation Council country and expanding its economic presence in the region.
The Comprehensive Economic Partnership Agreement was signed by Commerce Minister Piyush Goyal and Qais bin Mohammed Al-Yousef, ‘s minister of commerce, during Prime Minister Narendra Modi’s state visit to Muscat.
The new deal allows India to export most of its goods without paying tariffs, covering 98 percent of the total value of India’s exports to Oman.
Beyond tariff cuts and goods, the agreement covers services, investment and mobility facilitation, and cooperation in sectors such as textiles, vehicles, agro-chemicals, and renewables.
“The CEPA will act as an enabler of a more ambitious future by offering duty-free access, addressing trade barriers, and simplifying rules. It will allow our exports to be more competitively priced in each other’s economies,” Goyal said.
