Prime Minister Narendra Modi has said that the proposed trade agreement between India and Oman will play a key role in strengthening economic ties between the two countries. Speaking at a business event in Muscat, he described the Comprehensive Economic Partnership Agreement, or CEPA, as a powerful engine for future growth. The announcement comes as India and Oman mark 70 years of diplomatic relations.
PM Modi said the agreement reflects the deep trust and friendship shared by both nations. He explained that CEPA is not just a trade deal but a long-term plan that will guide cooperation in many important areas. According to him, the agreement will make it easier for businesses from both countries to work together and invest with confidence.
Under CEPA, India and Oman plan to reduce or remove import duties on several goods. This will help companies trade more easily and at lower costs. The agreement will also simplify rules for services and investments, which is expected to benefit professionals, entrepreneurs, and companies looking to expand across borders.
Trade between India and Oman has grown steadily in recent years. India is now one of Oman’s top trading partners, with trade crossing $10 billion in the last financial year. Indian companies have also increased their investments in Oman, showing strong interest in sectors such as manufacturing, energy, and infrastructure.
PM Modi highlighted energy transition as a major area of cooperation. He said both countries can work together on clean energy projects, including renewable power, green hydrogen, and battery storage. He also pointed to opportunities in ports, logistics, food security, and digital technology.
Startups were another key focus of his speech. The Prime Minister encouraged young entrepreneurs from both nations to collaborate, innovate, and build solutions for global markets. He said India’s growing startup ecosystem can partner well with Oman’s strategic location and business-friendly environment.
In his address to the Indian community in Oman, PM Modi praised their contribution to strengthening ties between the two nations. Overall, the proposed CEPA is expected to deepen economic cooperation, create new jobs, and open fresh opportunities for businesses and startups in both countries.
