Commerce Minister Piyush Goyal, His Oman Counterpart Hold Discussion on Bilateral Trade & Investment Relations

Both leaders expressed satisfaction with the progress of negotiations for the India-Oman Comprehensive Economic Partnership Agreement (CEPA).

They highlighted the fact that two rounds of negotiations had taken place in a short period of time, which demonstrated the commitment of both countries to deepen their economic relations.

The negotiations on the text of the India-Oman CEPA have mostly been completed, and the leaders urged their negotiators to finalize the remaining issues so that the agreement can be signed soon. In addition, the ministers discussed the importance of enhancing investments in both countries.

They agreed to establish an Oman Desk in Invest India and an India Desk in Invest Oman to facilitate this process.

India and Oman have a long history of friendship and cooperation, based on mutual trust and respect, as well as strong people-to-people ties that date back centuries.

The two countries are strategic partners, and their bilateral trade and investment relationship has flourished since diplomatic relations were established in 1955 and upgraded to a strategic partnership in 2008.

The bilateral trade between India and Oman has seen significant growth in recent years. In 2021-2022, it increased by 82.64% to reach US$ 9.99 billion, and in 2022-2023, it further rose to USD 12.39 billion, more than doubling in the previous two years compared to USD 5.4 billion in 2020-2021.