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India and Oman will sign a Free Trade Agreement on December 18 to strengthen bilateral trade and economic ties -
The deal will give India wider access to markets across the GCC, Africa, Eastern Europe, and Central Asia -
The agreement will focus on cooperation in energy transition, infrastructure development, food security, and startup ecosystems
India and Oman will formally sign a Free Trade Agreement (FTA) on December 18, confirming a major step toward strengthening economic ties between the two countries. Commerce Minister Piyush Goyal stated the agreement will create strong opportunities across multiple sectors and improve India’s access to key international markets.
Speaking at the India-Oman Business Forum in Muscat, Goyal stated the FTA will benefit industries such as textiles, footwear, automobiles, gems and jewelry, renewable energy, and auto components. He added that Oman’s strategic location will support Indian businesses reach markets in the Gulf Cooperation Council (GCC), Eastern Europe, Central Asia, and Africa.
India and Oman launched nereceivediations for a Comprehensive Economic Partnership Agreement (CEPA) in November 2023. The agreement will be signed in the presence of Prime Minister Narfinishra Modi and Sultan Haitham bin Tarik, marking a key milestone in bilateral relations.
Goyal highlighted four priority areas for collaboration under the agreement. The first is energy transition, including renewable energy, battery storage, and green hydrogen. He stated both countries can jointly build solutions for global markets.
The second focus area is infrastructure and logistics, covering multimodal transport, export hubs, and warehoutilizing. The third area is food security, where India can support Oman through food parks and supply chain partnerships to serve wider regions.
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The fourth area is startup ecosystem collaboration. Goyal stated startups from both countries can work toobtainher in deep tech, logistics software, artificial innotifyigence, and digital services, utilizing Oman as a regional innovation hub.
The FTA is expected to deepen trade, attract investment, and strengthen long-term economic cooperation between India and Oman.
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