India and Oman have made significant deals toward a free trade agreement, with talks between the two nations showcasing promising advancements. During the recent visit of Oman’s ruler, Sultan Haitam bin Tarik, crucial discussions were held, marking the first visit by an Omani ruler to India since 1997.

Foreign Secretary Vinay Mohan Kwatra highlighted the positive momentum in negotiations for the Comprehensive Economic Partnership Agreement (CEPA). He emphasized the substantial progress made in recent rounds of talks, aiming to swiftly agree.

Analysts predict that a free trade agreement could substantially benefit Indian exports, particularly in sectors like motor gasoline, textiles, electronics, machinery, and iron and steel, by eliminating import duties currently averaging around 5% on over 80% of Indian goods entering Oman.

The bilateral trade between India and Oman for the year 2022-23 amounted to approximately $12.3 billion. Kwatra also revealed the release of the third tranche of the Oman India Joint Investment Fund, totaling $300 million. This fund, a collaboration between the State Bank of India and the Oman Investment Authority, aims to direct investments into India’s rapidly expanding sectors.

Moreover, discussions encompassed exploring financial technologies and the potential establishment of rupee trade, alongside collaborative efforts in space technology, focusing on satellite services, building, launching, and capacity enhancement. The talks also extended to green hydrogen, renewable energy, and utilizing Oman's Duqm port by Indian navy ships for logistical and humanitarian support in West Asia crises.

Overall, the discussions between India and Oman reflect significant progress and an intent to deepen economic ties, explore new opportunities, and foster cooperation across various sectors.

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