India and Oman are set to sign a Free Trade Agreement today, a move Commerce Minister Piyush Goyal said would unlock “immense opportunities” across sectors such as textiles, footwear, automobiles, gems and jewellery, renewable energy, and auto components.
Addressing the India–Oman Business Forum in Muscat, Mr. Goyal said India would also benefit from Oman’s strategic position as a gateway to markets in the Gulf Cooperation Council (GCC), eastern Europe, Central Asia, and Africa.
Negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries began in November 2023. Mr. Goyal said the agreement would be signed by him and his Omani counterpart in the presence of Prime Minister Narendra Modi and Sultan Haitham bin Tarik.
The Hindu had earlier reported on December 17 that Mr. Modi and Mr. Goyal would travel to Oman this week for the signing of the agreement.
Outlining the scope of cooperation under the FTA, Mr. Goyal identified four priority areas. The first is energy transition, covering renewable energy, battery storage, and green hydrogen. He said this ecosystem could be jointly developed by India and Oman for wider global markets.
The second area is infrastructure, particularly multimodal logistics and export warehousing. Food security forms the third pillar, with India potentially supporting Oman through food parks and regional supply hubs.
The fourth area of collaboration is the startup ecosystem. Mr. Goyal said startups from both countries could work together on deep technology, logistics software, artificial intelligence, and other emerging fields, noting the significant potential for cross-border innovation.
