India–Oman Free Trade Pact to Inject Fresh Momentum into Bilateral Ties: PM Modi

Muscat, Dec 18: Prime Minister Narendra Modi on Thursday said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will provide renewed confidence and long-term momentum to bilateral relations.

Addressing the India–Oman Business Summit in Muscat, Modi described the proposed trade pact as a historic step that would shape economic cooperation between the two countries for decades to come.

“Today, we are taking such a historic decision, the echo of which will be heard for many decades. The Comprehensive Economic Partnership Agreement will give our partnership new confidence and new energy in the 21st century,” the Prime Minister said.

Highlighting India’s growth trajectory, Modi said the country’s development has always been inclusive and outward looking. “Whenever India grows, it helps its friends grow as well,” he said, adding that India is steadily progressing towards becoming the world’s third-largest economy.

He noted that India’s economic rise holds special significance for Oman, given the close historical, maritime and commercial ties between the two nations. “We are not just close friends, but maritime neighbours. There is a generational bond of trust in our business relations, and we understand each other’s markets well,” Modi said.

Inviting Omani companies to partner in India’s growth story, the Prime Minister attributed India’s robust economic performance to structural reforms carried out over the past 11 years. He cited landmark initiatives such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) as key drivers of economic transformation.

Prime Minister Modi arrived in Muscat on Wednesday for a two-day official visit. India–Oman bilateral trade stood at approximately USD 10.5 billion in 2024–25, with Indian exports accounting for USD 4 billion and imports at USD 6.54 billion.