India-Oman trade ministers to review progress of FTA talks

New Delhi: India and Oman will review the progress of talks for the proposed free trade agreement (FTA) between the two countries during the visit of Commerce and Industry Minister Piyush Goyal to Muscat this week, an official statement said on Sunday. Though the negotiations for the proposed agreement were concluded, Oman has sought revision of its market access offers on some products.

The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.

“The talks on India-Oman CEPA which are at an advanced stage are likely to get further impetus during the visit. Both sides are negotiating and exploring a commercially significant, balanced, equitable, ambitious and mutually beneficial CEPA,” the commerce ministry said.

Goyal will also attend the joint commission meeting with Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed bin Moosa al-Yousef during January 27-28.