A landmark free trade agreement between India and Oman, officially termed the Comprehensive Economic Partnership Agreement (CEPA), is on the verge of being finalised, with an announcement expected soon, according to a government official. The agreement's text is currently being translated into Arabic in Oman, after which both nations' cabinets will grant final approval.

"Both countries have agreed to announce the conclusion and signing together," the official stated, indicating the process could be completed in significantly less than two to three months. Negotiations for the CEPA began in November 2023, aiming to reduce or eliminate customs duties on most traded goods, streamline trade in services, and boost investments.

Oman ranks as India's third-largest export destination among Gulf Cooperation Council (GCC) countries, with bilateral trade reaching over USD 10 billion in 2024-25 (exports USD 4.06 billion, imports USD 6.55 billion). Key Indian imports include petroleum products, urea, propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel, with petroleum and urea comprising over 70% of imports. The agreement follows India’s successful trade pact with the UAE, effective since May 2022, and is expected to further strengthen economic ties with the GCC region.

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