NEW DELHI: An official has indicated that the announcement regarding the conclusion and signing of the proposed free trade agreement between India and Oman is expected soon.
The agreement text is currently being translated into Arabic in Oman, after which it will be submitted for approval by the cabinets of both countries.
“Both nations have, in principle, agreed to jointly announce the conclusion and signing,” the official said.
When asked about the timeline, the official noted it would take “much less” than two to three months.
Formal negotiations for the Comprehensive Economic Partnership Agreement (CEPA) began in November 2023. Such agreements typically involve significant reductions or eliminations of customs duties on a wide range of traded goods, along with eased regulations to encourage trade in services and boost investment.
Oman ranks as the third-largest export market for India among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with the UAE, which has been in effect since May 2022.
Bilateral trade between India and Oman exceeded USD 10 billion in 2024-25, with exports worth USD 4.06 billion and imports totaling USD 6.55 billion.
India’s main imports from Oman include petroleum products and urea, which together make up over 70% of imports. Other significant imports are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel.
