India and Oman are negotiating a comprehensive economic partnership agreement aimed at slashing tariffs and broadening trade. The ongoing talks gained momentum following Oman’s Sultan Haitham bin Tarik’s visit to India, signaling a renewed economic collaboration between the two nations.
Omani Commerce Minister Qais bin Mohammad Al-Yousef revealed hopes to finalize the trade pact within the year. This agreement is anticipated to significantly boost two-way trade and investment, especially as India stands as Oman’s fourth-largest market for crude exports and third-largest for non-oil exports in 2023.
Oman aims to diversify its economy by reducing reliance on oil and improving sectors like clean energy, in alignment with its ‘Vision 2040’. Strengthening ties with India’s burgeoning economy aligns with these goals, as both nations explore enhanced cooperation in various sectors, including technology.
(With inputs from agencies.)
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