Post by : Maya Rahman

India is preparing to finalize a free trade agreement with Oman following Prime Minister Narendra Modi's arrival in Muscat, which marks the last leg of his three-nation visit. This agreement aims to bolster collaboration in vital sectors such as trade, investment, energy, defense, technology, agriculture, cultural exchange, and personal connections. Anticipated announcements are on the agenda during the visit.

Commerce and Industry Minister Piyush Goyal will represent India in signing the agreement, alongside Prime Minister Modi. This deal wraps up nearly a year of extensive trade negotiations between the two nations. India is actively pursuing trade alliances across West Asia and already has a similar agreement with the UAE, with ongoing discussions with the Gulf Cooperation Council that includes Oman and five other Gulf states.

At the India-Oman Business Forum, Goyal stated that the agreement holds promising potential for sectors like textiles, automotive, precious metals, renewable energy, auto parts, and footwear. Discussions for the Comprehensive Economic Partnership Agreement initiated in November 2023 and reached a successful conclusion earlier this year.

This agreement is significant for enhancing bilateral trade, which reached $10.61 billion in the financial year 2024-25. India imported around $6.5 billion worth of goods from Oman, primarily mineral fuels and fertilizers, while its exports neared $4 billion. Both countries also see future advantages in energy transitions, infrastructure growth, food security, and startups.

During his stay, Prime Minister Modi will engage in business events, connect with the Indian community in Oman, and hold discussions with Sultan Haitham bin Tariq. Oman remains one of India's crucial defense partners in the area, with ongoing dialogues regarding defense collaboration, including aircraft maintenance support. India also enjoys strategic access to Duqm port in Oman for military logistics.

India and Oman are commemorating 70 years of diplomatic relations, highlighting profound historical and cultural connections. With over 650,000 Indians residing in Oman, many families have made it their home for generations. This marks Modi's second visit to Oman since his previous trip in 2018, underscoring India's commitment to strengthen ties throughout West Asia.

#Global News #Political News #World News #Oman News