Goyal’s visit to advance India-Oman trade talks

India and Oman trade ties are poised to make significant strides as commerce and industry minister Piyush Goyal starts on a two-day visit to the Gulf nation starting today.

The visit is expected to provide a major push to negotiations for a Comprehensive Economic Partnership Agreement (CEPA), which is currently in an advanced stage.

In a statement issued on Sunday, the commerce and industry ministry said the talks are designed to be "commercially significant, balanced, equitable, ambitious, and mutually beneficial," and will gain further momentum during Goyal’s visit.

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During his trip, Goyal will meet with his Omani counterpart, Qais bin Mohammed bin Moosa al-Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion. 

The discussions will cover a wide array of topics, including trade, investment, and the global economic landscape.

Bilateral goods trade reached an estimated $8.94 billion in 2023-2024, down from $12.39 billion the previous year. 

The conclusion of the CEPA is likely help reverse the recent decline in bilateral trade and create new avenues for economic growth.

India is a major trade partner for Oman, with key imports including petroleum products, urea, and chemicals, alongside polymers and iron and steel.

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Goyal will also lead a business delegation to a Joint Business Council meeting organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Oman Chamber of Commerce and Industry.

This forum aims to foster new opportunities for commercial cooperation between industry leaders and stakeholders from both countries.

In addition, Goyal is scheduled to meet with prominent Omani officials such as Sultan bin Salim Al Habsi, Oman’s Minister of Finance and Chairperson of the Ministerial Committee for CEPA, and Sheikh Dr. Ali bin Masoud Al Sunaidy, President of the Public Authority for Special Economic Zones & Free Zones (OPAZ).

Oman remains a key partner for India in the Gulf Cooperation Council (GCC), where it is the third-largest export destination. 

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While India already has a free trade agreement (FTA) with the UAE, it is still working towards a similar accord with Oman, which would reduce tariffs on key goods, making trade more accessible and beneficial for both sides.