CEPA Agreement Fuels India-Oman Economic Growth, Marking a New Era of Bilateral Relations
Muscat, Oman: In a landmark event held at the Al Barakah Palace, His Majesty Sultan Haitham bin Tarik and Shri Narendra Modi, the Prime Minister of the Republic of India, presided over the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the Sultanate of Oman and the Republic of India. This momentous occasion coincides with the 70th anniversary of the establishment of diplomatic relations between the two nations, further underscoring the enduring bond and strategic partnership. 
The Prime Minister’s visit follows the State Visit of His Majesty Sultan Haitham bin Tarik to India in December 2023, solidifying the commitment to deepen cooperation across various sectors. During consultations, both leaders expressed satisfaction with the current state of bilateral relations, which encompass trade, investment, defense, security, technology, education, energy, space, agriculture, culture, and people-to-people ties. They also reviewed ongoing initiatives and collaborations outlined in the Joint Vision Document adopted during His Majesty the Sultan of Oman’s visit to India in December 2023.
Both Oman and India acknowledged the strength of their relationship, emphasizing its transformation into a multifaceted strategic partnership that has withstood the test of time. The Indian delegation lauded Oman’s economic diversification and sustainable development efforts under Vision 2040, while the Omani side commended India’s consistent economic growth and its ambition to become a developed nation (Viksit Bharat) by 2047. Recognizing the synergy between their respective visions, both countries pledged to collaborate in areas of mutual interest.
The CEPA agreement was officially signed by H.E. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, representing the Government of the Sultanate of Oman, and H.E. Shri. Piyush Goyal, Minister of Commerce and Industry, representing the Government of India.
The signing ceremony was witnessed by a distinguished gathering of dignitaries, including H.E. Qais Al Yousef, H.E. Pankaj Khimji (Advisor for Foreign Trade & International Cooperation in MOCIIP), H.E. Sheikh Faisal Al Rawas (Chairman, Oman Chamber of Commerce and Industry), H.E. Azzan Al Busaidi (Undersecretary, Tourism, Ministry of Heritage & Tourism), H.E. Jaishanker (Minister of External Affairs, Republic of India), H.E. Ajith Doval (National Security Advisor), H.E. Godavarthy Srinivas (Ambassador of the Republic of India to the Sultanate of Oman), and prominent figures from the Indian and Omani business communities.
A high-level business summit and roundtable discussions accompanied the signing, marking a historic milestone in bilateral economic and investment relations. The discussions centered on leveraging the agreement to foster stronger people-to-people connections in areas such as tradition, tourism, trade, and technology, aligning with the vision of both leaders to build a robust bond between the two nations for future generations.
During the summit, presentations were delivered by Ms. Bushra Al Wahaibi (Invest Oman), Mr. Tilak Pati (Invest India), Dr. Yousuf Hamed Al Balushi, Eng. Nasser Al Kindi, Mr. Vinketesh (Vice Chairman of Jindal Steel), Mr. R Mukundan (Managing Director & CEO, Tata Chemicals Limited), Mr. Vivek Jain (Chairman of INOXGFL Group), Mr. Chandrajit Banerjee (DG of Confederation of Indian Industry), Rashid Al Hashmi (Senior Manager, Future Fund Oman), Dr. Suchitra Ella (Co- Founder & Managing Director, Bharat Biotech International Ltd), Mr Nirmal Minda (Chairman, UNO Minda Group), and Dr. Anish Shah (Managing Director & CEO, Mahindra Group). These presentations explored various business opportunities and strategies for strengthening economic ties. Key highlights included B2B and B2G roundtables that identified potential collaborations in trade and investments, strategies to increase bilateral trade (including streamlining logistics, addressing regulatory hurdles, and enhancing private-sector alliances), and joint inve
Panel sessions focused on increasing bilateral trade through streamlined logistics, regulatory improvements, and stronger private-sector partnerships. Emphasis was also placed on technology and knowledge transfer initiatives to support sustainable economic growth.
H.E. Qais Mohammed Al Yousef, Minister of Commerce, Oman, reaffirmed his unwavering support for CEPA, expressing his anticipation for increased Indian business investments and engagements with Oman. H.E. Shaikh Faisal Al Rawas, Chairman of the Oman Chamber, echoed this sentiment, emphasizing the role of CEPA in fueling economic growth. H.E. Azzan Al Busaidi, Undersecretary of the Ministry of Tourism, highlighted the potential for increased tourism and hospitality business engagements, fostering stronger people-to-people connections.
H.E. Pankaj Khimji was recognized for his pivotal role in strengthening Oman and India’s economic diplomacy, advancing international partnerships, and supporting national initiatives. His contributions to building bridges between the Omani and Indian markets were widely acknowledged.
Mr. Sunil D’Souza, CEO, predicted that CEPA would be a game-changer in Oman-India business relations, with the tourism sector poised for significant growth. Mr. Chaithanya Khimji emphasized the potential for CEPA to create a new global business gateway, boosting the industrial sector and driving in-country value generation and job creation in line with Oman Vision 2040.
CA Ramananda Prabhu, Director, Middle East Chartered Accountants and Past Chairman-Oman Chapter of ICAI, conveyed his congratulations on the signing of CEPA, highlighting its potential to transform trade, investment, and innovation.
Several agreements and MOUs were signed during the visit, including those related to Maritime Heritage and Museums, Agriculture and Allied Sectors, Higher Education, and cooperation between the Oman Chamber of Commerce & Industry and the Confederation of Indian Industry. A Joint Vision Document on Maritime Cooperation and an Executive Programme for cooperation in millet cultivation and agri-food innovation were also adopted.
The Indian Prime Minister expressed his gratitude to His Majesty Sultan Haitham Bin Tarik for the warm welcome and hospitality extended to him and his delegation, and extended an invitation for His Majesty the Sultan to visit India.
