India and Oman Sign Comprehensive Economic Partnership Agreement

India and Oman signed a Comprehensive Economic Partnership Agreement on Thursday in Muscat, marking a significant expansion of bilateral trade ties during Indian Prime Minister Narendra Modi's official visit to the Sultanate. The pact, formalized by Indian Commerce and Industry Minister Piyush Goyal and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef in the presence of Modi and Sultan Haitham bin Tarik, offers broad tariff reductions and enhanced market access for goods, services and professionals from both nations.

The agreement provides Oman with zero-duty access on 98.08 percent of its tariff lines, encompassing 99.38 percent of India's exports by value, with immediate elimination on 97.96 percent of those lines. This is expected to benefit Indian labor-intensive sectors such as textiles, leather, footwear, gems and jewelry, engineering products, plastics, furniture, agricultural goods, pharmaceuticals, medical devices and automobiles. Indian officials anticipate job creation and support for artisans, women-led enterprises and micro, small and medium enterprises in these areas.

In return, India has committed to tariff liberalization...