New Delhi [India], April 13 (ANI): Union Minister of Commerce and Industry, Piyush Goyal on Monday held discussions with Oman's Commerce Minister to explore opportunities under the India-Oman Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting bilateral trade and investment ties.

In a social media post, Goyal said he held a telephonic conversation with Oman's Minister of Commerce, Industry and Investment Promotion, where both sides discussed ways to unlock opportunities under the CEPA framework for mutual growth.

'Held a telecall with H.E. Anwar bin Hilal bin Hamdoun Al Jabri, Oman's Minister of Commerce, Industry and Investment Promotion. Discussed unlocking opportunities under the India-Oman CEPA to boost bilateral trade & investment ties for the mutual growth of both nations,' Goyal said.

India and Oman had signed the Comprehensive Economic Partnership Agreement (CEPA) in December last year, providing a comprehensive framework covering trade in goods and services, investment, professional mobility, and regulatory cooperation.

According to the Ministry of Commerce and Industry, bilateral trade between India and Oman stood at USD 10.61 billion in FY 2024-25, reflecting the expanding scale of economic engagement between the two countries.

Under the agreement, Oman has offered zero-duty access on 98.08 per cent of its tariff lines, covering 99.38 per cent of India's exports to Oman. Immediate tariff elimination is being provided on 97.96 per cent of tariff lines, benefiting key labour-intensive sectors.

These sectors include gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering goods, pharmaceuticals, medical devices, and automobiles, all of which will receive full tariff elimination.

On its part, India is offering tariff liberalisation on 77.79 per cent of its total tariff lines, covering 94.81 per cent of imports from Oman by value. For products sensitive to India, tariff-rate quota-based liberalisation has been proposed.

Certain sensitive sectors have been kept in the exclusion category by India, including agricultural products such as dairy, tea, coffee, rubber, and tobacco, along with gold and silver bullion, jewellery, footwear, sports goods, and scrap of several base metals.

The economic relationship between the two countries is further strengthened by strong people-to-people ties. Nearly 7 lakh Indian nationals reside in Oman, with Indian businesses having a long-standing presence of over 200-300 years.

More than 6,000 Indian establishments operate across various sectors in Oman, while annual remittances of around USD 2 billion highlight the depth of economic engagement.

With bilateral trade already exceeding USD 10 billion, both countries are expected to further expand trade and investment ties under the CEPA framework in the coming years. (ANI)