Muscat

Commerce and Industry Minister Piyush Goyal on Thursday said India and Oman are on the cusp of a “watershed moment” in their millennia-old relationship with the signing of the Comprehensive Economic Partnership Agreement (CEPA), calling it the culmination of a shared vision for mutually beneficial growth.

Addressing the Oman-India Business Summit here, Goyal said the pact marks the end of a long journey of cooperation and will improve market access, promote investments and enhance collaboration across key sectors.

The India-Oman CEPA is significant as it is Oman’s second free trade agreement with an individual country and its first such pact in nearly two decades, reflecting India’s growing importance as a strategic trade and investment partner.

The agreement is expected to aid trade diversification and strengthen supply chain resilience amid global economic realignments.

Goyal said the pact adds to India’s expanding network of free trade agreements aimed at supporting domestic growth and improving global market access. In recent years, India has signed several FTAs, including the Comprehensive Economic and Trade Agreement (CETA) with the UK in 2025, the trade pact with the European Free Trade Association (EFTA) in 2024, the Economic Cooperation and Trade Agreement with Australia in 2022, and a CEPA with the UAE the same year. India also entered its first Africa-focused trade agreement with Mauritius in 2021.

READ MORE: Cricket taught me to value human talent over caste and religion

India and Oman share strong economic ties, with bilateral trade rising from USD 8.947 billion in FY24 to USD 10.613 billion in FY25. There are over 6,000 India-Oman joint ventures operating in Oman. Cumulative outward direct investment from India to Oman stands at USD 675 million, while FDI equity inflows from Oman to India between April 2000 and March 2025 total USD 610.08 million.