India-Oman CEPA to boost trade, deepen economic partnership: PM Modi

Prime Minister Narendra Modi on Thursday said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will provide new confidence and energy to bilateral relations between the two countries.

Addressing the India-Oman Business Summit here, the visiting Prime Minister said the summit would give a new direction to the India-Oman partnership.

“Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century,” Modi said.

The Prime Minister said India has always followed a progressive and self-driven approach. He added that whenever India grows, it also contributes to the growth of its partner countries.

Modi said India is moving steadily towards becoming the world’s third-largest economy and noted that this growth is beneficial for the global economy.

“This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our people know each other well. We have generations of trust in our business relations, and we understand each other’s markets very well,” he said.

The Prime Minister invited Omani companies to become partners in India’s growth journey. He said India’s economy is growing at a high rate as the country has not only introduced policy changes over the past 11 years but has also transformed its economic structure.

Modi also highlighted key economic reforms undertaken in recent years, including the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC).

The Prime Minister arrived here on Wednesday on a two-day visit.

India-Oman bilateral trade stood at about USD 10.5 billion in 2024-25, with exports amounting to USD 4 billion and imports at USD 6.54 billion.