NEW DELHI: India on Monday marked a major advancement in its global trade strategy as a landmark trade agreement with Oman came into force while negotiations for a bilateral trade agreement (BTA) with the United States entered their final stage.
The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman officially took effect, making India only the second country after the United States to secure such a pact with the Gulf nation. The agreement is expected to significantly deepen bilateral economic ties, with 99.38 per cent of Indian exports receiving duty-free access to the Omani market.
Commerce and Industry Minister Piyush Goyal described the agreement as a defining milestone in India's engagement with Oman and said it aligns with Prime Minister Narendra Modi's vision of creating trade partnerships that benefit farmers, fishermen, women, youth, entrepreneurs and MSMEs. He noted that the pact would strengthen India's integration into regional and global value chains, boost exports, encourage investment and generate employment, particularly in labour-intensive sectors. Goyal also highlighted Oman's strategic importance as a gateway to the Gulf region and East Africa.
At the same time, India and the United States are preparing to conclude the first phase of their Bilateral Trade Agreement. Goyal said around 99 per cent of the negotiations have been completed, with only a few issues left to be resolved. Discussions between the two sides are scheduled from June 2 to June 4, after which the initial agreement is expected to be announced.
The proposed BTA covers key areas including market access, customs and trade facilitation, non-tariff barriers, investment promotion and economic security cooperation. Following the signing of the first phase, both countries will continue negotiations on the next stage of the agreement.
The developments underscore India's efforts to expand its trade footprint through strategic partnerships with key global economies, strengthening its position in international supply chains while opening new opportunities for exporters, businesses and investors. (IANS)
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