India and Oman Forge Historic Trade Pact: What CEPA Reveals About Future Ties

India and Oman also adopted a Joint Vision Document on Maritime Cooperation and signed an executive programme for cooperation in millet cultivation and agri-food innovation. Besides, an MoU between the Oman Chamber of Commerce & Industry and Confederation of Indian Industry was also signed during the occasion.

Sultan Haitham bin Tarik and Prime Minister Modi held consultations and expressed satisfaction at the excellent state of bilateral relations, spanning trade, investment, defence, security, technology, education, energy, space, agriculture, culture and people-to-people ties, the statement said.

They also reviewed the ongoing initiatives and cooperation in the areas identified in the Joint Vision Document, adopted during the visit of the Sultan to India in December 2023.

The two sides noted that trade and commerce have been a key pillar of bilateral cooperation between the two countries and emphasised the potential for further growth and diversification in bilateral trade. Both sides acknowledged the immense potential to promote trade in areas, including textiles, automobiles, chemicals, equipment, and fertilisers.

The two countries welcomed the signing of the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is an important milestone in the bilateral economic relationship. Both leaders acknowledged that CEPA shall be mutually beneficial to both countries, and they encouraged the private sector of both countries to benefit from this agreement.

Recognising that India is one of the fastest-growing emerging economies and acknowledging Oman's progress in economic diversification, both sides expressed interest in exploring investment opportunities in priority sectors of mutual interests including infrastructure, technology, manufacturing, food security, logistics, hospitality and others.

The two leaders took note of discussions on exploring mechanisms to facilitate bilateral trade in local currencies. They also welcomed ongoing progress on the Bilateral Investment Treaty, recognising its potential to support economic cooperation and a robust, investor-friendly environment.

Both sides discussed ways to enhance their bilateral partnership in the energy sector. While expressing satisfaction at the bilateral energy trade, they agreed that there is vast potential to further enhance it.

During the visit, they also adopted a Joint Vision Document on Maritime Cooperation, reflecting their shared commitment to regional maritime security, the blue economy, and the sustainable use of ocean resources.

Both sides also acknowledged health cooperation as one of the important pillars of their partnership and expressed interest to further strengthening collaboration in this field.

They took note of ongoing discussions and initiatives, including the proposal to establish an Ayush chair at the National University of Science and Technology and an information cell in Oman to facilitate cooperation in the field of traditional medicine.

They also reaffirmed their commitment to agricultural cooperation and welcomed the signing of the MoU in the area of agriculture and allied sectors to advance collaboration in agricultural science, animal husbandry, and aquaculture. Both sides further agreed to enhance cooperation in millet cultivation through training and scientific exchanges.

Noting their growing cooperation in technology, including IT services, digital infrastructure, and space applications, the two sides also noted with satisfaction the deepening of cultural cooperation and strong people-to-people ties. They welcomed the joint exhibition "Legacy of Indo-Oman Relations" and took note of ongoing discussions on culture digitisation initiatives.

Both sides welcomed the MoU on Maritime Heritage and Museums, enabling collaboration between museums, including through joint exhibitions and research.

Both sides acknowledged ongoing cooperation in education and scientific exchange, including the forthcoming India-Oman Knowledge Dialogue. The MoU on Higher Education would be a key enabler in facilitating the exchange of faculty and students, institutional collaboration and promoting joint research.

The Omani side also expressed interest in discussing air service traffic rights, including a number of destinations and code-sharing provisions. The Indian side took note of the request, the statement said.

- IANS