India-Oman CEPA Deal: How Historic Ties Are Forging a New Economic Future

Welcoming the Indian delegation, the minister said, "I would like to extend a warm welcome to the Indian delegation... We feel proud to have you here." He noted that the participation of Indian representatives reflects the strong and growing engagement between the two countries.

Highlighting the depth of bilateral ties, Al Yousef stated, "Oman and India have shared historic trade relations and cooperation." He added that this partnership is not limited to economic exchanges, saying, "This relation is rich in the aspect of our deep heritage and future."

External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and National Security Advisor Ajit Doval attended the forum.

PM Modi also addressed the India-Oman Business Forum, highlighting the several reforms which India has initiated in the last 11 years that have made it one of the most competitive markets in the world.

Highlighting the importance of CEPA, he emphasised that it would provide new confidence in the partnership.

PM Modi expressed confidence in the Summit, saying it would give the India-Oman partnership new direction and momentum and help it soar to greater heights.

"Over the past 11 years, India has not just changed policies, India has changed its economic DNA."

He highlighted several initiatives, such as the Insolvency and Bankruptcy Code and GST, which have made significant strides in the country's development.

"GST transformed the whole of India into one integrated, unified market. The Insolvency and Bankruptcy Code brought financial discipline... it promoted transparency... and this strengthened investor confidence," he said.

PM Modi reached Muscat, Oman, on Wednesday, on a two-day visit in the last leg of his three-nation tour. He arrived in Oman after completing his successful visits to Jordan and Ethiopia.

Marking the importance of the visit, the Prime Minister was welcomed at Muscat airport by Oman's Deputy Prime Minister for Defence Affairs, Sayyid Shihab bin Tariq Al Said, and was accorded a guard of honour, reflecting the significance attached to the visit by the Omani side.

PM Modi lauded the enthusiasm of Indians in Oman, saying it reflected the people-to-people ties between both nations.

The two-day visit is taking place at the invitation of Sultan Haitham bin Tarik and is expected to focus on strengthening the Strategic Partnership. During the visit, the Prime Minister is slated to engage with the Omani leadership, with particular emphasis on enhancing cooperation in commercial and economic domains.

Within this framework, the talks are also expected to push forward discussions on an ambitious trade pact.Emphasising the significance of the visit, Oman's Ambassador to India, Sheikh Humaid Bin Ali Bin Sultan Al-Mani, told ANI that Prime Minister Modi's trip to Muscat would be a "very important" milestone in bilateral relations, particularly as both countries mark 70 years of diplomatic ties this year.

Describing the timing as "very interesting," the envoy noted that the visit comes two years after Sultan Haitham bin Tariq's visit to India in December 2023 and carries significance "from different aspects."

- ANI