Muscat – His Majesty Sultan Haitham bin Tarik and Indian Prime Minister Narendra Modi welcomed the signing of the Comprehensive Economic Partnership Agreement (CEPA) on Thursday, describing it as a milestone that will expand trade, investment and cooperation across key sectors.
The agreement was announced in a joint statement issued during Modi’s official visit to Oman from December 17 to 18, marking 70 years of diplomatic relations between the two countries. The visit followed His Majesty the Sultan’s state visit to India in December 2023.
During talks at Al Barakah Palace, the two leaders reviewed bilateral cooperation and expressed satisfaction with ties spanning trade, investment, defence, security, technology, education, energy, agriculture and people-to-people relations. They reaffirmed the Joint Vision adopted in 2023 as the framework guiding future cooperation.
Both sides described their relationship as a mature, multi-faceted strategic partnership. India welcomed Oman’s progress in economic diversification under Vision 2040, while Oman noted India’s sustained growth and its goal of becoming a developed nation by 2047.
Trade and commerce were identified as a core pillar of the partnership. The leaders highlighted scope to expand trade in areas including textiles, vehicles, chemicals, equipment and fertilisers. They said CEPA would reduce barriers, create a predictable framework and encourage the private sector to increase cross-border investment.
The two sides also agreed to explore opportunities in infrastructure, manufacturing, logistics, technology, food security and hospitality. They noted the success of the Oman-India Joint Investment Fund and discussed ways to expand its role, including exploring trade settlement in local currencies. Progress on a bilateral investment treaty was welcomed as a step towards a more investor-friendly environment.
Energy cooperation featured prominently in the talks. Both sides agreed to deepen collaboration in oil and gas exploration and production, as well as in renewable energy, with a focus on green hydrogen and green ammonia. They cited strong alignment in sustainability goals and encouraged joint investments and technology transfer.
In defence and security, the leaders reaffirmed cooperation through joint exercises, training and high-level exchanges. They agreed to strengthen maritime security by enhancing information-sharing and maritime domain awareness. A Joint Vision Document on Maritime Cooperation was adopted, covering regional security, the blue economy and sustainable use of ocean resources.
The two countries also agreed to expand cooperation in health, agriculture, education and technology. This includes plans for collaboration in traditional medicine, agricultural sciences, aquaculture and millet cultivation, as well as closer ties in higher education, research and digital infrastructure.
Cultural and people-to-people ties were highlighted as a foundation of the relations. India thanked Oman for its support to the Indian community of about 675,000 residents, while Oman acknowledged their contribution to national development. Several initiatives were noted, including joint exhibitions, museum cooperation and academic exchange programmes.
On regional and international issues, the leaders condemned terrorism in all forms and stressed continued cooperation. They expressed concern over the humanitarian situation in Gaza, called for the delivery of aid and reaffirmed support for a just and lasting solution, including establishment of an independent Palestinian state.
Besides CEPA, several agreements were signed during the visit covering maritime heritage, agriculture, higher education and business cooperation.
Modi thanked His Majesty the Sultan for the hospitality and extended an invitation to visit India at a mutually convenient time.
