|
Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, have been concluded.
"India-Oman CEPA negotiations have been concluded," Minister of State for Commerce and Industry Jitin Prasada informed Rajya Sabha in a written reply this week while responding to a question from Congress member Hebi Mather Hisham relating to India's trade deals. India and Oman share a longstanding history of friendship and cooperation, built on the foundation of mutual trust and respect, and strong people-to-people ties going back centuries. The two countries are strategic partners, and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955, which was upgraded to a strategic partnership in 2008. The minister, in his reply, however, didn't mention any date or timeline on the expected signing ceremony for the India-Oman Comprehensive Economic Partnership Agreement. Further, the Minister apprised the Upper House that India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals. Congress member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their implementation. The agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into force. The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes. Meanwhile, India is in talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States. (ANI)
|
