India-Oman CEPA to boost bilateral ties, Modi says in Muscat
Speaking at a business summit in the Gulf nation, the PM invited Omani companies to join India's growth story, besides praising the Indian diaspora there
Prime Minister Narendra Modi, who is currently in Oman as part of a three-nation tour, remarked on Thursday (December 18) that the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will instil renewed confidence and vigour into their bilateral relations.
PM attends business summit
The leader, who was speaking at the India-Oman Business Summit in Muscat, said the event will also give a new direction to the partnership between the two Asian nations.
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“Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement, that is, CEPA, will give our partnership new confidence and new energy in the 21st century,” Modi said.
The PM also said India’s nature has always been progressive and self-driven.
Whenever India grows, it helps its friends grow as well, he said, adding that the South Asian nation is marching towards becoming the world’s third-largest economy.
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“This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our people know each other well. We have generations of trust in our business relations, and we understand each other’s markets very well,” Modi said.
PM invites Oman companies to India
The PM also invited companies from Oman to become partners in the growth story.
He said India's economy is growing at a high rate because over the past 11 years, India has not just changed policies, but has also changed its economic DNA.
The PM informed the gathering about the reforms, including GST (Goods and Services Tax) and IBC (Insolvency and Bankruptcy Code (Amendment) Bill), which India has implemented in recent years.
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He also praised the Indian diaspora, saying it plays a key role in bringing India and Oman closer.
Modi arrived in the Gulf nation on Wednesday on a two-day visit after concluding his visit of Jordan and Ethiopia.
India-Oman bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports USD 6.54 billion) in 2024-25.
(With Agency inputs)