New Delhi, Dec 18 (IANS) The India-Oman Comprehensive Economic Partnership Agreement (CEPA) will catalyse bilateral trade and investment in several sectors, including green energy and agri-innovation startups, industry leaders said on Thursday.

Chandrajit Banerjee, Director General, CII, welcomed the India–Oman CEPA as an important step in strengthening India’s economic engagement with a key partner in the Gulf.

The agreement reflects India’s proactive trade strategy and boosts high-quality, mutually beneficial partnerships that support export growth, investment-led development, and trusted economic cooperation, Banerjee added.

For the Indian industry, the CEPA with Oman enhances market access and trade facilitation while creating an enabling framework for services, investment, technology collaboration, and mobility of professionals.

The resultant boost to emerging areas such as green energy and agri-innovation startups will contribute to competitiveness, job creation, and long-term economic collaboration, he said.

Anish Shah, Group CEO and MD, Mahindra Group, noted that Oman is already India’s third-largest export destination in the GCC, with bilateral trade of $10.6 billion in 2024-25.

The CEPA will deepen this partnership by enabling near-complete duty-free access for Indian goods and catalysing greater trade and investment across sectors such as energy, minerals, technology, tourism and agriculture.

Tech Mahindra’s technology development centre in Muscat is already supporting key industries through AI, cloud and 5G, with over 300 associates, Shah said, adding that CEPA will help expand the collaboration in digital transformation, clean energy, supply chains and mobility.

Prime Minister Narendra Modi on Thursday described the CEPA as a “blueprint of our shared future,” while Indian investments in Oman have more than tripled since 2020 to $5 billion, spanning sectors including green steel, green ammonia, aluminium manufacturing and logistics.

India has signed many FTAs in recent years, which are reaping rewards for the farmers, traders and exporters in the country. The CETA with the UK this year will reduce tariffs on more than 90 per cent of traded goods and significantly expand bilateral trade.

–IANS

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