India Inc lauds the new India-Oman CEPA as a strategic step to deepen economic ties with the Gulf. Industry leaders believe the pact will enhance market access for Indian exporters and unlock new opportunities for trade and investment.
Industry Voices on the Pact
Chandrajit Banerjee, Director General, CII, said, "We welcome the announcement of the India-Oman Comprehensive Economic Partnership Agreement (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 gives new momentum and direction to high-quality, mutually beneficial partnerships that support export growth, investment-led development, and trusted economic cooperation.""For 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. I congratulate the Government of India for this strategic initiative and am confident that the agreement will catalyse bilateral trade and investment in wide ranging sectors including emerging areas such as green energy and agri-innovation startups, contributing to competitiveness, job creation, and long-term economic collaboration", he added.Anish Shah, Group CEO & MD, Mahindra Group said, "The signing of the India-Oman Comprehensive Economic Partnership Agreement marks a significant milestone in India's engagement with the Gulf. Oman is already one of India's most valued partners and our third-largest export destination in the GCC, with bilateral trade of USD 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," he added.Expert Analysis on Trade Impact
In a report, the Global Trade Research Initiative (GTRI) said India-Oman CEPA is expected to significantly boost India's industrial exports, as import duties in Oman currently range from zero to as high as 100 per cent on select products.The report noted that at present, over 80 per cent of Indian goods enter Oman at an average tariff of around 5 per cent. However, duties vary widely across products, with very high tariffs imposed on items such as certain meats, alcohol and tobacco.GTRI said that the elimination or reduction of these tariffs under the CEPA is likely to improve the competitiveness of Indian industrial exports in the Omani market."Tariff elimination under the CEPA is expected to improve competitiveness for Indian industrial exports, though sustained growth will depend on quality upgrades and product differentiation in Oman's relatively small market," the report said. (ANI)(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)Add Asianet Newsable as a Preferred Source
