Prime Minister Narendra Modi has arrived in Muscat for the concluding leg of his three-nation tour, where India is poised to finalize a free trade agreement with Oman. This pivotal deal is anticipated to bolster collaboration in vital sectors such as trade, investment, energy, defence, technology, agriculture, culture, and community exchanges. Several significant announcements are anticipated throughout the visit.
On behalf of India, Commerce and Industry Minister Piyush Goyal will sign the agreement alongside Prime Minister Modi. This agreement caps off nearly a year of extensive trade negotiations between the two nations. India's strategy of enhancing trade relations in West Asia includes existing agreements, like the one with the UAE, while ongoing discussions continue with the Gulf Cooperation Council, which encompasses Oman and five additional Gulf states.
During the India-Oman Business Forum, Goyal emphasized the immense potential for growth in industries such as textiles, automobiles, gems and jewellery, renewable energy, auto components, and footwear. The Comprehensive Economic Partnership Agreement talks commenced in November 2023 and were successfully finalized earlier this year.
Expected to amplify bilateral trade, the agreement comes at a time when the trade volume reached $10.61 billion in the 2024–25 financial year. India’s imports from Oman reached approximately $6.5 billion, primarily in mineral fuels and fertilisers, while exports neared $4 billion. Both nations foresee cooperative prospects in areas like energy transition, infrastructure development, food security, and startup environments.
Throughout his visit, Modi is participating in business functions, engaging with the Indian community in Oman, and conducting formal discussions with Sultan Haitham bin Tariq. As a crucial defence ally in the region, Oman and India are advancing dialogues on defence cooperation, including support for aircraft maintenance. Additionally, India benefits from strategic access to Duqm port in Oman for military logistics.
Celebrating 70 years of diplomatic ties, India and Oman share deep-rooted historical and cultural connections. Oman is home to over 650,000 Indians, many of whom have settled there for generations. This marks Modi’s second official visit to Oman since 2018, underscoring India’s commitment to nurturing relations in West Asia.
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