India-Oman CEPA Negotiations Concluded
Why in the news
India and Oman finished negotiating a Comprehensive Economic Partnership Agreement (CEPA). The deal covers trade in goods and services along with wider economic cooperation.
Key facts
- CEPA scope: goods, services, trade facilitation, competition policy and intellectual property rights.
- Difference from FTA: broader, since it also deals with regulatory issues for predictable trade.
- Diplomatic ties: established in 1955; upgraded to strategic partnership in 2008.
- Trade: USD 10.61 billion in FY 2024-25.
| India’s trade with Oman | Main items |
|---|---|
| Exports | Light oils, rice, machinery, metals |
| Imports | Crude oil, LNG, fertilisers, chemicals |
About Oman
Oman is a Gulf Cooperation Council (GCC) member and also belongs to the Arab League and the Indian Ocean Rim Association (IORA). It borders the UAE, Saudi Arabia and Yemen. It is India’s third-largest export destination among GCC countries, after the UAE and Saudi Arabia.
Exam angle
- Know that CEPA goes beyond a plain FTA.
- Note the years 1955 and 2008 for ties.
- Oman is a member of GCC and IORA.