The Union Cabinet of India approved a Free Trade Agreement (FTA) with Oman, aimed at enhancing trade and investment before Prime Minister Modi’s upcoming visit to Jordan, Ethiopia, and Oman from December 15-18.
This visit marks the 70th anniversary of diplomatic relations between the two nations, which feature strong economic ties, energy cooperation, and cultural links.
Bilateral trade reached approximately $8.947 billion in FY 2023-2024, projected to increase to $10.613 billion in FY 2024-2025. Oman hosts over 6,000 joint ventures from India, contributing $7.5 billion to its economy, while cumulative FDI from Oman to India is $605.57 million.
The FTA negotiations, known as the Comprehensive Economic Partnership Agreement, began in November 2023.
Source – sarkaritel.com
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