India–Oman Free Trade Agreement Talks Conclude, Signing Expected Soon

National News: While there is still suspense about the trade deal between India and America, positive news has come out for India from the Middle East. Negotiations on the Free Trade Agreement between India and Oman have been completed, and the agreement can be signed soon. This agreement will give a new direction to trade and investment between the two countries.

Information shared in Parliament

Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha that this conversation between India and Oman started in 2023 and has now been successfully completed. However, he did not clarify what would be the exact date of signing this agreement.

Congress leader Hebi Mather Hisham had asked in Parliament with which countries India is in the process of a trade deal. In response to this question, Minister Jitin Prasad said that this deal between India and Oman is almost ready and it will be finalized soon.

India–Oman's old relations

India and Oman have shared warm and strategic ties for many years. The two countries established diplomatic relations in 1955, and since then, cooperation has been growing in the fields of trade, defense, energy, and culture. Oman is an important partner of India in the Gulf region, and the history of maritime trade between the two countries is also very old.

India's major trade deals in the last 5 years

Jitin Prasad also told the House that in the last five years, India has signed free trade agreements with many big countries. These agreements have played an important role in increasing India's exports and strengthening its reach in the global market.

The major trade deals of the last 5 years are as follows:

• 2021 – India and Mauritius signed the Comprehensive Economic Cooperation and Partnership Agreement (CECPA)
• 2022 – India–UAE Comprehensive Economic Partnership Agreement (CEPA)
• 2022—India and Australia signed the Economic Cooperation and Trade Agreement (ECTA) to boost bilateral trade & strengthen economic ties.
• 2024 – India–European Free Trade Association (EFTA)
• 2025 – India and the United Kingdom are working towards finalizing the Comprehensive Economic and Trade Agreement (CETA) to enhance trade and investment between the two nations.

Negotiations ongoing with other countries

India is currently negotiating trade deals with several other countries. These include the European Union, Sri Lanka, Peru, New Zealand, and the US. The minister expressed hope that the agreement with the European Union could come into force by the end of this year.

Importance of India–Oman deal

If this deal is signed between India and Oman, it will lead to a major increase in trade activities between the two countries. India will get more access to the Gulf countries' market, while Oman will be able to take advantage of Indian investment and technology. New opportunities may open up in the fields of energy, minerals, chemicals, pharma, and IT services.

Experts believe that this deal will be important not only from a trade point of view but also from a geopolitical point of view, as Oman's geographical location is strategically important in the sea routes of the Indian Ocean and the Arabian Sea.