India-Oman free trade pact to give new energy to bilateral relations: PM Modi

Muscat: Prime Minister Narendra Modi on Thursday said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will give new confidence and energy to the bilateral relations.

Speaking at the India-Oman Business Summit here, the visiting Prime Minister said the summit will give a new direction to the India-Oman partnership.

"Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century," the prime minister said.

He said India’s nature has always been progressive and self-driven.

Whenever India grows, it helps its friends grow as well, Modi said and added India is progressing towards becoming the world’s third-largest economy.

"This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our people know each other well. We have generations of trust in our business relations, and we understand each other’s markets very well," he said.

Modi invited companies from Oman to become partner in the growth story. He said India's economy is growing at a high rate because over the past 11 years, India has not just changed policies, but has also changed its economic DNA.

He informed the gathering about the reforms, including GST and IBC, India has implemented in the recent years.

Modi arrived here on Wednesday on a two-day visit.

India-Oman bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports USD 6.54 billion) in 2024-25.