Union Minister of Commerce and Industry Piyush Goyal said that Oman seeks to collaborate with India in the food security and space sector. He was speaking at a press conference here in New Delhi on Friday. 

Highlighting the importance of the Comprehensive Economic Partnership Agreement (CEPA) with Oman, Goyal said that India is the only second country after the US with which the Gulf nation has signed a free trade agreement.  

"Oman is a member of the GCC and had earlier signed a Free Trade Agreement with the United States in 2006. After nearly 20 years, Oman has chosen India as only the second country for such an agreement," Goyal said.

Reorientation of trade policies

Notably, this ambitious trade agreement with Oman also indicates India’s departure from decades old trade policies. Unlike the past approach, now India wants to make deals with nations who are developed to ensure that the Indian companies face minimal competition. 

"India's trade strategy has undergone a complete transformation. We are now focusing on countries where we complement rather than compete. This approach opens up vast opportunities for our youth, industries, manufacturing sector and services,” the Minister explained. 

Oman’s marble to shine in India

One of the major outcomes of the CEPA is Oman’s decision to allow exports of raw marble blocks to India for the first time. Union Minister Piyush Goyal said this will help India process marble locally, add value, create jobs, cut imports of finished marble from countries such as Turkey, and offer better quality at competitive prices.

He also pointed to new opportunities in labour-intensive sectors. Around 7 lakh Indians live in Oman and send home nearly Rs 18,000 crore every year as remittances.

Goyal said the CEPA creates huge opportunities, as Oman is keen to work with India in areas such as space, food security, pharmaceuticals and manufacturing. Indian pharma companies will get faster approvals and automatic clearances for recognised plants and products.

The agreement also improves mobility, with higher quotas for inter-company transfers and longer stay periods. He added that Indian investments in Oman can act as a gateway to markets in the GCC, Africa and parts of Central Europe, while also allowing job creation for Indian workers within approved limits.