India Signs Landmark CEPA to Boost Trade & Investment
Muscat (Oman): Prime Minister Narendra Modi on Thursday underscored India’s robust economic performance, saying the country continues to be the fastest-growing major economy at a time when several leading global economies are facing headwinds.
Addressing the Indian diaspora in Muscat during the Maitri Parv programme, PM Modi highlighted India’s impressive economic growth, which has remained above 8% despite global challenges, affirming the country’s status as the fastest-growing major economy. He noted that while other major economies struggle, India showcases resilience and capability, with a GDP growth of 8.2% in the quarter ending September, up from 7.8% previously. This growth occurred despite external pressures, such as increased tariffs on Indian exports by the United States. The Prime Minister emphasized India’s expanding global influence, particularly in innovation and talent, and pointed out that India has become the second-largest mobile phone manufacturer worldwide. He also underscored the strategic importance of India’s relationship with Oman, which is India’s third-largest export destination in the Gulf Cooperation Council, with bilateral trade projected to reach USD 10.5 billion by 2024-25.
During his visit to Oman, PM Modi and Sultan Haitham bin Tarik signed a landmark Comprehensive Economic Partnership Agreement (CEPA), aimed at enhancing economic and strategic cooperation. This agreement will provide duty-free access to 98% of Indian exports to Oman and reduce tariffs on Omani products entering India. The CEPA is expected to take effect in the first quarter of the next calendar year and is seen as a significant step in strengthening India-Oman relations. PM Modi’s visit to Oman was part of a broader three-nation tour that included Jordan and Ethiopia, reflecting India’s diplomatic engagement in West Asia and Africa. In Ethiopia, he elevated bilateral ties to a Strategic Partnership and received the country’s highest honor. In Jordan, he signed multiple memoranda of understanding to boost cooperation in various sectors. The Prime Minister concluded his visit by expressing gratitude to Oman for its hospitality and recognizing the Indian community in Oman as a vital link in the longstanding ties between the two nations. He reiterated India’s commitment to swift decision-making and ambitious goals, positioning the country for transformational growth in the 21st century.
