Blitz Bureau
NEW DELHI: As Prime Minister Narendra Modi embarked on a three-nation visit to Jordan, Ethiopia and Oman on December 15, bolstering economic and trade ties is among the key agenda items of his visit. His visit is expected to open far-reaching opportunities to enhance the country’s economic footprint across West Asia and Africa. Last week, the Union Cabinet approved the proposed Free Trade Agreement (FTA) between India and Oman, aimed at deepening trade and investment relations between the two countries.
The approval also came after Oman’s Shura Council approved the Gulf nation’s proposed FTA with India. The talks for the trade agreement, officially termed the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. India and Oman share a long-standing and multidimensional Strategic Partnership supported by strong trade ties, energy cooperation and cultural linkages. The economic and commercial relations between India and Oman are robust and buoyant.
The bilateral trade between the two nations reached $8.947 billion during FY 2023-2024, and for FY 2024-25, it stood at $10.613 billion, according to an official statement. Bilateral investment flows have also been strong, as reflected in numerous joint ventures established both in India and Oman.
Moreover, there are over 6,000 India-Oman joint ventures present in Oman, estimated to be adding $7.5 billion to Oman’s economy in the form of total capital investment over a long period. PM Modi will hold high-level talks with the Sultan of Oman in Muscat and discuss strengthening the Strategic Partnership as well as the strong commercial and economic relationship between the two nations. Notably, India is Jordan’s third-largest partner, with bilateral trade at around $2.8 billion. Jordan is a key supplier of fertilisers to India, particularly phosphates and potash.
