International

PM Modi said – India-Oman Free Trade Agreement will bring new energy to bilateral relations.

By Samira Vishwas

muscat18 December. Prime Minister Narendra Modi said at the ‘India-Oman Business Summit’ held here on Thursday, the third and final leg of his three-day foreign visit, after the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, that it will provide new confidence and energy to bilateral relations and will also create opportunities for growth in both the countries.

Mentioned centuries old maritime trade relations from Mandvi to Muscat

In his address, PM Modi referred to the age-old maritime trade relations between the two countries from Mandvi to Muscat, which are the cornerstone of vibrant commercial exchanges in the present times. He said the 70-year-old diplomatic relations between the two countries represent trust and friendship built over centuries.

CEPA to India 98, Exports will get duty-free access to Oman

A Free Trade Agreement (FTA) was signed between India and Oman in the presence of PM Modi on the last day of his two-day Oman tour. Under this agreement, 98 percent of India’s exports including textiles, agricultural products and leather goods will get duty-free access to Oman. It is officially called the Comprehensive Economic Partnership Agreement (CEPA).

,to our partnership 21There will be new faith and new energy in the 20th century,

Describing CEPA as a blueprint for the shared future of India-Oman, the Prime Minister called upon business people to harness the full potential of this agreement. He said, ‘Today we are taking a historic decision, the echo of which will be heard for many decades to come. The Comprehensive Economic Partnership Agreement (CEPA) will provide new confidence and new energy to our partnership in the 21st century. This agreement will give new impetus to bilateral trade, generate new confidence in investment and open new doors of opportunities in every sector.

last 11 India also changed its economic form over the years

Referring to India’s economic success in the last 11 years, PM Modi said that on the basis of next generation reforms, policy stability, good governance and high investor confidence, the country is on the path to becoming the third largest economy in the world. He said, ‘India has not only changed policies in the last 11 years but has also changed its economic structure.’

India makes its friends also partners in its development Is

The Prime Minister said India’s high growth of over eight per cent in the last quarter in an environment of global uncertainty highlights its strong nature and inherent strengths. He said, ‘India’s progress has always been a story of shared progress. When India progresses, it also makes its friends partners in its development. We are doing the same even today. He also said that there are ample opportunities for Oman in India’s growth journey.

PM Modi stressed that India is working rapidly and extensively to develop world-class infrastructure, logistics, connectivity, reliable supply chains, manufacturing capabilities and green growth to promote ‘ease of living’ and ‘ease of doing business’. He also mentioned the reforms implemented by India in recent years, including the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC).

Omani companies invited to explore opportunities in various sectors

Speaking on the occasion, PM Modi invited Omani companies to look beyond the traditional sectors of energy, oil and gas, petrochemicals and fertilizers and explore opportunities in the areas of green energy, solar parks, energy storage, smart grids, agri-technology, financial technology, artificial intelligence (AI) and cyber security.

He also proposed the formation of an India-Oman Agricultural Innovation Center and an India-Oman Innovation Bridge to future-proof the trade partnership. He stressed that these are not mere ideas but an invitation to invest, innovate and build the future together.

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