New Delhi, December 18 (IANS). The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will open new opportunities for professionals and companies from both the countries. This agreement will make the way for trade, investment and work easier.
Addressing the India-Oman Business Forum in Muscat on Thursday, Commerce and Industry Minister Piyush Goyal said CEPA will provide a clean and reliable visa regime for Indian skilled professionals to work in Oman, with full respect for Oman’s employment regulations.
The Union Minister said that this agreement reflects the vision of building a strong partnership between India and Oman in areas such as trade, investment, tourism, technology and innovation. He appealed to the businessmen and investors of both the countries to take full advantage of these opportunities.
Piyush Goyal said, “Trade between India and Oman has crossed $10 billion, but this is “just the beginning”. We still have a long way to go and many big achievements are yet to be achieved.”
Goyal said that with this agreement, duty (tax) will not be imposed on many goods, barriers to trade will be reduced and rules will be simplified. With this, the products of both the countries will become cheaper and competitive in each other’s market.
The Minister invited Omani companies to take advantage of India’s large domestic market. Also said that Oman can become an important way for Indian companies to reach Gulf countries, Africa and West Asia.
CEPA will open up new opportunities in sectors like textiles, food processing, automobile, gems and jewellery, agrochemicals, renewable energy and auto parts. He said that the geographical location of Oman is very beneficial for Indian businessmen.
He praised the role of about 7 lakh Indian expatriates living in Oman and said that this community is an important link in strengthening the relations between the two countries.
Oman’s Commerce Minister Qais Mohammed Al Yusuf said that India has now become Oman’s third largest trading partner. He said that Indian investment in Oman is continuously increasing.
–IANS
Durgesh Bahadur/ABS