ShareNEW DELHI: Oman and India have made significant progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday during the state visit of Oman’s ruler, Sultan Haitham bin Tarik. This marks a pivotal moment in bilateral relations, with Sultan Haitham being the first Omani ruler to visit India since 1997, according to reports.
The proposed CEPA aims to eliminate import duties, benefiting key sectors like motor gasoline, textiles, electronics, machinery, and iron and steel. Prime Minister Narendra Modi and Sultan Haitham discussed the multifaceted aspects of economic cooperation, with a focus on the release of the third tranche of the Oman-India Joint Investment Fund, totaling $300 million. The objective of this joint venture between the Oman Investment Authority and the State Bank of India is to direct investments towards the rapidly expanding sectors of India.
According to a report by the Hindustan Times, Modi expressed optimism about the ongoing CEPA discussions, stating, “I am glad that discussions on CEPA are ongoing between the two sides. Two rounds of talks have been successfully completed, in which consensus has been reached on many important issues.”
The leaders adopted the “India-Oman Joint Vision: A partnership for the future,” outlining concrete action points for 10 sectors. Beyond economic ties, the discussions between India and Oman delved into various other sectors as well.
Foreign Secretary Vinay Mohan Kwatra highlighted the exploration of financial technologies, the possibility of establishing rupee trade, and cooperation in space-related activities, including services, satellite building and launching, and capacity building. The talks also extended to green hydrogen, renewable energy, and the strategic utilization of Oman’s Duqm port by Indian navy ships for logistical and humanitarian purposes.
The joint vision document, shaped by the Oman Vision 2040 and India’s development vision till 2047, focuses on 10 key areas. These include maritime cooperation, energy security, space cooperation, digital payments, health, tourism, disaster management, agriculture, and the use of cricket to enhance people-to-people ties. Sultan Haitham and Modi expressed confidence that the joint vision would pave the way for a new and modern shape to their partnership.
The discussions also addressed challenges in West Asia, with a specific mention of the crisis in the region. Kwatra emphasized a shared appreciation of the challenges arising from the Israel-Hamas conflict, describing it as an “important element of the discussions.”
The leaders exchanged perspectives on terrorism, advocating for a two-state solution as a way forward. Additionally, agreements were signed on cooperation in combating financial crimes, information technology, culture, and the establishment of a Hindi chair of the Indian Council for Cultural Relations (ICCR) in Oman.
India and Oman reaffirmed their partnership in maritime security in the western Indian Ocean, with robust defense engagement. Maritime cooperation is extensive, and Oman’s Duqm port is positioned as a logistical base for joint efforts in humanitarian assistance and disaster relief. Kwatra underscored the vital role of the Indian community in Oman, with 700,000 members contributing significantly to the country’s economic development. – Agencies
