India–Oman trade pact talks near completion, announcement likely to be soon; petroleum and urea dominate imports

India and Oman are set to announce the conclusion and signing of their proposed free trade agreement (FTA) “much sooner” than the earlier estimated two to three months, PTI reported citing an official.When asked if it would take two to three months, the official said: “Much less” than that. The agreement text is currently being translated into Arabic in Oman. Once this process is complete, the cabinets of both nations will give formal approval before making a joint announcement, the official said, adding, “Both countries have, in principle, decided to announce the conclusion and signing together.” Talks for the pact, formally called the Comprehensive Economic Partnership Agreement (CEPA), began in November 2023. Such accords typically involve significant reductions or elimination of customs duties on most traded goods, along with measures to ease trade in services and boost investments. Oman is India’s third-largest export destination within the Gulf Cooperation Council (GCC). India already has a similar pact with another GCC member, the UAE, which came into force in May 2022. Bilateral trade between India and Oman topped $10 billion in 2024–25, with Indian exports worth $4.06 billion and imports at $6.55 billion. Petroleum products and urea make up over 70% of India’s imports from Oman, alongside other items such as propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel.