India-Oman Comprehensive Economic Partnership Agreement (CEPA)
India and Oman have signed a landmark Comprehensive Economic Partnership Agreement (CEPA), described by Prime Minister Narendra Modi as a "blueprint for India-Oman's shared future". This agreement is set to deepen bilateral trade and investment ties, fostering mutual growth, innovation, and employment.
Key Highlights
- Business Summit:
PM highlighted the significance of the India-Oman Business Summit in Muscat, noting it provides new direction to the bilateral partnership. - Energy in Trade:
CEPA is expected to inject new energy into the partnership, creating vast opportunities, particularly in the 21st century.
Additional Agreements and Areas of Cooperation
- MoUs/Arrangements:
Signed in maritime heritage, education, agriculture, and millet cultivation. - Financial Services:
Discussion on cooperation between the Unified Payments Interface (UPI) and Oman's digital payment system, RUPAY card adoption, and trade in local currencies. - Joint Investment:
Potential collaboration in fertilizer and agricultural research. - Sectoral Cooperation:
Focus on food security, manufacturing, digital technologies, critical minerals, logistics, human capital development, and space. - Defence and Security:
Commitment to enhancing collaboration, especially in the maritime domain.
Emerging Global Challenges and Opportunities
- Energy and Food Security:
Emphasized the dual importance of energy and food security, proposing an India-Oman Agri-Innovation Hub to bolster Oman's food security and globalize India's agri-tech solutions. - Sustainable Economic Integration:
CEPA aligns with 'Oman Vision 2040' and India's global trade strategy, promoting sustainable economic growth.
Other Notable Mentions
- Condemnation of Terrorism:
Both countries reaffirmed their stance against terrorism, stressing that no justification can be accepted for such acts. - Humanitarian Concerns:
Expressed concern over the humanitarian situation in Gaza, advocating for timely humanitarian aid delivery. - India's Economic Transformation:
PM Modi cited the Goods and Services Tax (GST) as an example of India's economic transformation, showcasing the nation as an integrated market.
