MUSCAT — Oman’s Shura Council on Wednesday completed its review of a draft Comprehensive Economic Partnership Agreement (CEPA) with India and formally referred its conclusions to the Cabinet for further action, as required by Article 54 of the Law of the Oman Council.

The draft agreement aimed at expanding trade, investment flows and economic cooperation between the two countries was presented to the elected chamber earlier this year by the Cabinet in line with constitutional requirements that all proposed economic and social agreements be submitted to the Shura Council for consideration before approval.

During the Fifth Regular Session of the Third Annual Convening of the Tenth Term (2023–2027), the Shura Council’s Economic and Financial Committee delivered its assessment of the proposed CEPA. The committee examined the agreement’s potential economic impact, its alignment with Oman Vision 2040, and its implications for key sectors including logistics, manufacturing, technology, services and tourism.

His Excellency Ahmed Al Shukri, Chairman of the Economic and Financial Committee, said the draft partnership presents “a significant opportunity to diversify sources of income, reduce dependence on oil, attract foreign investments, and create job opportunities while achieving Omanization targets.”

He added that Oman’s geographic position gives the Sultanate a competitive edge in attracting Indian investments. “The strategic location of the Sultanate of Oman enhances opportunities to attract Indian investments in vital sectors such as logistics, manufacturing industries, tourism, and technology transfer,” he said.

Council members also reviewed provisions related to tariff reductions, market access, regulatory cooperation and private-sector competitiveness. They stressed the importance of ensuring that the agreement delivers balanced benefits to both sides while safeguarding national economic priorities.

Following the deliberations, the Council approved its advisory report and submitted it to the Cabinet, which will continue the approval process through the remaining governmental and legal channels before any formal signing or implementation.

India is one of Oman’s largest trading partners, with bilateral trade spanning energy, minerals, food products, manufacturing materials and services. The proposed CEPA is expected to deepen economic integration and strengthen long-term commercial ties between the two countries.

The review comes as Indian Prime Minister Narendra Modi is expected to visit Oman next week, a trip that is anticipated to advance high-level economic and strategic cooperation between the two countries. India remains one of Oman’s largest trading partners, with bilateral trade spanning energy, manufacturing, food products and services.

The Shura Council will continue its scheduled sessions in the coming weeks to address additional legislative and economic matters.