MUSCAT : Prime Minister Narendra Modi, speaking at the India-Oman Business Summit in Muscat, hailed the pact as a “blueprint of our shared future” and a testament to the enduring friendship between the countries.

The Comprehensive Economic Partnership Agreement, a sweeping trade framework that will reduce tariffs, expand market access and encourage investment across sectors, is set to mark Oman’s first such agreement in nearly 20 years. The deal aims to significantly boost bilateral trade and open doors for Indian goods ranging from petroleum and rice to machinery and pharmaceuticals.

At the summit, PM Modi emphasised that the CEPA will “fill us with new trust and new energy in the 21st century,” giving “a new confidence to investment and open new doors to opportunities in every sector,” underlining its strategic importance for both nations’ long-term prosperity.

Prime Minister Modi spoke about the depth of India-Oman relations, rooted in centuries of maritime trade and cultural exchange. “Our relation is built on the foundation of trust, moved ahead on the strength of friendship and with time it further deepened,” he said, noting that diplomatic ties have now reached their 70th year, a milestone that extends a rich heritage into a prosperous future.

Modi evocatively likened the Arabian Sea to “a strong bridge” between India and Oman, noting that while “the waves of the sea can transform, seasons change but India-Oman friendship gets stronger every season and touches new heights with every wave.”

Officials and business leaders say the CEPA’s effects will extend far beyond traditional commodities. According to trade analysts, eliminating tariffs on numerous products will enhance Indian exports and help integrate Omani energy and industrial goods into Indian markets more competitively. India’s exports to Oman in the last fiscal year were led by products such as naphtha, petrol and machinery, and these are expected to grow under the new agreement.

Commerce leaders at the summit echoed Modi’s optimism, stressing that modern business communities, the “successors of that heritage”, will play a key role in giving the partnership “a new direction, new speed, and help it reach new heights.”

Diplomats note that beyond trade figures, the CEPA symbolises India and Oman’s shared desire to deepen cooperation in energy, logistics, services and investment, sectors critical to both nations’ economic diversification strategies. Oman, strategically located on the Arabian Peninsula, continues to be a key economic partner for India, while India remains one of Oman’s largest bilateral trading partners.

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