NewDelhi/Muscat, 18 December (H.S.): Prime Minister Narendra Modi on Thursday described Oman as an all-weather friend during his address at the India-Oman Business Summit in Muscat, emphasizing that the newly negotiated Comprehensive Economic Partnership Agreement (CEPA) will inject fresh confidence and momentum into bilateral relations in the 21st century.
Speaking to business leaders, PM Modi expressed optimism that the platform would unlock new developmental opportunities and strengthen trade linkages across the Arabian Sea.The CEPA, negotiations for which concluded in August 2025 after starting in November 2023, promises tariff reductions on most goods, with India gaining access to 98% of Omani products and enhanced provisions for services, investments, and labor mobility.
India's Union Cabinet approved the pact earlier this month, paving the way for formal signing during Modi's visit on December 17-18, while Oman's Shura Council also endorsed it recently.PM Modi invoked the historic maritime bridge between Mandvi in India and Muscat, stating, Seas may change, seasons may shift, but India-Oman friendship grows stronger every season and touches new heights with every wave.
He highlighted immense potential for Omani firms in India's growth story, positioning the agreement as a blueprint for shared prosperity.Marking 70 years of diplomatic ties—formalized through the 1953 Indo-Oman Treaty of Friendship and upgraded to a strategic partnership in 2008—Modi portrayed the milestone not merely as a celebration but as a bridge from centuries-old heritage to a prosperous future.
Over the past 11 years, India has transformed its economic framework, integrating the nation into a unified market via the Goods and Services Tax (GST), which replaced a fragmented tax regime with a seamless one.
The Insolvency and Bankruptcy Code (IBC) introduced financial discipline and transparency, bolstering investor confidence, while consolidating dozens of labor laws into four modern codes—effective from November 2025—streamlines compliance, extends social security to gig workers, and sets a national floor wage.
These reforms have positioned India as one of the world's most competitive markets, with high growth rates benefiting maritime neighbors like Oman, a key supplier of crude oil and partner in defense exercises.
PM Modi invited Omani companies to participate in sectors like renewable energy, logistics, and infrastructure, underscoring mutual understanding of markets built over generations. The summit interactions focused on economic collaboration, reinforcing energy security for India and investment avenues for Oman in strategic projects.
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Hindusthan Samachar / Jun Sarkar
