By Anjali Sharma
Washington- Prime Minister Narendra Modi on Thursday participated in the India-Oman Business Forum in Muscat, and hailed CEPA as a blueprint of our shared future, MEA stated in a press release issued.
He engaged with leading business figures and outlining avenues to deepen economic cooperation.
Modiaddressed the business forum said the partnership between the two countries was poised to gain “new direction and new speed.”
He flagged the Comprehensive Economic Partnership Agreement as an important step in the solidification of India’s economic engagement with the Gulf region.
Modi said, “Today, we are making a historic decision whose echo will be heard for decades to come. The Comprehensive Economic Partnership Agreement will fill us with new trust and new energy in the 21st century. This is a blueprint of our shared future.”
The India-Oman CEPA is expected to improve market access, promote investments and enhance cooperation across key sectors.
The agreement holds special significance as it is Oman’s second free trade agreement with an individual country and the first such agreement Oman is entering into in nearly 20 years.
He was warmly welcomed by Oman’s Deputy Prime Minister for Defence Affairs Sayyid Shihab bin Tariq Al Said and at the airport and was accorded a ceremonial welcome.
Modi reflected on bilateral ties, the Prime Minister noted that India and Oman have completed 70 years of diplomatic relations. “Our relation is built on the foundation of trust, moved ahead on the strength of friendship and with time it further deepened. Today, our diplomatic relations have been in place for 70 years. This is not just a celebration of 70 years; this is a milestone where we have to centuries of our heritage towards a prosperous future,” he said.
Modi said, “The Summit today will give India-Oman partnership a new direction, new speed, and help it reach new heights. In this, all of you play a big role.”
He underlined that food security is as critical as energy security.
Modi proposed exploring an India-Oman Agri-Innovation Hub to strengthen Oman’s food security while enabling India’s agri-tech solutions to access global markets.
PM said, “Just as energy security is important, food security is equally essential. In the coming times, this will become a major dual challenge. Can we together create an India–Oman Agri-Innovation Hub? This will strengthen Oman’s food security and help take India’s agri-tech to global markets. Agriculture is one sector, but innovation must be encouraged across all sectors…
Modi pointed to India’s economic resilience amid global uncertainty, attributing sustained growth to structural reforms over the past decade. Citing the Goods and Services Tax (GST), he said, “…Oman has immense opportunities in India’s growth journey. Today in the business world, there is a lot of discussion about the resilience of India’s economy. People often ask how, amid so much global uncertainty and a struggling global economy, India is achieving growth of over one percent. I will tell you the main reason. Over the past eleven years, India has not just changed its policies; it has transformed its economic DNA. Let me give you some examples. The Goods and Services Tax (GST) has turned the entire country into an integrated, unified market…”
He reiterated that India is rapidly becoming the 3rd largest economy in the world. He highlighted that India brings forth greater advantages and opportunities for Oman.
