Mahindra Group welcomes India-Oman Free Trade Agreement

Mahindra Group CEO and MD Anish Shah welcomed the impending India-Oman Free Trade Agreement (FTA), which will deepen trade ties with the Gulf country.

The countries are scheduled to sign a Comprehensive Economic Partnership Agreement (CEPA) during Indian Prime Minister Narendra Modi’s two-day visit to Oman.

“CEPA will deepen this partnership by enabling almost full duty-free access for Indian goods and catalyzing greater trade and investment in sectors such as energy, minerals, technology, tourism and agriculture,” Shah said.

The Mahindra Group leader believes that CEPA is an important milestone in India’s engagement with the Gulf which will also open a new chapter for Mahindra Group’s engagement in Oman where it operates a technology development center in Muscat. The center has over 300 partners who support key industries through AI, cloud and 5G.

“We are proud to reiterate our commitment to Oman’s development journey…This agreement allows us to expand cooperation in digital transformation, clean energy, supply chain and mobility,” Shah said.

PM Modi, who is currently in Muscat on a two-day visit, said the signing of CEPA is a “historic decision” that will give a new energy and confidence to India-Oman relations.

Addressing the India-Oman Business Summit, He said this step will benefit not only Oman but the entire world.

The Prime Minister said, “This is even more beneficial for Oman because apart from being close friends, we are also maritime neighbours. Our people know each other well. Our trade relations span generations of trust and we understand each other’s markets very well.”

Bilateral trade between Oman and India is expected to reach $10.5 billion in 2024-25. This includes exports of $4 billion and imports of $6.54 billion.

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