Oman, India to sign free trade deal to expand economic ties

Experts say Free Trade Agreements (FTAs) are driving Oman’s economic transformation by boosting trade, attracting investment and strengthening regional supply chains in line with Oman Vision 2040.

“They also work to strengthen regional and global supply chains and diversify sources of income in line with the objectives of Oman Vision 2040”, experts added.

The upcoming economic agreement between Oman and India is seen as a pivotal step. It aims to reduce customs duties, expand non-oil exports and improve competitiveness.

“The FTA will support GDP growth, provide greater opportunities for small and medium-sized enterprises and open new horizons in promising sectors such as health, technology and renewable energy”, said Dr. Habiba bint Mohammed Al Mughairy, Assistant Professor and Head of the Department of Business Administration at the University of Technology and Applied Sciences.

She added, “The agreement will contribute to job creation and strengthen regional and global supply chains, thus consolidating the path of economic diversification in line with Oman Vision 2040″.

Echoing this view, Rashid bin Abdullah Al-Shaidhani, an economic and financial analyst, described the deal as “a positive turning point in trade relations, given India’s status as an emerging economic power and Oman’s strategic location as a gateway between East and West”.

He said the agreement will “open new horizons for boosting Omani exports, developing the gross domestic product, and supporting economic diversification efforts”.

Al-Shaidhani estimated that trade exchange could exceed OMR5 billion in the future.

Mohammed bin Ali Al Araimi, an economic writer and journalist, stressed the agreement’s role in revitalizing vital sectors.

“It will also contribute to increasing joint investments in the areas of infrastructure, energy, and tourism, enhancing maritime connectivity and using Omani ports as a regional center for re-export”, he said.

Al Araimi added, “Its importance lies in its ability to diversify sources of income in line with the goals of Oman Vision 2040, attract foreign investment, expand the role of the private sector, create new job opportunities for Omani youth and reduce prices for consumers by reducing fees”.

Highlighting the long history of trade ties, Dr. Qais bin Dawood Al-Sabai, legal advisor and member of the Omani Economic Association, said, “The agreement to be signed represents a milestone and a strategic partnership with an international dimension that will enhance the position of both countries”.

He added, “It will also contribute to consolidating the maritime navigational role between the two countries, thanks to the strategic geographic location and Omani ports open to global markets. This will open the way for growing investments that will add stronger and more vital dimensions in the fields of finance, trade and investment”.

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