India and Oman have solidified their strategic partnership with a series of agreements and a joint statement outlining a roadmap for enhanced cooperation across various sectors. The agreements, signed during Prime Minister Narendra Modi's two-day visit to Muscat, encompass trade, energy, maritime security, and stronger people-to-people connections.
A key highlight of the visit was the signing of the Comprehensive Economic Partnership Agreement (CEPA), hailed as a significant milestone in the bilateral economic relationship. The CEPA is expected to reduce trade barriers, stimulate economic growth, create employment opportunities, and boost investment flows between the two nations. Both leaders have encouraged their respective private sectors to leverage this agreement for mutual benefit. Trade and commerce have been identified as key pillars of cooperation, with potential for growth and diversification in areas like textiles, automobiles, chemicals, equipment, and fertilizers. Discussions also explored mechanisms to facilitate bilateral trade in local currencies.
Recognizing their shared commitment to regional maritime security, India and Oman adopted a Joint Vision Document on Maritime Cooperation. This document underscores their dedication to the blue economy and the sustainable utilization of ocean resources. The two sides agreed to strengthen collaboration through joint exercises, training, high-level exchanges, and enhanced maritime domain awareness, aiming to prevent maritime crimes and piracy through continuous information exchange.
In the energy sector, both countries aim to expand cooperation across conventional and renewable energy sources. This includes collaboration in exploration and production, with a focus on joint investments and technology transfer in green hydrogen and green ammonia. They have identified synergies in their sustainable energy goals and proposed long-term cooperation in this area.
Prime Minister Modi's visit, which coincided with the 70th anniversary of diplomatic relations between India and Oman, built upon the momentum from Sultan Haitham bin Tarik's state visit to India in December 2023. Discussions during the visit spanned a wide range of topics, including trade, investment, defense, security, technology, education, energy, space, agriculture, culture, and people-to-people ties. Both leaders expressed satisfaction with the strength and expansion of their bilateral relationship and reviewed progress under the Joint Vision Document adopted in 2023.
India lauded Oman's economic diversification and sustainable development efforts under Vision 2040, while Oman commended India's economic growth and its vision for development by 2047. The Oman-India Joint Investment Fund (OIJIF) was recognized for its potential to promote and facilitate investments, given its successful track record.
Several Memoranda of Understanding (MoUs) were signed to further cooperation in various fields. These include agreements covering maritime heritage and museums, agriculture and allied sectors, and higher education. An executive program for cooperation in millet cultivation and agri-food innovation was also formalized. Additionally, an MoU was signed between the Oman Chamber of Commerce & Industry and the Confederation of Indian Industry.
People-to-people ties were emphasized as a cornerstone of the relationship, recognizing the historical connections between the two nations. India expressed gratitude for Oman's support to the 675,000-strong Indian community residing in the Sultanate, while Oman acknowledged the community's contributions to the country's development. Both sides expressed satisfaction with the deepening of cultural cooperation and welcomed initiatives such as the joint exhibition "Legacy of Omani-Indian Relations".
