'Beneficial for entire world': PM Modi says India-Oman free trade pact to give new energy to bilateral relation

Prime Minister Narendra Modi participated in the India-Oman Business Forum on Thursday

Prime Minister Narendra Modi on Thursday said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will give new confidence and energy to the bilateral relations.

Speaking at the India-Oman Business Summit here, the visiting Prime Minister said the summit will give a new direction to the India-Oman partnership. "Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century," the prime minister said.

He said India’s nature has always been progressive and self-driven. Whenever India grows, it helps its friends grow as well, Modi said and added India is progressing towards becoming the world’s third-largest economy.

"This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our people know each other well. We have generations of trust in our business relations, and we understand each other’s markets very well," he said.

PM Modi invited companies from Oman to become partner in the growth story. He said India's economy is growing at a high rate because over the past 11 years, India has not just changed policies, but has also changed its economic DNA.

He informed the gathering about the reforms, including GST and IBC, India has implemented in the recent years.

The PM addressed the Indian community and students in Muscat, describing the Indian diaspora as a “living example of co-existence and co-operation” and highlighting India’s cultural strength on the global stage.

PM Modi began his remarks amid chants of “Bharat Mata ki Jai,” “Vande Mataram” and “Modi, Modi” as thousands gathered to welcome him during his Oman visit.

Calling the gathering a celebration of “Team India,” the Prime Minister said, “Today, we have all gathered here as a family. We are celebrating our country, our team India. Diversity in India is a strong base of our culture. For us, every day brings in new colours, every season becomes a new festival, every tradition comes with a new idea. That is the reason that wherever we Indians go, wherever we reside, we respect diversity.”

Modi also highlighted India’s cultural accomplishments, noting the recent global recognition of Diwali.

PM Modi arrived here on Wednesday on a two-day visit. India-Oman bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports USD 6.54 billion) in 2024-25.