Minister Goyal expressed optimism about the progress made in the CEPA negotiations, highlighting that the talks would gain additional momentum during the upcoming Joint Commission Meeting (JCM). This visit underscores India’s dedication to enhancing its trade and investment relations with Oman, a key member of the Gulf Cooperation Council (GCC).

The visit also saw Minister Goyal participating in India’s 76th Republic Day celebrations at the Indian Embassy in Muscat. The event was attended by Minister Al Yousef, senior Omani officials, and members of the Indian diaspora. A key highlight was the performance of Sur Sandook: India-Oman Jukebox, which celebrated the deep-rooted cultural ties between the two nations.

Minister Goyal is in Muscat from January 27–28, 2025, for the 11th Joint Commission Meeting with his Omani counterpart. The ongoing CEPA negotiations, which are in their advanced stages, are expected to gain further momentum during the visit, laying the groundwork for a comprehensive and mutually beneficial agreement.

In 2023-24, bilateral trade between India and Oman reached $8.94 billion, highlighting the strength and depth of their economic relationship. Both countries are working towards a CEPA that will reflect their shared economic priorities and deliver commercially significant outcomes.

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This new agreement is set to reduce trade barriers, streamline customs procedures, and foster increased private sector collaboration and investment between the two countries. Sheikh Mohamed bin Zayed highlighted that the agreement marks a significant addition to the UAE’s CEPA program, strengthening its connections with the Asia-Pacific region, one of the world’s most developed and open markets.

The UAE-New Zealand CEPA is built upon the growing economic ties between the two nations, with bilateral non-oil trade having reached USD 642 million in the first nine months of 2024, reflecting an 8% increase compared to the same period in 2023. Sheikh Mohamed emphasized that the CEPA reflects the shared ambition of both countries to create resilient, future-ready economies powered by knowledge, innovation, and talent.

As part of the agreement, New Zealand will provide 100% duty-free access to all imports from the UAE, while the UAE will offer duty-free access to 98.5% of New Zealand products, with this figure set to rise to 99% within three years. This trade deal is expected to increase bilateral trade to USD 5 billion by 2032, tripling the five-year average trade of USD 1.5 billion between the two nations from 2019-2023.

This partnership is particularly significant as it marks New Zealand’s first trade agreement with a Middle Eastern nation, and it stands as one of the UAE’s most expansive CEPAs to date. The agreement covers a wide array of areas, including indigenous trade, sustainable development, women’s economic empowerment, and transparency. In addition to the CEPA, a Bilateral Investment Treaty aimed at promoting and protecting investments was also concluded, ensuring a stronger framework for increasing UAE-New Zealand investment ties across multiple sectors.

The UAE’s CEPA program, launched in September 2021, is a central part of the country’s economic growth strategy, which targets USD 1 trillion in total trade value by 2031 and aims to double the size of its economy to surpass USD 800 billion by 2031. To date, the program has resulted in agreements with nations across the Middle East, Africa, Southeast Asia, South America, and Eastern Europe, broadening access to markets that represent nearly a quarter of the world’s population.

This agreement solidifies the UAE’s commitment to enhancing its economic relations globally, with a particular focus on creating mutually beneficial partnerships that promote innovation, sustainability, and long-term economic growth.

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The forum also sought to foster cultural exchanges and boost bilateral trade between the two nations. TV BRICS served as the official media partner for the event.

The plenary session featured a series of prominent figures, including Sergey Cheremin, Minister of the Moscow City Government and Head of the Business Council for Cooperation with India; Vinay Kumar, Ambassador of India to Russia; Dmitry Volvach, Deputy Minister of Economic Development of the Russian Federation; and Vladimir Platonov, President of the Moscow Chamber of Commerce and Industry (MCCI). These leaders highlighted several key areas of focus, such as expanding trade relations, advancing science and technology cooperation, and improving education, infrastructure, and cultural exchanges.

Cheremin remarked that 2024 had been a productive year for India-Russia relations, particularly in high-tech industries like pharmaceuticals, microelectronics, artificial intelligence, and transport infrastructure. He stressed the importance of continued collaboration to drive innovation and mutual growth.

Ambassador Kumar emphasized India’s economic achievements, citing the country’s impressive GDP growth rate of 7.58 percent and its ranking among the top three global economies in terms of purchasing power parity. He also praised the successful implementation of joint investment projects, especially in the transport sector, and called for the development of banking channels and payment systems to facilitate trade in national currencies.

Dmitry Volvach, Russia’s Deputy Minister of Economic Development, shared positive news on the trade front, revealing that the trade turnover between India and Russia had reached USD 46.5 billion in the first nine months of 2024, a 15 percent increase over the previous year. He also reaffirmed the ambitious goal of reaching USD 100 billion in bilateral trade by 2030, emphasizing the role of the International North-South Transport Corridor and simplified customs procedures in supporting this growth.

The tourism sector was another notable highlight, with Volvach reporting an 86 percent increase in Indian tourists visiting Russia this year. The introduction of electronic visas for Indian citizens has further boosted tourism between the two countries.

The dialogue included thematic sessions on finance, healthcare, biotechnology, and investment cooperation, all aimed at improving commodity flows, human resource development, and innovation. The event concluded with a series of B2B meetings designed to help foster new business relationships between India and Russia.

Organized by the Indian Business Alliance, the XV India-Russia Business Dialogue also received support from the Business Council for Cooperation with India, the Department for External Economic and International Relations of Moscow, and the Roscongress Foundation. This significant event underscored the growing collaboration and partnership between the two nations across multiple sectors.

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