On his official social media, Goyal expressed optimism about the discussions, stating that they centered on enhancing trade and investment ties between the two nations. He also highlighted the intention to explore further avenues for deepening the bilateral partnership. In anticipation of the 11th Joint Commission Meeting (JCM), which will take place from January 27-28, Goyal noted that the talks would focus on “advancing CEPA negotiations and strengthening economic cooperation.”

India views Oman as a key partner in the Gulf Cooperation Council (GCC), with bilateral trade surpassing USD 8.94 billion in 2023-2024. As part of the ongoing effort to enhance these ties, the two countries are in the advanced stages of negotiating the CEPA. The agreement aims to create a commercially significant, balanced, and mutually beneficial framework that will bolster trade and investment across multiple sectors.

During his visit, Goyal is accompanied by a business delegation that will participate in the Joint Business Council meeting between the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Oman Chamber of Commerce and Industry. The discussions are expected to cover a range of topics, including the global economic landscape and investment opportunities.

In addition to his meetings with Qais bin Mohammed Al Yousef, Goyal is scheduled to meet with other prominent Omani officials, including Sultan bin Salim Al Habsi, Minister of Finance and Chairperson of the Ministerial Committee for CEPA, and Sheikh Dr. Ali bin Masoud Al Sunaidy, President of the Public Authority for Special Economic Zones and Free Zones (OPAZ). These interactions aim to further strengthen economic ties and explore new areas for collaboration.

Goyal’s visit underscores India’s commitment to enhancing its relations with Oman and advancing economic partnerships in the region. The progress made during the trip is expected to contribute significantly to fostering long-term, mutually beneficial ties between the two nations.

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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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