New Delhi, Dec 16 (KNN) India and Oman have finished discussing the text of most of the chapters of policy areas that their Comprehensive Economic Partnership Agreement, a senior official said on Friday, reported FE.

The trade talks between the two countries is expected to conclude within a short period of time.

Officials of the two countries have concluded the second round of talks for the comprehensive economic partnership agreement (CEPA) earlier this month in Muscat. 

The second round followed weeks of the first round of talks that were held in New Delhi between 27-29 November.

Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries.

The bilateral trade was USD 12.39 billion in 2022-23 up from USD 5 billion in 2018-19. 

India’s exports have increased from USD 2.25 billion in 2018-19 to USD 4.48 billion in 2022-23.

Oman is India’s third largest export destination within the Gulf Cooperation Council. About starting FTA negotiations with the GCC bloc, the commerce secretary Sunil Barthwal said that India has given them an option that “either you do it as a bloc or you go ahead individually”.

(KNN Bureau)