The Majlis A' Shura has concluded deliberations and approved the agreement on the draft Comprehensive Economic Partnership Agreement (CEPA) between the Sultanate of Oman and the Government of the Republic of India, referred to the Council by the Cabinet in accordance with Article 54 of the Council of Oman Law.

Majlis A'Shura added that the CEPA aims to enhance trade between the two friendly countries and increase bilateral trade flows by eliminating or reducing trade barriers, including customs duties and para-tariffs on goods of origin in both countries.

The agreement also facilitates improved market access, fosters an enabling trade and investment environment, and promotes economic growth, investment, and shared prosperity.

It provides fair competition, preferential treatment for goods originating in both countries, and parity with domestic products, thereby safeguarding the interests of traders and producers on both sides.

Article 54 stipulates that draft economic and social agreements the Government intends to conclude or accede to must be referred by the Cabinet to Majlis A' Shura to enable it to present its views and submit its conclusions to the Cabinet for appropriate action.

Khalid al Maawali, Chairman of Majlis A' Shura, reaffirmed the Council’s contribution to shaping development plans and the programmes implemented by State institutions, in a manner that supports stability and sustainable prosperity across all development sectors.

Ahmed al Sharqi, Chairman of the Economic and Financial Committee and Rapporteur for this session, presented the Committee’s report on the draft agreement and explained that the Committee examined several essential economic considerations, foremost among them the impact of the agreement on the local market, the opportunities and incentives it may provide for the national economy, and the challenges that require proactive preparation.

The session witnessed extensive discussions on the Committee’s report, focusing on analysing the expected economic effects of the agreement and its projected implications for Oman’s economic performance. Discussions also assessed the agreement's impact on the small and medium enterprise sector, a key pillar of economic growth and sustainable development.

Members emphasised the importance of evaluating domestic economic sectors that may be affected by the agreement's provisions and identifying mechanisms to mitigate potential adverse impacts, ensuring alignment with Oman’s development priorities, supporting the competitiveness of national products in local and international markets, and enhancing access to global markets.

The CEPA aims to enhance trade between the two friendly countries and increase bilateral trade flows by eliminating or reducing trade barriers, including customs duties and para-tariffs on goods of origin in both countries. The agreement also facilitates improved market access, fosters an enabling trade and investment environment, and promotes economic growth, investment, and shared prosperity. Moreover, it provides fair competition, preferential treatment for goods originating in both countries, and parity with domestic products, thereby safeguarding the interests of traders and producers on both sides.

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