NEWS
28 JANUARY 2025
Daily Current Affairs based on ‘The Hindu’ newspaper as per the syllabus of UPSC Civil Services Examination (Prelims and Mains) Compiled by Mrs. Bilquees Khatri.
GS II: BILATERAL – INDIA – OMAN
India – Oman FTA Agreement Talks
Recent Update: The Commerce and Industry Minister will visit Oman to boost FTA negotiations.
Overview:
- Discussions focus on advancing the Comprehensive Economic Partnership Agreement (CEPA).
- Aims to strengthen trade, investment, and bilateral ties.
- FTAs reduce or eliminate customs duties and ease trade norms.
- India already has an FTA with UAE (effective 2022).
India-Oman Relations:
- Trade: Oman is India’s 30th largest trading partner (US$ 8.947 billion in FY 2023-24).
- Energy: India is Oman’s 4th largest crude oil export market.
- Defense: Joint exercises –
- Army: Al Najah
- Air Force: Eastern Bridge
- Navy: Naseem Al Bahr
- Maritime Cooperation: India accesses Oman’s Duqm port (pact signed in 2018).
About GCC:
- Includes Saudi Arabia, UAE, Oman, Kuwait, Qatar, Bahrain (founded 1981).
- Promotes regional unity based on Arab and Islamic values.
Way Ahead:
- Strengthening strategic ties through trade, technology, and defense cooperation.
- Expanding military diplomacy with Gulf nations.