India En route to Boost Gulf Trade
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India is deepening its economic ties with the Gulf, finalising trade deals, in the backdrop of enduring tensions with Pakistan. Most of the Gulf nations had taken a neutral stance during the conflict between two sides while urging restraint and de-escalation.India may soon ink a free trade agreement with Oman, its oldest strategic partner in the region. Talks for the India-Oman FTA are almost complete, and an announcement is expected this month, said people in know of the development.New Delhi is 'seriously considering' similar pacts with other Gulf countries such as Qatar, the people said. Qatar — whose Emir visited New Delhi this February and is looking to make major investments in India — stayed neutral during the India-Pakistan conflict.India already has a trade deal with the UAE. It is also negotiating an FTA with the Gulf Cooperation Council (GCC) to further enhance cooperation in trade, energy, investment, and security with the region. The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.Talks for the India-Oman Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023.
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