Muscat, Dec 18 (NationPress) India and Oman have formalized a Comprehensive Economic Partnership Agreement (CEPA) along with three Memoranda of Understanding (MOUs) in crucial domains including maritime heritage, agriculture, and higher education. This announcement was made in a joint statement following Prime Minister Narendra Modi's two-day visit to Muscat on Thursday.

Additionally, India and Oman unveiled a Joint Vision Document on Maritime Cooperation and an executive program aimed at advancing millet cultivation and innovations in agri-food. An MOU was also established between the Oman Chamber of Commerce & Industry and the Confederation of Indian Industry.

The discussions between Sultan Haitham bin Tarik and Prime Minister Modi highlighted the commendable status of bilateral relations, which encompass trade, investment, defence, security, technology, education, energy, space, agriculture, culture, and interpersonal connections, according to the statement.

They evaluated the ongoing initiatives and collaborations in the sectors outlined in the Joint Vision Document, which was adopted during the Sultan's visit to India in December 2023.

Both nations recognized that trade has been a fundamental aspect of their bilateral cooperation and underscored the potential for further growth and diversification. They acknowledged significant opportunities to foster trade in areas such as textiles, automobiles, chemicals, equipment, and fertilizers.

The signing of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) was celebrated as a significant milestone in their economic relationship, with both leaders affirming that it would be mutually advantageous. They encouraged the private sectors of both nations to leverage this agreement.

Recognizing India's rapid economic growth and Oman's strides in diversification, both parties expressed an interest in exploring investment prospects in priority sectors, including infrastructure, technology, manufacturing, food security, and logistics.

The leaders also discussed mechanisms to facilitate bilateral trade in local currencies and welcomed the progress on the Bilateral Investment Treaty, acknowledging its potential to create a robust, investor-friendly environment.

Additionally, they explored ways to strengthen their partnership in the energy sector, expressing satisfaction with current energy trade while recognizing vast potential for expansion.

During the visit, they also adopted a Joint Vision Document on Maritime Cooperation, demonstrating their unified commitment to regional maritime security, the blue economy, and sustainable ocean resource use.

Health collaboration was noted as a critical facet of their partnership, with discussions aimed at enhancing cooperation in this area.

They considered ongoing initiatives, including the proposal for an Ayush chair at the National University of Science and Technology and establishing an information cell in Oman to foster cooperation in traditional medicine.

Reaffirming their commitment to agricultural collaboration, they welcomed the signing of an MOU in agriculture and allied sectors, aiming to advance partnerships in agricultural science, animal husbandry, and aquaculture. They agreed to enhance cooperation in millet cultivation through training and scientific exchanges.

Recognizing their growing ties in technology, including IT services, digital infrastructure, and space applications, both sides expressed satisfaction with the strengthening of cultural cooperation and robust people-to-people ties. They celebrated the joint exhibition, "Legacy of Indo-Oman Relations", and acknowledged ongoing discussions on cultural digitization initiatives.

They also welcomed the MOU on Maritime Heritage and Museums, facilitating collaboration between museums through joint exhibitions and research.

Furthermore, they recognized ongoing cooperation in education and scientific exchange, including the anticipated India-Oman Knowledge Dialogue. The MOU on Higher Education is expected to foster faculty and student exchange, institutional collaboration, and joint research initiatives.

The Omani representatives expressed interest in discussing air service traffic rights, including various destinations and code-sharing arrangements, which the Indian side acknowledged, as per the statement.