The Majlis A' Shura has approved the draft Comprehensive Economic Partnership Agreement (CEPA) between the Sultanate of Oman and the Government of the Republic of India, which was referred to it by the Cabinet.
The Indian Cabinet on Friday approved the CEPA with the Sultanate of Oman, which is expected to be signed during Prime Minister Narendra Modi’s visit to Muscat on December 17–18, according to people in the know.
What are CEPA objectives
The CEPA aims to enhance trade between the two 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.
Market access
The agreement facilitates improved market access to foster a 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, safeguarding the interests of traders and producers on both sides.
Article 54 of the Council of Oman Law 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.
Ahmed al Sharqi, Chairman of the Economic and Financial Committee and Rapporteur for the ongoing Majlis A Shura session, who presented the Committee’s report on the draft agreement, said that it 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, focusing on 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.
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.
As per India's PTI news agency, bilateral trade stood at around $10.5 billion (exports $4 billion and imports $6.54 billion) in 2024-25.
India's key imports were petroleum products and urea, accounting for over 70 per cent of total imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, iron and steel, and unwrought aluminium.
Elon Musk has become the first person to reach an estimated net worth of more than $600 billion, according to calculations by Forbes magazine published on Monday.
The increase was driven by the recent sale of shares in Musk's space company SpaceX by some employees and investors. Forbes used the price set in the transactions to estimate a higher total value for the company, which in turn boosted its calculation of Musk's stake.
Just hours earlier, Forbes had placed Musk's net worth at around $500billion.
Musk's wealth is primarily tied to his holdings in electric carmaker Tesla and SpaceX. Unlike Tesla, SpaceX is privately held, meaning its value is not determined by a public share price. In such cases,valuations are based on financing rounds or employee stock sales and can vary significantly from eventual market value.
Based on the price employees were able to sell their shares, Forbes calculated a total SpaceX value of $800 billion, up from its previous estimate of $400 billion. With Musk owning roughly 40% of SpaceX,Forbes' revised valuation boosted his estimated net worth to $677billion.
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