New Delhi, Dec. 22 -- India and Oman trade goods worth roughly $10 billion annually. Still, the CEPA signed last week comes at a pivotal moment for India's trade policy, as it seeks deeper market access, supply-chain security and services expansion.

Mint breaks down what the India-Oman CEPA covers, who stands to gain, and why the agreement carries significance beyond headline trade numbers.

The CEPA is a broad agreement covering both trade and investment. Oman will provide zero-duty access on 98% of its tariff lines, covering 99% of India's exports by value.

India has agreed to eliminate or reduce tariffs on 78% of its tariff lines, covering 95% of Oman's exports. Sensitive items for India-such as dates, marbles and petrochemicals-will...