Mumbai: The Minister of Commerce, Industry, and Investment Promotion, Qais Al Yousef, is currently in India alongside Pankaj Khimji, the Adviser for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry, and Investment Promotion, to finalize preparations for the Free Trade Agreement (FTA) between the Sultanate of Oman and India.
Indeed, efforts are underway to establish an India-Oman Comprehensive Economic Partnership Agreement (CEPA), aimed at further enhancing trade between the two nations. India, with its vast market, presents a significant opportunity, while Oman, strategically located between the west and the east, is seen as a valuable development partner through its ports of Sohar, Salalah, and Duqm, according to the minister.
The Union Minister of Commerce and Industry, Piyush Goyal, engaged in discussions with the Minister of Commerce, Industry, and Investment Promotion on Thursday. During this meeting, they deliberated on strategies to foster cooperation, explore new avenues for growth, and deepen the economic ties between India and Oman.
"The discussions centered on the acceleration of bilateral trade, the enhancement of cooperation, the exploration of new growth opportunities, and the deepening of our economic partnership," stated Goyal.
The leaders expressed satisfaction with the progress of negotiations towards the signing of an India-Oman Comprehensive Economic Partnership Agreement (CEPA). They emphasized that the completion of two rounds of negotiations in less than a month is evidence of their commitment to further deepening the economic relations between the two countries, as highlighted by the Ministry of Finance in a press statement.
According to the statement, negotiations on the text of the India-Oman CEPA have been largely concluded. The leaders have encouraged their negotiators to address the remaining issues to facilitate the early conclusion of negotiations for the signing of the Agreement.
Furthermore, the Ministers also discussed the importance of a focused approach to increasing investments in both countries. It was decided that an 'Oman Desk' would be established within Invest India to address this need.
"Oman has a Free Trade Agreement with the United States and is in the process of negotiating with India, aiming to conclude an agreement soon," mentioned Pankaj Khimji.
"We have agreements on over 80 percent of products, and negotiations for the remaining few are ongoing. We are hopeful for positive outcomes in these discussions," he added.
The Adviser to the Minister of Commerce extended invitations to businessmen for visits to India and grand weddings, highlighting Oman's potential to offer an exceptional experience to its guests. He also invited filmmakers to explore Oman's natural beauty, which is considered unparalleled in the region. "The food culture of Omanis living along the coast is remarkably similar to that of Indians," he noted.
