The Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, along with Pankaj Khimji, Adviser for Foreign Trade and International Cooperation, are in India to prepare the course for the Free Trade Agreement (FTA) between Oman and India. They are working towards an India-Oman Comprehensive Economic Partnership Agreement (CEPA) to enhance trade between the two countries. India’s vast market combined with Oman’s strategic ports of Sohar, Salalah, and Duqm make them ideal development partners due to Oman’s unique location between the east and the west.
Indian Union Minister of Commerce and Industry, Piyush Goyal, recently met with the Minister of Commerce, Industry and Investment Promotion to discuss enhancing cooperation and deepening the economic partnership between India and Oman. Both countries are committed to boosting bilateral trade, expanding cooperation, and finding new areas for growth. Negotiations for the India-Oman CEPA have been progressing well with two rounds of negotiations taking place in less than a month, indicating a strong commitment to strengthening economic ties.
The leaders expressed satisfaction with the pace of the negotiations for the India-Oman CEPA and urged negotiators to finalize discussions on remaining issues for early conclusion and signing of the agreement. They also discussed the importance of increasing investments in both countries, leading to the creation of an ‘Oman Desk’ in Invest India to facilitate investments. Oman is eager to enter into agreements with India, having already reached agreements on over 80% of products with ongoing negotiations for the remaining few.
Pankaj Khimji invited businessmen to Oman for destination weddings and big events, highlighting the country’s ability to provide an amazing experience for guests. He also encouraged filmmakers to consider shooting in Oman, touting its unparalleled natural beauty in the region. The food habits of Omanis living along the coast are similar to those of Indians, making Oman an attractive destination for Indian visitors. With ongoing negotiations and a focus on increasing investments, the India-Oman economic partnership is set to further strengthen in the future.
