India and Oman have decided to speed up talks to sign a key economic agreement, the Comprehensive Economic Partnership Agreement (CEPA), which is nearly ready. Ministry of Industry & Commerce said in its statement on Tuesday.
Minister Piyush Goyal's two-day Oman visit concluded yesterday. The CEPA is expected to be a major step forward in the trade relationship between the two countries, with the potential to boost trade and investments significantly, the statement said.
During his visit, Piyush Goyal co-chaired the 11th India-Oman Jt Commission Meeting (JCM) with Oman’s Minister of Industry, Commerce and Investment Promotion, Qais bin Md Al Yousef. The meeting focused on strengthening cooperation in various areas like trade, investment, technology, food security, renewable energy, and more.
Goyal also met with Minister Qais to review trade and economic relations between India and Oman, discussing specific steps to further enhance their business ties.
On the sidelines, both countries inked an MOU to amend the DTAA - Double Taxation Avoidance Agreement - aligning it with international standards and simplifying tax procedures to encourage better cooperation in tax matters.
Minister Piyush Goyal also met Sayyid Asaad bin Tarik Al Said, Deputy PM for International Relations and Cooperation Affairs, on January 28. Sayyid Asaad led the Omani delegation to India for the G-20 Summit in the past Sept 2023.
Goyal held meetings with Omani finance officials and business leaders to deepen economic connections. He also took part in the India-Oman Joint Business Council meeting, which offered a great chance for both countries’ business communities to explore new investment opportunities.
The Minister wrapped up his visit with a Business Roundtable, where he met with top Omani CEOs and business leaders to discuss further collaboration. He also discussed at the Future Leaders Programme at the Royal Academy of Management, sharing visions on India's growth and leadership.
What Are the Current Trade Dynamics Between Oman and India?
India and Oman have a pretty strong trade relationship. In the last financial year, India sold stuff worth USD 4.47 billion to Oman, and bought things worth USD 4.5 billion from them. They trade all sorts of things, like oil, clothes, electronics, medicines, machines, and steel. Now, they're working on a special agreement called CEPA to make this trade relationship even better and help more industries in both countries.