We may consider a special trade agreement with Oman to enhance the relationship: Goyal

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We may consider a special trade agreement with Oman to enhance the relationship: Goyal

In a PTA, trading partners reduce import duties on certain identified products to boost trade.

The bilateral trade has increased from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022.

Speaking at the India-Oman business council meeting, Oman’s Minister for Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef invited Indian businesses to explore opportunities.

Oman has also agreed to fast-track approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.

Story Highlights

  • “We may consider doing a preferential trade agreement with Oman to begin with because we are looking for a comprehensive agreement between the GCC region and India, (which is) under active discussion,” Goyal said.

  • He also said that there is a vast potential to boost bilateral trade and investments between the countries.

He is leading a 40-member delegation to India.

Vikramjit Singh Sahney, Chair FICCI India-Arab Council and Chairman, Sun International, said there is huge potential for both the countries to further strengthen economic ties.