India, Oman agree to speed up talks on signing bilateral economic pact
New Delhi: India and Oman have agreed to expedite the discussions for an early signing of the bilateral Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations, according to a statement issued by the Ministry of Commerce and Industry on Tuesday.
Commerce and Industry Minister Piyush Goyal concluded a successful visit to Oman from January 27-28. CEPA will be a new milestone in bilateral trade relations and has the potential to significantly scale up two-way trade and investments, the statement said.
During the visit, Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion.
The JCM saw productive discussions on enhancing bilateral cooperation in trade, investment, technology, food security, renewable energy, and other key areas.
Minister Goyal held a productive bilateral meeting with Minister Qais during which he undertook a detailed review of the bilateral trade and economic relations between India and Oman and identified concrete steps to further strengthen the mutually beneficial business ties, the statement added.
On the sidelines of the visit, both sides signed the protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters.
Goyal also called on Sayyid Asaad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Special Representative of His Majesty on January 28. HH Sayyid Asaad led the Omani delegation to India for the G-20 Summit in September 2023.
The Indian Minister held bilateral meetings with Sultan bin Salem Al Habsi, Minister of Finance, and Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), to deepen economic ties.
Besides, the Minister participated in the India-Oman Joint Business Council (JBC) meeting which was hosted by the Oman Chamber of Commerce and Industry (OCCI), with the support and participation of a delegation from FICCI. The JBC, which is traditionally held on the sidelines of the India-Oman JCM, provided an excellent platform for wide-ranging discussions between the two business communities and provided exposure to investment opportunities and incentives of both India and Oman, according to the official statement.
Goyal also met with a select group of CEOs and business leaders of Oman at a Business Roundtable hosted by the Ambassador of India at the Indian Embassy premises.
This interaction provided an opportunity for the Minister to directly engage with key business leaders of Oman to apprise them of the India opportunity and seek their suggestions for bilateral cooperation.
As part of another engagement, Goyal addressed the Future Leaders Programme at the Royal Academy of Management, Oman, highlighting India’s growth story and sharing insights on leadership and its role in shaping a better world, the statement added.