India, Oman Strengthen Bilateral Ties Ahead of Economic Talks
Mumbai, January 24 (Alayaran.com) - Commerce and Industry Minister Piyush Goyal is set to embark on an important visit to Oman, where he will hold the 11th Joint Commission meeting with his Omani counterpart. This milestone meeting aims to fortify bilateral ties and boost cooperation between India and Oman in various sectors.
The two-day visit, scheduled for Monday, January 27, will also feature a joint business council attended by prominent representatives from India's Federation of Indian Chambers of Commerce and Industry (FICCI) and the Oman Chamber of Commerce and Industry. The council is expected to facilitate dialogue and collaboration between Indian and Omani businesses.
The latest trade data highlights remarkable growth in India-Oman bilateral trade, amounting to over $8.94 billion for the fiscal year 2023-2024. Discussions around the Free Trade Agreement (FTA) are also ongoing, with Oman's government requesting a revision of market access for certain products following the conclusion of FTA negotiations.
However, a close look at the proposed changes reveals that they will be minimal, ensuring minimal disruption to trade relations between the two nations. India is poised to witness enhanced market access in Oman, particularly in the services sector and for 98% of its goods.
One area where significant expectations rest on Minister Goyal's visit is with respect to duty concessions on specific products. Contrary to industry expectations, the Indian government is not seeking duty concessions on 125-130 tariff lines, including products like liquor and cigarettes. On the other hand, the Indian trade lobby has voiced opposition to such concessions for Oman's petrochemical products.
The fifth round of India-Oman FTA talks held on January 14 marked considerable progress in discussions. Successful completion of this agreement would not only position India as a key partner within the GCC but also bolster its trade ties with the United Arab Emirates (UAE), following an existing FTA.
As Minister Goyal travels to Oman, his visit is expected to lay ground for further consultations and nurture a mutually beneficial environment that fosters economic collaboration between the two nations.