Union Commerce Minister Piyush Goyal and Qais Bin Mohammed Al Yousef, the Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman, recently held discussions on enhancing bilateral trade and investment relations. The meeting, which took place during the State Visit of the Sultan of Oman to India, focused on the need for a more focused approach to boost investments in both countries.
One of the key outcomes of the meeting was the decision to establish an Oman Desk in Invest India and an India Desk in Invest Oman. These desks will play a vital role in facilitating investments and strengthening economic ties between the two nations.
The leaders expressed their satisfaction with the ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA). These negotiations have progressed swiftly, with two rounds of discussions held in less than a month. This demonstrates the commitment of both countries to deepen their economic relationship.
Significantly, the India-Oman CEPA negotiations have made substantial progress, with discussions on the text of the agreement largely completed. The leaders urged their negotiators to resolve any remaining issues promptly and pave the way for the early conclusion and signing of the agreement.
India and Oman have a long history of friendship and cooperation, which has been further strengthened by their strategic partnership established in 2008. The bilateral trade and investment relationship between the two nations has seen remarkable growth, with trade reaching USD 12.39 billion in 2022-2023, more than doubling in the previous two years.
This positive upward trajectory underscores the commitment of both countries to foster closer economic ties and capitalize on the mutual benefits that enhanced trade and investment can bring.
