India, Oman hold Joint Commission meeting, leaders discuss enhancing trade, investment

The meeting was co-chaired by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman.

JCM saw productive discussions on enhancing bilateral cooperation in trade, investment, technology, food security, renewable energy and other key areas. The Minister 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, an official release said.

The two Ministers also exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations. Both Ministers agreed to expedite the discussions for an early signing of the CEPA which will be a new milestone in bilateral trade relations and has the potential to significantly scale-up two-way trade and investments.

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 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.

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 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 among the two business communities and provided exposure to investment opportunities and incentives of both India and Oman.

Goyal 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.

The minister also 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 Commerce Minister visited the Sultan Qaboos Grand Mosque in Muscat which is an icon of cultural and architectural heritage of Oman. He will also offer prayers at the historic Shiva Temple in old Muscat, later this evening, underscoring the deep-rooted cultural and people-to-people ties between India and Oman.

The successful visit of the Union Commerce Minister reinforced the strong foundations of India-Oman relations, paving the way for enhanced collaboration in trade and investment, the release said. (ANI)

Union Minister Piyush Goyal at India-Oman Joint Business Council (Photo/@PiyushGoyal)