Piyush Goyal, the Union Minister overseeing Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, revealed that India is currently contemplating the prospect of establishing a Preferential Trade Agreement (PTA) with Oman. Delivering the keynote address at the 10th Meeting of the India-Oman Joint Business Council (JBC) held in New Delhi today, he also highlighted India’s ongoing pursuit of a comprehensive trade agreement with the nations comprising the Gulf Cooperation Council (GCC), of which Oman holds a significant position.
During his speech, the Union Minister emphasized the recent Joint Commission Meeting (JCM) between India and Oman, underscoring its long-awaited occurrence and productive outcome. He expressed his confidence that discussions between business leaders from both sides would complement the deliberations within the JCM, giving rise to innovative concepts that strengthen the existing profound bond of friendship and translate aspirations into reality.
Piyush Goyal acknowledged the historic connection between India and Oman, spanning more than 5,000 years, marked by camaraderie and strong people-to-people ties. Despite this close relationship, he pointed out that bilateral trade and investment between the two nations have yet to reach their full potential. He stressed that the engagement witnessed in the JCM, coupled with the rapport between himself and his Omani counterpart, the visionary leadership of both countries, and the warm people-to-people connections, should catalyze a significant surge in business engagement.
The Union Minister paid tribute to the late HM Sultan Qaboos, acknowledging his revered status in India and his significant role in nurturing close bilateral relations. Goyal highlighted the obligation to translate Sultan Qaboos’s vision into reality, elevating the partnership between India and Oman to its rightful heights.
Expressing optimism about the Joint Business Council (JBC), Goyal affirmed its role in complementing the efforts of both governments to deepen their engagement. He emphasized that the true potential of these agreements would be realized through enthusiastic participation from businesses, which would subsequently embolden political leadership to make decisive strides. Goyal encouraged businesses in both countries to explore fresh opportunities, particularly in services, investment, food security, sustainability, renewable energy, and startups.
The Minister recognized Oman’s compassionate treatment of expatriate Indians during the pandemic, highlighting the nation’s position as the first among the GCC to authorize the use of India-made Covaxin. Goyal also emphasized the cultural and culinary ties between the two nations, noting their role in fostering closer relations among their citizens.
Goyal extended an invitation to the Government of Oman to enhance their pharmaceutical trade with India, referencing the recently unveiled market study on cooperation within the pharma sector. He expressed his confidence that this report would prove invaluable to Indian companies aiming to enter the Omani market, enabling the provision of quality healthcare products at competitive prices. He also thanked Oman for its expedited approval of Indian medicines that have already gained clearance from robust regulatory environments like those of the UK, EU, and USA.
The Minister urged both nations to spare no effort in collaborating to enhance the lives of their respective populations.
H.E. Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman, affirmed the success of the Joint Commission Meeting and highlighted the mutual trust and confidence between India and Oman. He extended an invitation to Indian companies to invest and conduct business in Oman.
The event was attended by dignitaries including H.E. Sheikh Hamad Bin Saif Bin Abdul Aziz Al-Rawahi, Ambassador Extraordinary and Plenipotentiary of the Sultanate of Oman, Amit Narang, the Indian Ambassador to Oman, as well as prominent figures from Indian and Omani industries.
