Tuesday 24 / December / 2024
Mumbai: The Minister of Commerce, Industry and Investment Promotion, Qais Al Yousef, is in India along with Pankaj Khimji , Adviser for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, to prepare the course for the Free Trade Agreement (FTA) between the Sultanate of Oman and India.
In fact, work is on for an India-Oman Comprehensive Economic Partnership Agreement (CEPA) so that the trade between the two countries gets a further boost. India is a vast country with a huge market but Oman can be a development partner with its strategic ports of Sohar, Salalah and Duqm due to its unique location between the west and the east, added the minister.
Indian Union Minister of Commerce and Industry, Piyush Goyal had a meeting with the Minister of Commerce, Industry and Investment Promotion on Thursday during which they discussed about enhancing cooperation, unlocking new avenues for growth, and deepening the India-Oman economic partnership.
“Discussions focused on boosting bilateral trade, enhancing cooperation, unlocking new avenues for growth, and deepening our economic partnership," said Goyal.
The leaders expressed satisfaction at the pace of ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA). The leaders underlined that holding two rounds of negotiations in quick succession in less than a month’s time is a testimony that both countries are committed to deepening the economic relations further, said the Ministry of Finance in a press statement.
As per the statement, negotiations on the text of the India - Oman CEPA have been largely completed. The leaders exhorted their respective negotiators to conclude discussions on the remaining issues paving the way for the early conclusion of India-Oman CEPA negotiations and signing of the Agreement.
Further, both Ministers also discussed the need for a focused approach to enhancing investments in both countries. It was decided that an ‘Oman Desk’ would be created in Invest India for this purpose.
"Oman has FTA agreement with the US and it hopes to enter into agreement with India soon," said Pankaj Khimji.
“We have agreement on more than 80 percent of products but negotiations are going on for the remaining few ones and hopefully will see some positive results soon," he said.
The Adviser to the Minister of commerce invited businessmen to come for destination and big fat weddings as Oman has all the ingredients to give an amazing experience to its guests.
He also invited film makers to come for film shoots as Oman has natural beauty that is unparalleled in the region. “Even the food habits of Omanis living along the coast are similar to Indians."
