Union Minister of Commerce and Industry, Shri Piyush Goyal, concluded a successful visit to the Sultanate co-chairing the 11th Session of the India-Oman Joint Commission Meeting (JCM) with Omani Minister of Commerce, Industry, and Investment Promotion, H.E. Qais bin Mohammed Al Yousef. The two-day visit focused on enhancing cooperation in trade, investment, technology, food security, renewable energy, and other key sectors.
During the JCM, Minister Goyal held productive discussions with Minister Qais, reviewing the current state of bilateral trade and economic relations. Both sides identified concrete steps to strengthen their business ties. A significant highlight of the discussions was the progress on the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is in the advanced stages of negotiation. The Ministers agreed to expedite talks to facilitate the early signing of the agreement, which is expected to significantly boost bilateral trade and investment.
On the sidelines of the JCM, India and Oman signed the Protocol to amend the Double Taxation Avoidance Agreement (DTAA), aligning it with international standards. This amendment aims to simplify tax procedures and promote enhanced cooperation in cross-border taxation.
Minister Goyal also met with His Highness Sayyid Asa’ad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs of Oman, following their previous interactions at the G-20 Summit in India in September 2023. The Minister also held meetings with key Omani officials, including H.E. Sultan bin Salem Al Habsi, Minister of Finance, and H.E. Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), to explore deeper economic ties.
A highlight of the visit was Minister Goyal’s participation in the India-Oman Joint Business Council (JBC) meeting hosted by the Oman Chamber of Commerce and Industry (OCCI), supported by a FICCI delegation. The JBC provided a platform for in-depth discussions between Indian and Omani business communities and showcased opportunities for investment and collaboration.
The Minister also engaged with Omani business leaders at a Business Roundtable hosted by the Indian Embassy, where he emphasized the opportunities in India and sought suggestions for strengthening bilateral cooperation. Additionally, Shri Goyal addressed the Future Leaders Programme at the Royal Academy of Management in Oman, sharing insights on leadership and India’s growth trajectory.
During his visit, the Minister toured the Sultan Qaboos Grand Mosque in Muscat, highlighting the cultural ties between India and Oman. He also offered prayers at the historic Shiva Temple in Old Muscat, further underscoring the deep-rooted people-to-people connections between the two nations.
Minister Goyal’s visit to Oman reinforced the strong foundations of India-Oman relations and paved the way for enhanced collaboration in trade, investment, and cultural exchange.
