India and Oman Accelerate Bilateral Economic Pact Negotiations
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Synopsis
India and Oman have committed to expedite discussions for the early signing of the Comprehensive Economic Partnership Agreement (CEPA), as announced by the Ministry of Commerce and Industry. This agreement is in advanced negotiation stages and is expected to enhance bilateral trade relations significantly.
Key Takeaways
- India and Oman are fast-tracking CEPA negotiations.
- Commerce Minister Piyush Goyal's visit to Oman was impactful.
- Key discussions included trade, technology, and renewable energy.
- Protocol signed to amend Double Taxation Avoidance Agreement.
- Investment opportunities highlighted during the Joint Business Council meeting.
New Delhi, Jan 28 (NationPress) India and Oman have decided to accelerate discussions for the swift signing of the bilateral Comprehensive Economic Partnership Agreement (CEPA), which is currently in advanced negotiation stages, as per a statement from the Ministry of Commerce and Industry released on Tuesday.
Commerce and Industry Minister Piyush Goyal concluded a productive visit to Oman from January 27-28. The CEPA is expected to mark a significant milestone in bilateral trade relations, potentially enhancing two-way trade and investment, the statement indicated.
During this visit, Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) alongside Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry, and Investment Promotion of Oman.
The JCM facilitated valuable discussions aimed at boosting bilateral cooperation in various sectors, including trade, investment, technology, food security, renewable energy, and more.
Minister Goyal conducted a fruitful bilateral meeting with Minister Qais, in which they assessed the current state of trade and economic relations between India and Oman, identifying specific measures to enhance their mutually beneficial business connections, as noted in the statement.
Additionally, on the sidelines of the visit, both parties signed a protocol to modify the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with global standards for cross-border taxation, thereby simplifying tax procedures and encouraging enhanced cooperation in tax-related matters.
Goyal also met with Sayyid Asaad bin Tarik Al Said, the Deputy Prime Minister for International Relations and Cooperation Affairs and Special Representative of His Majesty on January 28. HH Sayyid Asaad had previously led the Omani delegation to India for the G-20 Summit in September 2023.
The Indian Minister held meetings with Sultan bin Salem Al Habsi, the Minister of Finance, and Ali bin Masoud Al Sunaidy, the Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), to fortify economic links.
Moreover, the Minister took part in the India-Oman Joint Business Council (JBC) meeting, hosted by the Oman Chamber of Commerce and Industry (OCCI), with support from a delegation from FICCI. This JBC, typically held alongside the India-Oman JCM, provided an excellent platform for extensive discussions among the two business communities and showcased investment opportunities and incentives available in both India and Oman.
Goyal also met with a select group of CEOs and business leaders from Oman during a Business Roundtable organized by the Ambassador of India at the Indian Embassy. This meeting allowed the Minister to engage directly with key business figures from Oman, updating them on opportunities in India and soliciting their insights for enhancing bilateral cooperation.
As part of another engagement, Goyal addressed the Future Leaders Programme at the Royal Academy of Management, Oman, emphasizing India's growth narrative and sharing perspectives on leadership and its role in building a better world, as concluded in the statement.
