India, Oman agree to early conclusion of MoUs, acceptance of Rupay card in Oman

The 10th Session of the India-Oman Joint Commission Meeting was co-chaired by Commerce Minister Piyush Goyal and his Omani counterpart Qais bin Mohammed al Yousef, who is in India at the head of a 48-member delegation comprising senior officials and business leaders. Some of the important outcomes of the meeting are summarized below:

Fast-tracking of approvals for registration of Indian pharmaceutical products already registered by USFDA, UKMHRA and EMA was agreed to during the deliberations.

A joint release of a Market Research Report commissioned by the Embassy of India, Muscat on the Pharmaceutical sector in Oman highlighting strategies and opportunities for Indian companies in Oman in this sector.

Appreciation by India for the signing and ratification of International Solar Alliance (ISA) Framework Agreement by Oman and for acceptance of the Green Grids/'One Sun One World One Grid' (OSOWOG) initiative of Prime Minister Narendra Modi for connecting solar energy supply across borders.

Expression of commitment from both sides to facilitate trade and to comprehensively address all issues pertaining to Tariff/Non-Tariff Barriers.

Agreement on expeditious conclusion of all Memorandum of Understanding (MoUs)/ Agreements under discussion, including on standards and metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman etc.

Enhance collaboration across a range of fields with particular emphasis on the 3Ts (Trade, Technology, Tourism), food & agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism.

India-Oman bilateral trade has increased from US$ 5.4 billion in 2020-21 to US$ 9.94 billion during 2021-2022, an annual growth of 82.6%, both sides noted.

Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.

There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of US$ 7.5 billion.

Cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 amounted to USD 558.68 million.

Minister Qais of Oman extended a cordial invitation to Piyush Goyal to visit Oman in 2023 for the next session of the JCM. Minister Goyal accepted the invitation. The dates will be decided through diplomatic channels, an official statement said.