MoC : We may consider
preferential trade pact with Oman to boost ties: Goyal
may consider negotiating a preferential trade agreement (PTA) with Oman to
further boost economic ties between the countries, Commerce and Industry
Minister Piyush Goyal said on Thursday.
is also under active discussions with Gulf Cooperation Council (GCC) for a
comprehensive trade agreement, the minister said.
is a union of six countries in the Gulf region, namely Bahrain, Kuwait, Oman,
Qatar, Saudi Arabia and the UAE.
may consider doing a preferential trade agreement with Oman to begin with
because we are looking for a comprehensive agreement between the GCC region and
India, (which is) under active discussion," Goyal said.
a PTA, trading partners reduce import duties on certain identified products to
also said that there is a vast potential to boost bilateral trade and
investments between the countries.
bilateral trade has increased from USD 5.4 billion in 2020-21 to USD 9.94
billion during 2021-2022.
has also agreed to fast-track approval for Indian pharma products that are
already registered by the US Food and Drug Administration (USFDA), UK drug
regulator MHRA and European Medicines Agency.
at the India-Oman business council meeting, Oman's Minister for Commerce,
Industry and Investment Promotion Qais bin Mohammed al Yousef invited Indian
businesses to explore opportunities.
is leading a 40-member delegation to India.
Singh Sahney, Chair FICCI India-Arab Council and Chairman, Sun International,
said there is huge potential for both the countries to further strengthen economic