Union Minister of Commerce and Industry Piyush Goyal and Oman’s Minister of Commerce, Industry, and Investment Promotion, H.E. Qais Bin Mohammed Al Yousef, held discussions on Monday to enhance bilateral trade and investment relations. The meeting took place during the three-day state visit of the Sultan of Oman, His Majesty Haitham bin Tarik, to India.
Both leaders expressed satisfaction with the ongoing negotiations, highlighting the swift pace in talks for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA). The commitment to deepening economic relations was evident as two rounds of negotiations occurred within a month. Substantive discussions on the text of the India-Oman CEPA have reached an advanced stage, with both leaders urging negotiators to promptly resolve remaining issues, paving the way for the early conclusion of the agreement.
In addition to trade talks, the ministers emphasized the need for a targeted approach to enhance investments in both countries. To facilitate this, an Oman Desk will be established in Invest India, and reciprocally, Invest Oman will launch an India Desk.
India and Oman share a history of friendship and cooperation, rooted in mutual trust, respect, and centuries-old people-to-people ties. The strategic partnership between the two nations, established in 2008, has seen significant growth in bilateral trade and investment since diplomatic relations were initiated in 1955.
Bilateral trade between India and Oman witnessed remarkable growth, surging by 82.64% in 2021-2022, reaching USD 9.99 billion. The momentum continued in 2022-2023, with trade exceeding USD 12.39 billion—more than doubling in the previous two years compared to USD 5.4 billion in 2020-2021.