India and Oman close to finalising free trade agreement: Piyush Goyal
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Paris: Commerce and Industry Minister Piyush Goyal has hinted that India is close to finalising a free trade agreement (FTA) with Oman, as negotiations between the two nations continue to progress.
"You can expect some good news very soon on the Oman FTA," Goyal told journalists.
Currently on an official visit to France to strengthen trade and investment ties, the minister is also set to participate in a ministerial meeting of the World Trade Organisation (WTO) on Tuesday.
Discussions for the trade pact with Oman began in November 2023, with Goyal visiting the Gulf nation from January 27 to 28 as part of the ongoing negotiations.
During his visit, Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting alongside Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion. The discussions focused on strengthening bilateral cooperation across key sectors, including trade, investment, technology, food security, and renewable energy.
The two ministers also exchanged views on the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is in its advanced stages of negotiation. Both sides agreed to accelerate talks to finalise the agreement, marking a significant milestone in bilateral trade relations with the potential to substantially boost two-way trade and investment.
Goyal further held a one-on-one meeting with Minister Qais, where they conducted a comprehensive review of India-Oman trade and economic ties. They identified concrete steps to reinforce their mutually beneficial business relationship and drive future collaboration.
On the sidelines of the visit, both sides signed the protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters.
Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. The bilateral trade was about USD 10.5 billion, comprising exports of USD 4 billion and imports to the tune of USD 6.54 billion in 2024-25.
(inputs from IANS)