India-Oman free trade pact may be signed soon: Piyush Goyal

Paris, June 2 (IANS) Commerce and Industry Minister Piyush Goyal has indicated that India is likely to sign a free trade agreement (FTA) with Oman soon, as the talks between the two countries are making headway.

"I think you will see some good news very soon on the Oman FTA," the minister told journalists here.

The minister is on an official trip to France with the aim of boosting trade and investments and will also attend a ministerial meeting of the World Trade Organisation (WTO) on Tuesday.

The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27 to January 28.

During the visit, Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman. The meeting saw productive discussions on enhancing bilateral cooperation in trade, investment, technology, food security, renewable energy and other key areas.

The two Ministers exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is at advanced stages of negotiations. Both Ministers agreed to expedite the discussions for an early signing of the CEPA, which will be a new milestone in bilateral trade relations and has the potential to significantly scale up two-way trade and investments.

The Minister also held a productive bilateral meeting with Minister Qais during which he undertook a detailed review of the bilateral trade and economic relations between India and Oman and identified concrete steps to further strengthen the mutually beneficial business ties.

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.

--IANS

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