Union Mininter of Commerce Piyush Goyal meets Oman counterpart, discuss bilateral trade

The Union Minister of Commerce and Industry, Piyush Goyal, met Oman's Minister of Commerce, Industry and Investment Promotion, Qais Bin Mohammed Al Yousef and their discussions focused on boosting bilateral trade.

Goyal said that they had a productive meeting on Thursday and they also discussed about enhancing cooperation, unlocking new avenues for growth, and deepening the India-Oman economic partnership.

In a post on X, Piyush Goyal said on Friday, "Strengthening ties! Had a productive meeting yesterday with my counterpart from Oman, H.E. Qais bin Mohammed Al Yousef. Discussions focused on boosting bilateral trade, enhancing cooperation, unlocking new avenues for growth, and deepening our economic partnership."

The two leaders earlier met on December 18 on the sidelines of the State Visit of the Sultan of Oman, Haitham bin Tarik to India on December 16, 2023. The leaders expressed satisfaction at the pace of ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA). The leaders underlined that holding two rounds of negotiations in quick succession in less than a month's time is a testimony that both countries are committed to deepening the economic relations further, said the Ministry of Finance in a press statement.

As per the statement, negotiations on the text of the India - Oman CEPA have been largely completed. The leaders exhorted their respective negotiators to conclude discussions on the remaining issues paving the way for the early conclusion of India-Oman CEPA negotiations and signing of the Agreement.

Further, both Ministers also discussed the need for a focused approach to enhancing investments in both countries. It was decided that an 'Oman Desk' would be created in Invest India for this purpose. Similarly, Invest Oman would also launch an India Desk.

Bilateral trade between both countries grew by 82.64% in 2021-2022 to reach USD 9.99 billion. In 2022-2023, it further increased to USD 12.39 billion, more than doubling in the previous two years, in comparison to USD 5.4 billion in 2020-2021.