Latest news with #India-Oman
Time of India
02-06-2025
- Business
- Time of India
India-Oman free trade pact may be signed soon: Piyush Goyal
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.
Time of India
22-05-2025
- Business
- Time of India
'India, Oman close to signing trade pact '
The proposed India-Oman comprehensive economic partnership agreement is close to conclusion except for a few issues that are yet to be resolved, an official said. The ' Omanisation ' policy, which mandates employment of Omani nationals in the private sector, and its market access demands for petrochemical products are some of the remaining issues. New Delhi has insisted that the sector-specific quotas for compulsory employment of Omanis must be frozen at the current levels for India and not increased after CEPA is signed. This assumes significance as the quotas are periodically revised and can vary between 15% and 30%. "We want existing regime of Omanisation to become permanent for us so that it doesn't become more restrictive in future, especially after the CEPA is signed," the official said.
Time of India
15-05-2025
- Business
- Time of India
India En route to Boost Gulf Trade
Live Events India is deepening its economic ties with the Gulf, finalising trade deals, in the backdrop of enduring tensions with Pakistan. Most of the Gulf nations had taken a neutral stance during the conflict between two sides while urging restraint and may soon ink a free trade agreement with Oman, its oldest strategic partner in the region. Talks for the India-Oman FTA are almost complete, and an announcement is expected this month, said people in know of the Delhi is 'seriously considering' similar pacts with other Gulf countries such as Qatar, the people said. Qatar — whose Emir visited New Delhi this February and is looking to make major investments in India — stayed neutral during the India-Pakistan already has a trade deal with the UAE. It is also negotiating an FTA with the Gulf Cooperation Council (GCC) to further enhance cooperation in trade, energy, investment, and security with the region. The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman and for the India-Oman Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023.
Economic Times
15-05-2025
- Business
- Economic Times
India en route to boost Gulf trade amid tensions with Pakistan
India strengthens its economic bonds with Gulf nations. Trade agreements are being finalized. A free trade agreement with Oman is expected soon. Similar pacts with Qatar and other Gulf countries are under consideration. India already has a trade deal with the UAE. Negotiations with the Gulf Cooperation Council are ongoing. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is deepening its economic ties with the Gulf, finalising trade deals, in the backdrop of enduring tensions with Pakistan. Most of the Gulf nations had taken a neutral stance during the conflict between two sides while urging restraint and may soon ink a free trade agreement with Oman, its oldest strategic partner in the region. Talks for the IndiaOman FTA are almost complete, and an announcement is expected this month, said people in know of the development. New Delhi is 'seriously considering' similar pacts with other Gulf countries such as Qatar, the people said. Qatar — whose Emir visited New Delhi this February and is looking to make major investments in India — stayed neutral during the India-Pakistan already has a trade deal with the UAE. It is also negotiating an FTA with the Gulf Cooperation Council (GCC) to further enhance cooperation in trade, energy, investment, and security with the region. The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. Talks for the IndiaOman Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023.'Only a few issues are left to be resolved with Oman and an announcement could be made this month,' said one of the persons cited goods exports to Oman reached $4.42 billion during the April-February period of FY25, while imports were at $4.52 billion. India's key imports are petroleum products and urea — together accounting for more than 70% of the import and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel are the other key imports from the Gulf nation. Its main export items to Oman are light oils and preparations; ships, boats and floating structures; aluminium oxide other than artificial corundum; rice; boilers, machinery and mechanical appliances, parts thereof; aeroplanes and other aircraft; sunglasses; meat and edible meat offal; birds' eggs; fruits, vegetables, spices, tea, and two sides have also signed the protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on crossborder taxation. Investment flows, both ways, have been robust, reflected in numerous joint ventures in both joint venture investments in Oman are estimated at $776 million as of December 2023. Total FDI inflows from Oman to India during April 2000 to June 2024 stand at $597.14 million, as per a factsheet of the Indian Embassy in Oman.
Times of Oman
14-04-2025
- Business
- Times of Oman
Indian Foreign Minister Jaishankar speaks to Omani counterpart Sayyid Badr
New Delhi: External Affairs Minister S Jaishankar held a telephonic conversation with the Foreign Minister of Oman, Sayyid Badr bin Hamad Al Busaidi and shared the details of the conversation in a post on X on Sunday. In a post on X, the EAM said that the two leaders discussed the regional developments taking place. The EAM wrote on X, "Appreciate the telecon with FM @badralbusaidi of Oman today. Discussed recent regional developments." Previously, Al Jazeera reported that the United States and Iran had concluded "indirect" negotiations in Muscat, Oman, and agreed to hold further talks next week. The discussions, mediated by Oman, aimed to address key issues between the two countries. The talks were described as being conducted in a "constructive atmosphere and based on mutual respect." Iranian Foreign Minister Abbas Araghchi and US Special Envoy Steve Witkoff led their respective delegations, with Omani Foreign Minister Sayyid Badr bin Hamad Al Busaidi acting as chief mediator, as per Al Jazeera. The conversation between EAM Jaishankar and the Foreign Minister of Oman come after the two had held a bilateral meeting in February earlier this year. During the meeting, both leaders had reviewed the full spectrum of India-Oman relations. The EAM conveyed his appreciation to the leadership of the Sultanate of Oman for hosting the Indian Ocean Conference and for their steadfast support in strengthening India-Oman ties. Discussions also focused on avenues for further enhancing collaboration in areas of mutual interest, the MEA noted in its statement. According to the Ministry, EAM Jaishankar also unveiled the specially designed logo celebrating 70 years of diplomatic relations between India and Oman, along with Sayyid Badr Albusaidi. As both countries prepare to commemorate this in 2025, the logo symbolises the long-standing partnership built on history, culture, and strong people-to-people ties. Notably, EAM Jaishankar also launched the book, Mandvi to Muscat: Indian Community and the Shared History of India and Oman, along with the Foreign Minister of Oman. Brought out by the Embassy of India in Muscat, the book highlights the rich history of the Indian diaspora in Oman and the centuries-old people-to-people ties that continue to shape bilateral relations.
