Muscat: Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion (MOCIIP), said that the Sultanate of Oman is looking forward to concluding a free trade agreement with India.
He said while participating during his participation in the G20 trade and investment ministers' meetings in New Delhi, which discussed the issue of non-tariff barriers and increased protectionism in countries.
The ministers will discuss several topics, the most important of which are WTO reform mechanisms, trade for growth and prosperity, trade logistics services, trade, value chains, and the integration of micro, small, and medium enterprises into global trade.
The economic and commercial relations between India and Oman are robust and buoyant. Bilateral trade during FY 2020-2021 stood at USD 5.4432 billion. Bilateral trade for the year 2021-2022 reached US$ 9.988 billion and for the year 2022-2023 (Apr-Jan) reached US$ 10.659 billion.
Investment flows, both ways, have been robust, as reflected in numerous joint ventures, established both in India and Oman. There are over 6000 India-Oman joint ventures in Oman with an estimated investment of over US$ 7.5 billion.
Indian companies have emerged as leading investors in Oman, particularly at Sohar and Salalah Free Zones.
One of the major goal of #G20 is to facilitate trade and India can attain that through #FTAs, both bilaterally and in near future perhaps through #GCC as well. ~ H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry & Investment Promotion, Sultanate of Oman at the... pic.twitter.com/9BzOES6hgW
— B20 (@b20) August 25, 2023
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