SME Times News Bureau | 11 May, 2022
The
10th Session of the India-Oman Joint Commission Meeting (JCM) was held
on 11 May 2022 in New Delhi. It was co-chaired by Union Minister of Commerce & Industry Piyush Goyal, and his Omani counterpart Qais
bin Mohammed al Yousef, who is in India now with a
48-member delegation comprising senior officials and business leaders.
With
forward-looking and solution-oriented deliberations, the JCM witnessed
significant progress on all matters of mutual interest across the entire
gamut of bilateral economic relations between the two countries. Some
of the important outcomes of the meeting are summarized below:
Fast
tracking of approvals for registration of Indian pharmaceutical
products already registered by USFDA, UKMHRA and EMA was agreed to
during the deliberations.
Joint
release of a Market Research Report commissioned by the Embassy of
India, Muscat on Pharmaceutical sector in Oman highlighting strategies
and opportunities for Indian companies in Oman in this sector.
Appreciation
by India for the signing and ratification of International Solar
Alliance (ISA) Framework Agreement by Oman and for acceptance of the
Green Grids/'One Sun One World One Grid' (OSOWOG) initiative of Prime
Minister Narendra Modi for connecting solar energy supply across
borders.
Expression
of commitment from both sides to facilitate trade and to
comprehensively address all issues pertaining to Tariff/Non-Tariff
Barriers.
Agreement
on expeditious conclusion of all Memorandum of Understanding (MoUs)/
Agreements under discussion, including on standards and metrology,
India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral
Investment Treaty, Invest Oman and Invest India, and Rupay card
acceptance in Oman etc.
Enhance
collaboration across a range of fields with particular emphasis on the
3Ts (Trade, Technology, Tourism), food & agriculture, renewable
energy including Green Hydrogen and Green Ammonia, health and
pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and
tourism.
Bilateral
trade has been witnessing robust growth increasing from US$ 5.4 billion
in 2020-21 to US$ 9.94 billion during 2021-2022, an impressive annual
growth of 82.6%. Indian firms have invested heavily in Oman in various
sectors like iron and steel, cement, fertilizers, textile, cables,
chemicals, automotive, etc. There are over 6,000 Indian enterprises and
establishments in Oman with an estimated investment of US$ 7.5
billion. Cumulative FDI equity inflows from Oman to India during the
period April 2000-December 2021 have amounted to USD 558.68 million.
Minister Qais of Oman extended a cordial invitation to CIM Shri Piyush
Goyal to visit Oman in 2023 for the next session of the JCM. CIM
accepted the invitation with pleasure. The dates will be decided through
diplomatic channels.
A
meeting of the India-Oman Joint Business Council is scheduled to be
held tomorrow at 11:00 AM at Hotel Leela Palace, New Delhi. Large
participation of business and investor communities from both the
countries is expected at the event.