India-Oman Joint Commission Meeting held
Union Minister of Commerce and Industry, Shri Piyush Goyal, recently concluded a fruitful visit to the Sultanate of Oman from January 27 to 28, 2025. This visit marked a significant step in enhancing bilateral relations between India and Oman. During his time in Oman, Minister Goyal engaged in various discussions aimed at boosting trade, investment, and cooperation in key sectors. His meetings with Omani officials underscored the commitment of both nations to deepen their economic ties.
Productive Discussions at the Joint Commission Meeting
One of the highlights of Minister Goyal’s visit was his co-chairing of the 11th Session of the India-Oman Joint Commission Meeting (JCM) alongside H.E. Qais bin Mohammed Al Yousef, the Omani Minister of Commerce, Industry, and Investment Promotion. This meeting served as a platform for both sides to engage in meaningful discussions about enhancing bilateral cooperation. Key areas of focus included trade, investment, technology, food security, and renewable energy.
During the JCM, the two ministers conducted a thorough review of the existing trade and economic relations between India and Oman. They identified specific steps to strengthen these ties further. The discussions also touched upon the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is currently in advanced stages of negotiation. Both ministers expressed their commitment to expedite discussions for an early signing of the CEPA, which has the potential to significantly increase two-way trade and investments between the two nations.
Signing of the Double Taxation Avoidance Agreement
On the sidelines of the visit, a significant agreement was signed to amend the India-Oman Double Taxation Avoidance Agreement (DTAA). This amendment aligns the agreement with international standards on cross-border taxation. It aims to simplify tax procedures and promote greater cooperation in tax matters between the two countries. This move is expected to encourage more businesses to invest in each other’s markets by reducing the tax burden and fostering a more favorable business environment.
Minister Goyal’s discussions with Omani officials also included meetings with H.E. Sultan bin Salem Al Habsi, the Minister of Finance, and H.E. Ali bin Masoud Al Sunaidy, the Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ). These meetings were crucial in deepening economic ties and exploring new avenues for collaboration.
Engaging with Business Leaders and Future Leaders
Minister Goyal actively participated in the India-Oman Joint Business Council (JBC) meeting, hosted by the Oman Chamber of Commerce and Industry (OCCI). This event provided a valuable platform for discussions between business communities from both nations. It allowed participants to explore investment opportunities and incentives available in India and Oman.
Additionally, the Minister hosted a Business Roundtable at the Indian Embassy, where he met with a select group of CEOs and business leaders from Oman. This interaction was an opportunity for Goyal to share insights about India’s growth story and to gather suggestions for enhancing bilateral cooperation. Furthermore, he addressed the Future Leaders Programme at the Royal Academy of Management in Oman, emphasizing the importance of leadership in shaping a better future.
Cultural Engagement and Strengthening People-to-People Ties
Minister Goyal’s visit was not limited to economic discussions. He also took time to engage with Oman’s rich cultural heritage. He visited the Sultan Qaboos Grand Mosque in Muscat, a symbol of Oman’s architectural beauty. Additionally, he planned to offer prayers at the historic Shiva Temple in old Muscat, highlighting the deep-rooted cultural and people-to-people ties between India and Oman.
The successful visit of Minister Goyal reinforced the strong foundations of India-Oman relations. It paved the way for enhanced collaboration in trade and investment, setting the stage for a prosperous future for both nations.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.