New Delhi, May 11: The 10th Session of the India-Oman Joint Commission Meeting (JCM) was held on Wednesday in New Delhi.
It was co-chaired by Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India and Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, who is in India now with a 48-member delegation comprising senior officials and business leaders.
Significant Outcomes of the 10th India-Oman JCM:
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 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.