India-Oman Bilateral Trade Set to Grow

India-Oman Bilateral Trade Set to Grow

The 7th India-Oman Joint Commission meeting was held under the leadership of the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Ms Nirmala Sitharaman and His Excellency Dr Ali bin Masoud al Sunaidy, Minister of Commerce & Industry, Oman. During the official interaction, the two sides discussed bilateral economic and commercial matters of mutual interest and discussed ways to increase the bilateral trade and investment linkages between the two countries.

While expressing hope for multiplying trade and business with Oman, Ms Sitharaman stated, “There is a scope for immense interaction and greater engagement with Oman. This meeting has only reinforced the possibilities which exist immensely. There has been a warm and meaningful interaction. We hope to follow it up by a delegation which will be going to Oman in December.” She further noted that, “There are also negotiations with Gulf Cooperation Council. We hope to work a lot more intensely with Oman on newer and more intense economic activity. A lot of new areas of discussion have come out.”

While convinced by the interaction with the Indian counterparts, Dr Sunaidy said, “We have had very constructive two days which will also go on in the next two days in Mumbai. Our trade is expanding globally and we have a clear focus towards increasing the trade in terms of exports and imports with India are expanding. So there is an increase of over 55 pc between 2012 and 2013. We hope that this can be expanded forward.” He added that Oman looks forward “to India as a very close partner as it has always been. And we now have to come up with more innovative ideas for more business in the future.”

Both the Ministers witnessed the signing of MoU on Standards and Metrology between the Bureau of Indian Standards (BIS) and the Ministry of Commerce and Industry, Oman. The two Ministers also welcomed the signing of the Agreement on Legal and Judicial Cooperation in Criminal Matters.

India and Oman enjoy friendly bilateral relations based on strong foundation of mutual trust and respect and people to people linkages. Oman is an important trading partner of India in the Gulf region with bilateral trade exceeding US$ 5.70 billion in 2013-14. The contribution of over 700,000 strong Indian community in the progress and development of Oman is well acknowledged and appreciated.