Piyush Goyal Concludes Successful Visit to Oman

Union Minister of Commerce and Industry, Shri Piyush Goyal, wrapped up a successful visit to the Sultanate of Oman.

During his visit, Shri Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) alongside H.E. Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion. The meeting facilitated in-depth discussions on expanding bilateral cooperation in key areas such as trade, investment, technology, food security, renewable energy, and more. In a fruitful bilateral session with Minister Qais, the two leaders conducted a comprehensive review of India-Oman trade and economic relations, identifying tangible steps to further enhance their mutually beneficial business ties.

The two Ministers also exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations. Both Ministers agreed to expedite the discussions for an early signing of the CEPA which will be a new milestone in bilateral trade relations and has the potential to significantly scale-up two-way trade and investments.

On the sidelines of the visit, both sides signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters.

Minister Goyal called-on His Highness Sayyid Asa’ad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Special Representative of His Majesty on January 28, 2025. HH Sayyid Asaad had led the Omani delegation to India for the G-20 Summit in September 2023.

Shri Goyal also held bilateral meetings with H.E. Sultan bin Salem Al Habsi, Minister of Finance, and H.E. Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), to deepen economic ties.

The Minister participated in the India-Oman Joint Business Council (JBC) meeting which was hosted by the Oman Chamber of Commerce and Industry (OCCI), with support and participation of a delegation from FICCI. The JBC, which is traditionally held on the sidelines of the India-Oman JCM, provided an excellent platform for wide ranging discussions among the two business communities and provided exposure to investment opportunities and incentives of both India and Oman.

Shri Goyal met with a select group of CEOs and business leaders of Oman at a Business Roundtable hosted by the Ambassador of India at the Indian Embassy premises. This interaction provided an opportunity for the Minister to directly engage with key business leaders of Oman to apprise them of the India opportunity and seek their suggestions for bilateral cooperation.

Minister Goyal also spoke at the Future Leaders Programme at the Royal Academy of Management in Oman, emphasizing India's growth story and offering insights on leadership and its role in building a better world.

The Commerce Minister visited the Sultan Qaboos Grand Mosque in Muscat, a symbol of Oman’s cultural and architectural heritage. Later in the evening, he will offer prayers at the historic Shiva Temple in Old Muscat, reflecting the strong cultural and people-to-people connections between India and Oman.

Shri Goyal's successful visit strengthened the foundations of India-Oman relations, setting the stage for increased collaboration in trade and investment.