New Delhi: India appreciated the signing and ratification of the 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, at the 10th Session of the India-Oman Joint Commission Meeting (JCM) held in New Delhi on Wednesday.
The meeting 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 include the fast-tracking of approvals for registration of Indian pharmaceutical products already registered by USFDA, UKMHRA and EMA were agreed upon during the deliberations.
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A joint release of a Market Research report commissioned by the Embassy of India, Muscat, on the pharmaceutical sector in Oman highlighted strategies and opportunities for Indian companies in Oman. Both sides expressed commitment to facilitating trade and comprehensively addressing all issues about 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-Invest India and Rupay card and acceptance in Oman was also signed. India-Oman enhanced 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 and youth theatre he 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 per cent. Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals and automotive.
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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 amounted to USD 558.68 million. Minister Qais of Oman extended a cordial invitation to Piyush Goyal to visit Oman in 2023 for the next session of the JCM and in turn, He accepted the invitation. The dates will be decided through diplomatic channels. A meeting of the India-Oman Joint Business Council is scheduled to be held on Thursday at 11 am in New Delhi. The large participation of business and investor communities from both countries is expected at the event.
