Union Minister of Commerce & Industry Shri Piyush Goyal concludes successful visit to Oman

Union Minister of Commerce and Industry, Shri Piyush Goyal concluded a successful visit to the Sultanate of Oman from 27-28 January 2025.

During the visit, Shri Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) with H.E. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of Sultanate of Oman. The JCM saw productive discussions on enhancing bilateral cooperation in trade, investment, technology, food security, renewable energy and other key areas. The Minister held a productive bilateral meeting with Minister Qais during which he undertook a detailed review of the bilateral trade and economic relations between India and Oman and identified concrete steps to further strengthen the 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 addressed the Future Leaders Programme at the Royal Academy of Management, Oman, highlighting India’s growth story and sharing insights on leadership and its role in shaping a better world.

The Commerce Minister visited the Sultan Qaboos Grand Mosque in Muscat which is an icon of cultural and architectural heritage of Oman. He will also offer prayers at the historic Shiva Temple in old Muscat, later this evening, underscoring the deep-rooted cultural and people-to-people ties between India and Oman.

The successful visit of the Shri Goyal reinforced the strong foundations of India-Oman relations, paving the way for enhanced collaboration in trade and investment.

Double Taxation Avoidance Agreement amendment aligns cross border taxation with international standards and boosts tax cooperation. Ministers advanced bilateral cooperation across trade, investment, technology, food security and renewable energy and agreed to expedite a Comprehensive Economic Partnership Agreement (CEPA) to expand market access. They signed a Protocol amending the Double Taxation Avoidance Agreement (DTAA) to align with international cross border taxation standards, simplify tax procedures and enhance cooperation on tax administration.