India and Oman recently agreed to expedite their internal procedures for signing and ratification of the protocol amending the India-Oman Double Taxation Agreement and concluding the India-Oman Bilateral Investment Treaty. The 9th session of the India-Oman Joint Commission Meeting (JCM) was held on October 19 virtually. Both sides reviewed trade and investment ties.

It was co-chaired by Indian minister of state for commerce and industry Hardeep Singh Puri and his counterpart from Oman Qais bin Mohammed al Yousef.

Both sides reaffirmed their commitment to expand bilateral trade and encourage businesses to invest in each other’s country to realise the untapped potential in the commercial and economic relationship.

Both sides agreed to cooperate in areas of agriculture & food security, standards & metrology, tourism, information technology, health & pharmaceuticals, space, civil aviation, energy, culture, mining and higher education, according to a press release from the Indian embassy in Oman.

Both sides also reviewed the progress of prospective memoranda of understanding in the field of mining, standards and metrology, financial intelligence, cultural exchange and information technology, and agreed to conclude them expeditiously.

For Oman, India was the third largest source for its imports and the third largest market for its non-oil exports. Bilateral trade between both grew at 8.5 per cent in 2019-20 over the previous year to reach $5.93 billion. While India’s exports to Oman were valued at $2.26 billion, India’s imports from Oman amounted $3.67 billion in 2019-2020.

Fibre2Fashion News Desk (DS)

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