Gulf connect: India & Oman push Bilateral Investment Treaty, introduction of Rupay Card in Oman

The 10th Session of the India-Oman Joint Commission Meeting (JCM) held here and co-chaired Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, and Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of Oman, decided to push Bilateral Investment Treaty and introduction of Rupay Card in the Gulf country.

Al Yousef is in India now with a 48-member delegation comprising senior officials and business leaders.

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: Fast tracking of approvals for registration of Indian pharmaceutical products already registered by USFDA, UKMHRA and EMA was agreed to during the deliberations; Joint release of a Market Research Report commissioned by the Embassy of India, Muscat on Pharmaceutical sector in Oman highlighting strategies and opportunities for Indian companies in Oman in this sector; Appreciation by India for the signing and ratification of 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; Expression of commitment from both sides to facilitate trade and to comprehensively address all issues pertaining to 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 and Invest India, and Rupay card acceptance in Oman.

It was agreed to enhance 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, youth and tourism.

Bilateral trade has been witnessing robust growth increasing from $ 5.4 billion in 2020-21 to $ 9.94 billion during 2021-2022, an impressive annual growth of 82.6%.

Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc. There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of $ 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 have amounted to 558.68 million.

A meeting of the India-Oman Joint Business Council is scheduled to be held on Thursday and large participation of business and investor communities from both the countries is expected at the event.