India considering preferential trade deal with Oman
India's Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal on Thursday said that India was considering entering into a preferential trade agreement (PTA) with Oman.
Delivering the keynote address at the 10th India-Oman Joint Business Council (JBC) Meeting in New Delhi on Thursday, Goyal said that India was already looking at a comprehensive trade agreement with the GCC nations, of which Oman is an important member.
As per the press statement issued by Indian government, Goyal said that the Joint Commission Meeting (JCM) that took place on Wednesday between India and Oman, that had been long overdue, was a very productive one. He expressed confidence that the discussions with business leaders on both sides would complement the discussions under the Joint Commission Meeting.
Observing that India and Oman have been connected for more than 5,000 years through friendship and brotherhood and very warm and strong people-to-people ties, the minister said that despite such close relations, the bilateral trade and investment in the two nations were yet to reach maximum potential.
Goyal expressed confidence that the Joint Business Council will supplement the efforts of governments of both countries to deepen engagement. He underscored that these agreements would only reach their true potential if businesses display that enthusiasm which will in turn help political leadership take bold decisions.
He urged businesses in both nations to look at new opportunities, especially in services, investment, food security, sustainability, renewable energy and startups.