Piyush Goyal's Muscat visit from 27-28 Jan to spur India-Oman FTA talks

Union Minister of Commerce & Industry Piyush Goyal

Commerce Minister Piyush Goyal will meet his Omani counterpart Qais bin Mohammed bin Moosa al-Yousef from 27-28 January in Muscat to discuss the proposed trade deal between India and Oman, among other issues.

This visit underscores the importance that India attaches to its trade and investment ties with Oman, an important commercial partner in the Gulf Cooperation Council (GCC) with bilateral trade estimated at over $8.94 billion in 2023-2024, India's commerce ministry said in a statement on January 26.

"During the visit, the two leaders are expected to hold wide ranging discussions on trade & investment and the global economic situation. The talks on India-Oman Comprehensive Economic Partnership Agreement (CEPA) which are at an advanced stage are likely to get further impetus during the visit. Both sides are negotiating and exploring a commercially significant, balanced, equitable, ambitious and mutually beneficial CEPA," according to the statement.

India and Oman started negotiations for a free trade agreement (FTA) between them from November 2023, reportedly concluded in March 2024. While, the deal was expected to be signed before general elections in India last year, a request for a review on certain aspects from Muscat delayed it.

The first round of negotiations took place in New Delhi on November 27-29, 2023, while the second was held in Muscat on December 9-14, 2023.

According to a report by the Global Trade Research Institute (GTRI), India's merchandise imports from Oman were $7.9 billion in 2022-23. Petroleum products ($4.6 billion) and urea ($1.2 billion) were the key purchases, accounting for 73 percent of total imports.

Other products include propylene and ethylene polymers ($383 million), pet coke ($265 million), gypsum ($115 million), and iron and steel ($62 million).

During the visit, on the sidelines, the Goyal is also expected to meet Sultan bin Salim Al Habsi, Minister of Finance & Chairperson of the Ministerial Committee for CEPA, Sheikh Dr. Ali bin Masoud Al Sunaidy, President, Public Authority for Special Economic Zones & Free Zones (OPAZ) apart from holding interactions with representatives of Oman industry and Indian community.