Oman on Wednesday determined to fast-track the approval course of for the registration of Indian pharmaceutical merchandise which can be already registered by the related authorities within the US, the UK and the EU. After the India-Oman Joint Commission assembly (JCM) right here, each the perimeters determined to “comprehensively address all issues pertaining to tariff/non-tariff Barriers”. The assembly was co-chaired by commerce and business minister Piyush Goyal and Qais bin Mohammed al Yousef, minister of commerce, business and funding promotion of Oman.
Although India’s pharmaceutical exports to Oman stood at simply $30 million till February final fiscal, business executives have identified that there’s a big scope for scaling up such provides if non-tariff obstacles just like the time-consuming registration course of are eliminated. The two nations additionally agreed to expedite the implementation of all memorandums of understanding (MoUs) and agreements below dialogue, together with on requirements, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman, amongst others.Separately, one other delegation, led by Abdulla Bin Touq Al Marri, the UAE’s minister of financial system, can also be on a go to to India from Wednesday.
The Oman minister’s go to comes days after India’s free commerce settlement (FTA) with the UAE entered into power on May 1. Sources have mentioned Oman is eager on an FTA between India and the Gulf Cooperation Council, of which it’s a member. India-Oman commerce jumped from $5.4 billion in FY21 to $9.94 billion in FY22, having witnessed an 82.6% rise.
Source: www.financialexpress.com”