India might think about negotiating a preferential commerce settlement (PTA) with Oman to additional enhance financial ties between the international locations, Commerce and Industry Minister Piyush Goyal mentioned on Thursday. India can be below lively discussions with Gulf Cooperation Council (GCC) for a complete commerce settlement, the minister mentioned. GCC is a union of six international locations within the Gulf area, specifically Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
“We may consider doing a preferential trade agreement with Oman to begin with because we are looking for a comprehensive agreement between the GCC region and India, (which is) under active discussion,” Goyal mentioned. In a PTA, buying and selling companions cut back import duties on sure recognized merchandise to spice up commerce. He additionally mentioned that there’s a huge potential to spice up bilateral commerce and investments between the international locations.
The bilateral commerce has elevated from USD 5.4 billion in 2020-21 to USD 9.94 billion throughout 2021-2022. Oman has additionally agreed to fast-track approval for Indian pharma merchandise which can be already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.
Speaking on the India-Oman enterprise council assembly, Oman’s Minister for Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef invited Indian companies to discover alternatives.He is main a 40-member delegation to India. Vikramjit Singh Sahney, Chair – FICCI India-Arab Council and Chairman, Sun International, mentioned there’s enormous potential for each the international locations to additional strengthen financial ties.
Source: www.financialexpress.com”