india oman trade: India may weigh negotiating preferential Trade Agreement with Oman: Piyush Goyal

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India may consider negotiating a preferential trade agreement (PTA) with Oman and that there is a huge potential to boost bilateral trade and investments between the countries, commerce and industry minister Piyush Goyal said on Thursday.

“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 said at the India-Oman business council meeting.

GCC or Gulf Cooperation Council comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

India has already inked a trade pact with the UAE and is under “active discussions with GCC for a comprehensive trade agreement”, Goyal said.

The India-Oman bilateral trade has increased to $9.94 billion during 2021-2022 from $5.4 billion in FY21.

Oman’s minister for commerce, industry and investment promotion Qais bin Mohammed al Yousef invited Indian businesses to explore opportunities. He is leading a 40-member delegation to India.

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