India and Oman share a longstanding history of friendship and cooperation, and the bilateral trade and investment relationship

NEW DELHI : Union Commerce Minister Shri Piyush Goyal and his Oman counterpart Qais Bin Mohammed Al Yousef discussed bilateral trade, investment and the possibility of rupee trade between the two countries, on the sidelines of a state visit by Oman’s ruler, Sultan Haitham bin Tarik, to India.

During the meeting, it was decided to create an Oman Desk in Invest India for investment purposes, and on similar lines Invest Oman would also launch an India Desk, a government statement said.

“Both the leaders expressed satisfaction at the pace of ongoing negotiations for signing an India-Oman Comprehensive Economic Partnership Agreement (CEPA) as completion of two rounds of negotiations in less than a month’s time is a testimony that both the countries are committed to deepen the economic relations further,” the statement added.

The ministers also discussed the need for a focused approach on enhancing investments in strategically important countries.

Sultan Haitham bin Tarik had arrived in India for a three-day state visit on Friday. This was the Omani ruler’s first state visit to India since he ascended the throne in 2020, and the first visit by an Omani ruler to India since 1997.

India and Oman share a longstanding history of friendship and cooperation, and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955, which was upgraded to a strategic partnership in 2008.

Bilateral trade between the two countries stood at $12.39 billion in 2022-23, rising from $9.99 billion the previous year and $5.4 billion in 2020-21, according to the government statement.