During the UAE visit, Union Commerce and Industry Minister Piyush Goyal said that India is soon to finalize the Free Trade Agreement (FTA) with Oman. This agreement will strengthen economic relations between the two countries and along with this new opportunities of cooperation in various important areas will also open.
India and Oman talks in final stages
Union Minister Goyal said that India and Oman’s talks are in the final stages. Soon this partnership between the two countries will be completed. He also said that other countries have also shown interest in the free trade agreement and India is open to agreements with GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE).
GCC is one of the largest trading blocks in India. Bilateral trade between India and GCC countries in FY 2021–22 was more than $ 154 billion. Of this, Indian exports were $ 44 billion and imports were $ 110 billion. Non-oil trade stood at $ 71 billion, indicating growth in trade.
India and Oman will strengthen cooperation in areas like Oman Trade Agreement
The India-Oman trade agreement will strengthen cooperation in areas such as energy, infrastructure, fintech, logistics, renewable energy and food security. These regions are important for both countries and match extensive trade goals in the Gulf region of India.
During the UAE visit, Goyal held several high-level meetings, including the government ministers, business leaders and Abu Dhabi Chamber of Commerce and Industry. He held a joint meeting with UAE’s Foreign Trade Minister Dr. Thani bin Ahmed Al Zayodi and discussed with the UAE-India Business Council (UIBC).
India Mart Project Indians big success
Goyal said that UAE investors are very interested in the Indian data center, startup, logistics and renewable energy. He described the Bharat Mart Project as a step of great success for the Indian MSMEs. More than 9,000 companies have shown interest in it so far. Construction is likely to begin this year and will begin by the beginning of 2027.
His major meetings included UAE’s National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, Investment Minister Mohammad Hasan Al Suwadi and G42 CEO Peng Shiao. Goyal also discussed cooperation in Genetics and AI. With India and Oman getting close to FTA, India’s GCC expansion of trade and investment in countries is entering a new phase.