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We may consider preferential trade pact with Oman: Goyal

01:52 PM May 12, 2022 | PTI |

New Delhi: India may consider negotiating a preferential trade agreement (PTA) with Oman to further boost economic ties between the countries, Commerce and Industry Minister Piyush Goyal said on Thursday.

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India is also under active discussions with Gulf Cooperation Council (GCC) for a comprehensive trade agreement, the minister said.

GCC is a union of six countries in the Gulf region, namely 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 said.

In a PTA, trading partners reduce import duties on certain identified products to boost trade.

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He also said that there is a vast potential to boost bilateral trade and investments between the countries.

The bilateral trade has increased from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022. Oman has also agreed to fast-track approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.

Speaking at the India-Oman business council meeting, 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.

Vikramjit Singh Sahney, Chair – FICCI India-Arab Council and Chairman, Sun International, said there is huge potential for both the countries to further strengthen economic ties.

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