Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry (MoC&I) visited the Sultanate of Oman from January 27 to 28, 2025.
- During the visit, he participated in the the 11th Session of the India-Oman Joint Commission Meeting (JCM) and the India-Oman Joint Business Council (JBC) meeting in Mascot, Oman.
Highlights of the visit:
11th Session of the India-Oman Joint Commission Meeting (JCM):
i.The 11th Session of the India-Oman Joint Commission Meeting (JCM) was co-chaired by Union Minister Piyush Goyal,MoC&I and Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman on January 27 2025 in Mascot.
- The meeting was hosted by the Oman Chamber of Commerce and Industry (OCCI) and a Business Roundtable with Omani Chief Executive Officers (CEOs) in Muscat, Oman.
- The meeting focused on enhancing cooperation in key areas such as trade, investment, technology, food security, and renewable energy.
ii.CEPA: During the meeting, India and Oman exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations.
- They agreed to expedite discussions for an early signing of the agreement aiming to boost 2-way trade and investment.
iii.DTAA: Both countries also signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA).
- This amendment aimed at streamlining cross-border taxation, simplifies tax procedures, and promotes cooperation in tax matters.
India-Oman Joint Business Council (JBC) Meeting:
i.Union Minister Piyush Goyal participated in the India-Oman Joint Business Council (JBC) meeting which is traditionally held on the sidelines of the India-Oman JCM in Muscat.
ii.The India-Oman JBC meeting was hosted by the Oman Chamber of Commerce and Industry (OCCI), with support and participation of a delegation from Federation Of Indian Chambers Of Commerce & Industry(FICCI).
iii.It provided an excellent platform for wide ranging discussions among the two business communities and provided exposure to investment opportunities and incentives of both India and Oman.
Other Meetings:
i.Union Minister Piyush Goyal held a bilateral meeting with Qais bin Mohammed Al Yousef and Sultan bin Salem Al Habsi, Minister of Finance(Oman) and Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones(Oman), focusing on a detailed review of the bilateral trade and economic relations between 2 nations to strengthen ties further.
ii.He also met His Highness Sayyid Asa’ad bin Tarik Al Said, Deputy Prime Minister (PM) for International Relations and Cooperation Affairs.
iii. He also participated in the Future Leaders Programme at the Royal Academy of Management in Oman.
About the Ministry of Commerce and Industry (MoC&I):
Union Minister -Piyush Vedprakash Goyal (Constituency – Mumbai, Maharashtra)
Minister of State (MoS) – Som Parkash (Constituency – Hoshiarpur, Punjab)
About Oman:
Prime Minister(PM) & Sultan – Haitham bin Tariq Al Said
Capital- Muscat
Currency- Omani rial (OMR)
