During Sultan Haitham's visit to New Delhi on Saturday, India and Oman decided on a road plan to further their cooperation
During Sultan Haitham's visit to New Delhi on Saturday, India and Oman decided on a road plan to further their cooperation in sectors including green energy, marine, digital payments, agricultural, and food security.
During Sultan Haitham's visit to New Delhi on Saturday, India and Oman charted a roadmap to enhance collaboration across various sectors, including green energy, maritime, digital payments, agriculture, and food security.
The decisions were made during a meeting between Sultan Haitham and Indian Prime Minister Narendra Modi in the Indian capital, where both nations expressed their intent to expedite a comprehensive economic partnership agreement to boost bilateral trade.
India's Foreign Secretary Vinay Kwatra highlighted the accelerated negotiations on the free trade agreement and the commitment to concluding the comprehensive economic partnership agreement promptly. The expansion of the partnership aligns with Oman's Vision 2040 and India's development goals for the next 25 years.
"In this joint vision, concrete action points have been agreed upon in 10 different areas," stated Prime Minister Modi, emphasizing the importance of the new 'India-Oman Joint Vision – A Partnership for the Future.'
This marked the first state visit of Oman's ruler to India, aiming to strengthen trade, economic, and defense ties. India and Oman, as strategic partners, have witnessed a flourishing bilateral trade and investment relationship, with bilateral trade doubling to $12.3 billion in 2022-23 from $5.4 billion in 2020-2021.
The comprehensive economic partnership agreement is expected to benefit Indian exports in petroleum, steel, electronics, and textiles by reducing import duties. Simultaneously, Oman's products, especially in oil and gas, petrochemicals, and certain manufactured goods, are anticipated to find a more receptive market in India.
Defense cooperation remains a key pillar of their strategic partnership, with discussions on regional developments, including the Gaza war, reflecting shared perspectives, concerns, and challenges.
