India-Oman Economic Ties Flourish with Promising Trade Pact

India and Oman are set to enhance their economic relationship by finalizing a trade and investment agreement this year. The comprehensive economic partnership will lower tariffs and boost trade. The discussions gained momentum after Sultan Haitham bin Tarik's visit to India, signaling a stronger bilateral partnership.

India and Oman are poised to strengthen their economic relationship through a comprehensive trade and investment partnership this year. The agreement would slash tariffs and bolster the trade basket, reflecting renewed vigor in bilateral ties, particularly in the economic sphere.

The negotiations for this ambitious trade pact gained momentum following Oman's Sultan Haitham bin Tarik's visit to India over a year ago. Omani Commerce Minister Qais bin Mohammad Al-Yousef expressed optimism about concluding the agreement in 2023, anticipating a significant boost in two-way trade and investment relations.

The trade partnership has been marked by a notable upswing in economic ties, with India now one of Oman's top trading partners. The proposed trade agreement is expected to enhance economic collaboration, tapping into sectors like clean energy as outlined in Oman's Vision 2040 roadmap.

(With inputs from agencies.)