The 10th Session of the India-Oman Joint Commission (JCM) Session was held on 11 May 2022 in New Delhi. Co-sponsored by Shri Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, and H.E. Mr. Qais bin Mohammed al Yousef, Hon.
Outcomes of the 10th India-Oman JCM:
Through the forward and focused discussions on the solution, JCM has seen significant progress in all areas of interest across the sphere of bilateral economic relations between the two countries. Some of the key outcomes of the meeting are Immediate follow-up of permits for registration of Indian pharmaceutical products already registered by USFDA, UKMHRA and EMA was agreed upon during the negotiations.
A joint release of the Market Research Report authorized by the Indian Ambassador, Muscat to the Oman Medicine Sector highlighting the strategies and opportunities of Oman Indian companies in the field.India thanks to the signing and ratification of the International Solar Alliance (ISA) Framework Agreement by Oman and the adoption of the Green Grids / ‘One Sun One World One Grid’ (OSOWOG) Program by Prime Minister Narendra Modi to coordinate solar power supply all. boundaries.
Demonstrate commitment on both sides to facilitate trade and to fully address all issues related to Tax Barriers / Non-Tax Barriers. Agreement for the finalization of all Memorandum of Understanding (MoUs) / Negotiable Agreements, including standards and metrology, Double-India Tax Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India , and the acceptance of the Rupay card in Oman. etc.
Improving multi-sectoral collaboration with particular emphasis on 3Ts (Trade, Technology, Tourism), food and agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and medicine, mining, manufacturing, IT, sports, culture, youth and tourism.
Trade in both countries saw strong growth rising from US $ 5.4 billion in 2020-21 to US $ 9.94 billion in 2021-2022, a staggering annual growth of 82.6%. Indian firms have invested heavily in Oman in various fields such as steel and steel, cement, fertilizer, textiles, rope, chemicals, automotive, etc. There are more than 6,000 Indian businesses and institutions in Oman with an estimated investment of US $ 7.5 billion. Growing FDI revenue from Oman to India during the period April 2000-December 2021 reached USD 558.68 million
H.E. Oman Qais Minister extended a warm invitation to CIM Shri PiyushGoyal to visit Oman in 2023 for the next JCM session. CIM gladly accepted the invitation. Dates will be determined using embassies.The India-Oman Joint Business Council meeting is scheduled to be held tomorrow at 11:00 AM at the Hotel Leela Palace, New Delhi. A great deal of participation is expected from entrepreneurs and investors from both countries in the event.
