EAM Jaishankar with Omani counterpart Badr Albusaidi
| Photo Credit: X/@DrSJaishankar

External Affairs Minister S. Jaishankar on Sunday (February 16, 2025) held wide-ranging discussions with his Omani counterpart Badr Albusaidi on bilateral cooperation in trade, investment and energy security.

Mr. Jaishankar is in the Omani capital to attend the 8th Indian Ocean Conference.

“Delighted to meet FM @badralbusaidi of Oman this morning. Appreciate his personal efforts in successfully hosting the 8th Indian Ocean Conference,” Mr. Jaishankar posted on X.

“Held wide-ranging discussions on our cooperation in trade, investment and energy security,” he said.

The two leaders jointly released the logo celebrating the 70th anniversary of the diplomatic relations. They also jointly released a book titled ‘Mandvi to Muscat: Indian Community and the Shared History of India and Oman’.

Oman hosts a sizeable Indian community totalling approximately 664,783 individuals as of August 2024, according to the Government of Oman.

Union Minister of Commerce and Industry Piyush Goyal meets Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef during his visit, in Muscat on January 27, 2025
| Photo Credit: ANI

India and Oman have agreed to amend the DTAA to align it with international standards on cross-border taxation, simplifying procedures, and promoting greater cooperation in tax matters, an official statement said on Tuesday.

A protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA) was signed during the visit of Commerce and Industry Minister Piyush Goyal to Muscat.

The treaty was implemented in 1997.

“Both sides signed the protocol to amend the India-Oman DTAA, aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters,” the commerce and industry ministry said.

The two countries have also agreed to expedite the discussions for an early signing of the proposed free trade agreement, which is under negotiations.

Goyal was in Muscat for the India-Oman Joint Commission Meeting (JCM) with Oman’s Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef.

“The two ministers exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations,” it said.

The pact is aimed at boosting two-way trade and investments.

The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement, formally began in November 2023.

In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.

Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022.

The bilateral trade has declined to $8.94 billion (exports $4.42 billion and imports $4.5 billion) in 2023-24 from USD 12.39 billion (exports $4.47 billion and imports $ 7.91 billion) in 2022-23.