Piyush Goyal wraps up successful visit to Oman

India and Oman have taken significant steps to enhance bilateral relations during Commerce and Industry Minister Piyush Goyal’s recent visit to Muscat. One key outcome was the agreement to amend the Double Taxation Avoidance Treaty (DTAA) to meet international standards, simplify procedures, and improve cooperation in tax matters.

Goyal’s visit, which lasted two days, also saw positive developments in trade, investment, and economic partnerships. He co-chaired the 11th India-Oman Joint Commission Meeting (JCM) with Oman’s Commerce Minister, Kais bin Mohammed Al Yusuf. The discussions covered a wide range of sectors, including technology, renewable energy, food security, and investment.

Both sides agreed to expedite talks to finalize the Bilateral Comprehensive Economic Partnership Agreement (CEPA), which is expected to boost trade and investments significantly.

During his visit, Goyal emphasized strengthening India-Oman trade relations and discussed strategies to improve economic cooperation. He and Minister Al Yusuf focused on steps to deepen ties, reviewing the ongoing negotiations of the India-Oman CEPA, which is in its final stages. They agreed to speed up the process to sign the agreement, aiming to further solidify the trade partnership.

In addition to the trade talks, the two countries signed a protocol to amend the India-Oman DTAA. This protocol will bring the agreement in line with global tax standards, aiming to simplify cross-border taxation and encourage better tax cooperation between the nations. Goyal also met with several key Omani officials, including Deputy Prime Minister Sayyed Asaad bin Tariq Al Said and Finance Minister Sultan bin Salem Al Habsi.

These meetings helped strengthen diplomatic and economic ties between the two countries. Moreover, Goyal attended the India-Oman Joint Business Council (JBC) meeting, organized by the Oman Chamber of Commerce and Industry. This event provided an opportunity for both countries’ business communities to explore investment opportunities and discuss incentives for future collaboration.

Additionally, Goyal engaged with business leaders at a roundtable hosted by the Indian Ambassador to Oman. This gathering allowed Goyal to connect directly with CEOs and prominent figures in Oman’s business sector, providing insights into India’s economic opportunities.

Beyond official meetings, Goyal participated in the Future Leaders Programme at the Royal Academy of Management in Oman, where he shared India’s growth story and discussed leadership’s role in building a better world.

The visit also included cultural highlights, such as Goyal’s trip to the Sultan Qaboos Grand Mosque, a symbol of Oman’s cultural heritage, and a visit to the historic Shiva Temple in Old Muscat. These visits underscored the strong cultural and people-to-people ties between India and Oman, further cementing the historical relationship between the two nations.