Oman to push PTA with India to boost India’s trade ties with Gulf

Oman’s Minister of Commerce & Industry & Investment Promotion, Qais Mohamed Al Yousef, will visit India this week eyeing to push the Preferential Trade Agreement (PTA) close on the heels of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) opening up possibilities for India in the resource-rich Gulf region. The Oman Minister besides discussing with his Indian counterpart Piyush Goyal could also call on the Prime Minister and National Security Adviser to highlight the importance of strategic partnership in the Indian Ocean Region. Coinciding with the visit of Al Yousef, Minister of Economy of UAE Abdulla Bin Touq Al-Marri is likely to visit India to push investment partnerships exploring possibilities across sectors both in India and UAE. Al Yousef, who is accompanied by a high-level business delegation including over 40 top business honchos from Oman, is likely to push PTA with India. There has been a series of high-level engagements since February starting with the visit of the Oman Defence Secretary, followed by the Navy Chief and Joint Air Force Exercise. This was followed by the visit of Sayyid Badr bin Hamad bin Hamood Albusaidi, Foreign Minister of Oman, and the Trade Minister is likely to visit India between May 10-14, Ambassador of Oman to India, Hamed Saif AL Rawahi told the media. Oman has potential in many industries such as tourism, fisheries, logistics, mining, and manufacturing. The Omani government vigorously promotes foreign direct investment and has used the proceeds from oil and gas to develop infrastructure and human resources of India, according to AL Rawahi. Oman is seeking collaboration with India to realise Vision-2040, AL Rawahi said. India is operating closely with Oman to improve strategic depth in the region and add heft to its Indo-Pacific vision in the Western and Southern regions of the Indian Ocean. Image Source Also read: India and Japan sign $42 bn investment agreements for next five years