Finalising FTA key agenda during visit by Oman’s Sultan Haitham bin Tarik
This is the first state visit to India by the Omani ruler, who is accompanied by a delegation comprising senior ministers and officials
New Delhi: The finalisation of a free trade agreement (FTA) and ways to bolster trade and strategic cooperation are set to top the agenda for the state visit of Oman’s Sultan Haitham bin Tarik, people familiar with the matter said on Friday.
This is the first state visit to India by the Omani ruler, who is accompanied by a delegation comprising senior ministers and officials. The external affairs ministry said the visit marks a “significant milestone” in diplomatic relations between the two sides.
India is close to signing an FTA with Oman that will be similar to the trade deal inked with the United Arab Emirates (UAE) last year, one of the people cited above said on condition of anonymity. India and Oman have been able to take forward their talks on an FTA even as there has been little progress on a similar deal with the Gulf Cooperation Council (GCC), the people said.
The talks were fast tracked after a formal meeting between India and Oman on negotiating the trade deal on November 20. Two rounds of negotiations have already been held and almost all matters have been streamlined, the person cited above said.
The two sides agreed on most of the text for the trade deal at the first round of talks in New Delhi during November 27-29 and the second round in Muscat during December 9-11, the people said.
{{/usCountry}}The two sides agreed on most of the text for the trade deal at the first round of talks in New Delhi during November 27-29 and the second round in Muscat during December 9-11, the people said.
{{/usCountry}}“India has had trade links with Oman for over 5,000 years and currently it is India’s third largest trading partner within the GCC, with bilateral trade in 2022-23 worth $12.39 billion, up from $5.4 billion in 2020-21. The trade potential is immense,” the person said.
{{/usCountry}}“India has had trade links with Oman for over 5,000 years and currently it is India’s third largest trading partner within the GCC, with bilateral trade in 2022-23 worth $12.39 billion, up from $5.4 billion in 2020-21. The trade potential is immense,” the person said.
{{/usCountry}}Bilateral economic ties are robust, with both sides engaged in trade and investment activities, especially in sectors such as energy, infrastructure and technology. There are more than 6,000 joint ventures between the two sides in Oman, with an estimated investment of more than $7.5 billion.
{{/usCountry}}Bilateral economic ties are robust, with both sides engaged in trade and investment activities, especially in sectors such as energy, infrastructure and technology. There are more than 6,000 joint ventures between the two sides in Oman, with an estimated investment of more than $7.5 billion.
{{/usCountry}}Also Read: NSA Ajit Doval meets top leadership of Oman, discusses way to boost security ties
The Omani ruler, who is travelling to India after a state visit to Singapore, is set to meet external affairs minister S Jaishankar, vice president Jagdeep Dhankhar and President Droupadi Murmu. He will be given a ceremonial reception at Rashtrapati Bhawan on Saturday before he visits the National Gallery of Modern Art and holds talks with Prime Minister Narendra Modi.
Following the bilateral discussions, Modi will host a luncheon for the Omani ruler.
The external affairs ministry said the visit will be an opportunity to explore avenues for future collaboration between India and Oman for regional stability, progress and prosperity.
The two sides established diplomatic ties in 1955 and the relationship was upgraded to a strategic partnership in 2008. Sultan Haitham’s visit is of special significance as it will also be the first trip to India by an Omani ruler in more than 25 years. The late Sultan, Qaboos bin Said, travelled to India in 1997.
Oman is home to a large Indian expatriate community of more than 700,000 that plays a crucial role in the country’s economic development and cultural diversity. The Indian community includes professionals such as doctors, engineers, chartered accountants and healthcare professionals.
Oman is also among India’s closest defence partners in West Asia, and cooperation in this field has emerged as a key pillar of the bilateral strategic partnership. Oman is the only West Asian country with which all three services of the Indian armed forces conduct regular bilateral exercises and service-level staff talks.
Health cooperation too is an important part of the partnership, and there are several Indian hospitals in Oman offering advanced medical care. Oman was also among the nine guest countries invited to participate in the G20 Summit and meetings under India’s G20 presidency.
