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We may consider preferential trade pact with Oman to boost ties: Goyal

India is also under active discussions with Gulf Cooperation Council (GCC) for a comprehensive trade agreement, the Commerce and Industry Minister Piyush Goyal said

Piyush Goyal | Oman | Preferential Trade Agreement

Press Trust of India  |  New Delhi 

Piyush Goyal
Commerce and industry minister Piyush Goyal | Photo: Shutterstock

may consider negotiating a (PTA) with to further boost economic ties between the countries, Commerce and Industry Minister said on Thursday.

is also under active discussions with (GCC) for a comprehensive trade agreement, the minister said.

GCC is a union of six countries in the Gulf region, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

"We may consider doing a with to begin with because we are looking for a comprehensive agreement between the GCC region and India, (which is) under active discussion," Goyal said.

In a PTA, trading partners reduce import duties on certain identified products to boost trade.

He also said that there is a vast potential to boost bilateral trade and investments between the countries.

The bilateral trade has increased from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022.

has also agreed to fast-track approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.

Speaking at the India-Oman business council meeting, Oman's Minister for Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef invited Indian businesses to explore opportunities.

He is leading a 40-member delegation to .

Vikramjit Singh Sahney, Chair FICCI India-Arab Council and Chairman, Sun International, said there is huge potential for both the countries to further strengthen economic ties.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, May 13 2022. 01:02 IST