India-Oman Trade Body To Be Inaugurated Today

The Indo-Omanese joint business council will be formally inaugurated during the three-day state visit of President Shankar Dayal Sharma beginning today. The visit is expected to ''stimulate the establishment of more joint ventures with two way investment.''

President Shanker Dayal Sharma feels there is ''tremendous scope'' for setting up of joint ventures by India and Oman.

In an interview to Omani newspaper Al Watan, Sharma said sectors such as shipping, drugs and pharmaceuticals, chemical and fertilisers, energy, computer software and power generation had already been identified for bilateral cooperation. The private sector in both the countries had become actively involved in exploiting these opportunities with the establishment of a joint business council, he pointed out.

 

In an interview to ''Times of Oman'', Sharma said the joint ventures would be set up on a mutually beneficial basis.

Tracing close relations between India and Oman over the past millennia, Sharma said the joint business council was conceived as an initiative arising out of the deliberations of the joint commission.

The council has come into being as a result of decision of the Federation of Indian Chamber of Commerce and Industry (Ficci), Assocham, Oman Chamber of Commerce and Industry to have a mechanism for engendering closer interaction.

He said the Indian Ocean has always been an area of vibrant commercial and economic interaction. ''Now, in the post-colonial era it is only natural that countries of the region wish to revive the old spirit of dynamic commerce and mutual benefit, more so because the world today is increasingly creating economic synergies at sub-regional and global levels,'' he said.

Replying to a question, the President said, ''There are no difficulties hindering bilateral economic cooperation,'' adding that establishment of projects in the hydrocarbons and fertilisers sector marked the beginning of a new era in the Indo-Omanese relations.

Several new agreements are likely to be signed during President's visit to Oman.

In an interview to the editor-in-chief of Oman daily 'Observer', on the eve of his visit, Sharma said agreements under negotiations included avoidance of double taxation, cooperation to combat crime and terrorism, extradition treaty, cultural exchange programme, cooperation in agriculture, science and technology and bilateral investment protection agreement.

Some of the initiatives already taken for economic cooperation had started bearing good fruits.

The fertiliser project at Sur in Oman and Bharat-Oman refinery in Madhya Pradesh were progressing satisfactorily. Initiatives were also underway to review the feasibility of the ambitious Indo-Omanese deep sea gas pipeline project, he said.

Replying to another question, Sharma said discussions were on regarding the second oil refinery project at Ratnagiri in Maharashtra.

A joint working group of the Gas Authority of India and Oman oil company had been established to study the technical aspects of the 1400-km deep sea gas pipeline to meet India's requirement of LPG from the abundant Omani reserves.

On cultural ties between the two countries, Sharma said a new cultural exchange programme with Oman was being finalised to promote further interaction.

CTBT inadequate: Sharma

India opposes the Comprehensive Test Ban Treaty (CTBT) because it fails to address the issue of vertical proliferation of nuclear weapons, President Shanker Dayal Sharma has said.

In interviews to Omani newspapers ''Al Watan'' and ''Oman Daily Observer'', he said CTBT allows nuclear-weapon countries to carry on weapons-related research and development through non-explosive means and only seeks to perpetuate the discriminatory status quo.

The CTBT does not contain any meaningful commitment to nuclear disarmament, Sharma said asserting that India would not sign the treaty in its present form.

The President made it clear that India is also opposed to an entry into force clause which makes enforcement of the CTBT conditional to signature and ratification by 44 countries including India.