Goyal invites Oman to increase pharma trade with India
India is considering entering into a Preferential Trade Agreement (PTA) with Oman while it is already looking at a comprehensive trade agreement with Gulf Cooperation Council (GCC) nations, of which the Sultanate is an important member, Commerce and Industry Minister Piyush Goyal said at a bilateral meeting.
Delivering the Keynote Address at the 10th Meeting of India-Oman Joint Business Council (JBC) in New Delhi on 12 May 2022, Goyal noted that the bilateral trade and investment in the two nations were yet to reach maximum potential.
Goyal stressed that all the engagement that happened in the Joint Commission Meeting (JCM) on 11 May 2022, the friendship between him and his counterpart in Oman, the visionary leadership of the heads of both nations and the warm people to people ties between the two nations should and must lead to significant increase in business to business engagement.
He expressed confidence that the JBC will supplement the efforts of Governments of both countries to deepen engagement.
Goyal underscored that these agreements would only reach their true potential if businesses display that enthusiasm which will in turn help political leadership take bold decisions.
He urged businesses in both nations to look at new opportunities, especially in services, investment, food security, sustainability, renewable energy and startups.
Goyal invited the Government of Oman to increase their pharma trade with India.
Highlighting the market study on the cooperation in the pharma sector that was unveiled at the JCM, he expressed confidence that the report would be invaluable to Indian companies wishing to enter Omani market.
“Our pharma companies will bring quality products at competitive prices to consumers in Oman and help bring down the cost of healthcare,” he assured.
He also thanked Oman for agreeing to fast-track approval for Indian medicines that had already been cleared by strong regulatory environments like the UK, EU and US.
Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef added that India and Oman had great trust and confidence in each other.
He also invited Indian companies to invest and do business in Oman. fiinews.com
