Oman, a member of the Gulf Cooperation Council (GCC) has agreed to fast-track the approval of Indian pharma products registered by regulatory agencies in the US, the UK and the EU, the commerce and industry ministry said after the India-Oman Joint Commission Meeting on Wednesday.
A commerce ministry official said that India is also examining Oman’s request for a limited trade agreement with India, adding that Oman will also be part of the Free Trade Agreement (FTA) currently being negotiated with the GCC.
“Fast-tracking of approvals for registration of Indian pharmaceutical products already registered by US Food and Drug Administration (US FDA), UK’s Medicines and Healthcare products Regulatory Agency (UKMHRA) and European Medicines Agency (EMA) was agreed to during the deliberations.
Meanwhile, enhancing collaboration across a range of fields such as food & agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism was discussed,” the ministry said.
The commerce ministry official further said that a recent issue with the maximum residual limit (MRL) in the exports of rice to Oman has also been resolved.
“We have asked their technical team to visit India, which they will be sending their technical team in a month. They will also discuss the issue with the agricultural ministry and Agricultural and Processed Food Products Export (APEDA),” he added.
A statement released by the commerce and industry ministry said that both sides expressed commitment to facilitate trade and to comprehensively address all issues pertaining to Tariff ot Non-Tariff Barriers.
“Agreement on expeditious conclusion of all Memorandum of Understanding (MoUs) or Agreements under discussion, including on standards and metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman,” the ministry said.
Bilateral trade between the two countries has risen from $5.4 billion in 2020-21 to $ 9.94 billion during 2021-2022, up 82.6%. Indian firms have invested in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.
There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of US$ 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 have amounted to USD 558.68 million, the ministry added.
India and Oman also released a Market Research report commissioned by the Embassy of India, Muscat on the Pharmaceutical sector in Oman highlighting strategies and opportunities for Indian companies in Oman in this sector across borders.
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