Piyush Goyal and Qais Bin Mohammed Al Yousef Discuss Boosting India-Oman Trade
Union Minister of Commerce and Industry, Piyush Goyal, met with Oman’s Minister of Commerce, Industry and Investment Promotion, Qais Bin Mohammed Al Yousef, to discuss ways to enhance trade between India and Oman. The meeting focused on boosting bilateral trade, enhancing cooperation, and deepening the economic partnership between the two countries.
In a post on X, Piyush Goyal shared, “Strengthening ties! Had a productive meeting yesterday with my counterpart from Oman, H.E. Qais bin Mohammed Al Yousef. Discussions focused on boosting bilateral trade, enhancing cooperation, unlocking new avenues for growth, and deepening our economic partnership.”
The two leaders had previously met on December 18 during the State Visit of the Sultan of Oman, Haitham bin Tarik, to India. They expressed satisfaction with the progress of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) negotiations, which are nearing completion. Both leaders urged their negotiators to resolve remaining issues to finalize the agreement soon.
Additionally, the ministers discussed the need for a focused approach to enhancing investments in both countries. It was decided to create an ‘Oman Desk’ in Invest India and an ‘India Desk’ in Invest Oman to facilitate this.
Bilateral trade between India and Oman has grown significantly, reaching USD 12.39 billion in 2022-2023, more than doubling from USD 5.4 billion in 2020-2021.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important leader in India. He is the Union Minister for Commerce and Industry, which means he helps manage trade and business for the country.
Qais Bin Mohammed Al Yousef -: Qais Bin Mohammed Al Yousef is a leader from Oman. He is the Minister of Commerce, Industry, and Investment Promotion in Oman, which means he helps manage trade and business for his country.
India-Oman trade relations -: India-Oman trade relations refer to the business and trade activities between India and Oman. This includes buying and selling goods and services between the two countries.
bilateral trade -: Bilateral trade means trade between two countries. In this case, it refers to the trade between India and Oman.
economic partnership -: Economic partnership means working together to improve the economy. India and Oman are working together to make their businesses and trade stronger.
India-Oman Comprehensive Economic Partnership Agreement (CEPA) -: The India-Oman Comprehensive Economic Partnership Agreement (CEPA) is a special agreement between India and Oman to make trade and business easier and better between the two countries.
Invest India -: Invest India is an organization in India that helps people and companies invest money in Indian businesses and projects.
Invest Oman -: Invest Oman is an organization in Oman that helps people and companies invest money in Omani businesses and projects.
dedicated desks -: Dedicated desks are special teams or offices set up to focus on a specific task. In this case, they will help with investments between India and Oman.