Oman resolved Wednesday to fast-track the registering of Indian pharmaceutical items previously registered in the US, UK, and EU. Both parties agreed to “comprehensively resolve tariff/non-tariff barriers” after the India-Oman JCM. Piyush Goyal as well as Qais bin Mohammed al Yousef co-chaired the meeting.
India’s pharma exports to Oman were $30 million till February of last fiscal year, but industry leaders say there’s a lot of room for growth if non-tariff hurdles like the lengthy registration procedure are removed. The two nations resolved to expedite the execution of all MoUs and agreements under consideration. Separately, another UAE group led by the economics minister is in India starting Wednesday.
Oman’s minister visits days after India’s FTA with the UAE took effect on May 1. Oman, a member of the GCC, wants an FTA with India, say sources. India-Oman trade grew 82.6% from FY21 to FY22, from $5.4 billion to $9.94 billion.