INDIA, OMAN FOR CLOSER TRADE & ECONOMIC
TIES
4TH SESSION OF INDO-OMAN JOINT COMMISSION MEETS IN MUSCAT
India and Oman have
emphasized the need to accelerate all measures for closer trade
and economic relations between the two countries. The bilateral
trade has shown a consistent increase with Indian exports to Oman
amounting to US $ 198.54 million in 2002-03 as compared to US
$ 148.99 in 2001-02 and both countries are also examining the
possibility of
entering into a strategic trade alliance. This was indicated by
Shri S. B. Mookherjee, Minister of State for Commerce & Industry
who is leading the Indian delegation and H.E. Maqbool Bin Ali
Bin Sultan, Minister of Commerce & Industry, leader of the
Oman delegation at the 4th session of the Joint Commission meeting
(20-22 October) which was held at Muscat.
Citing Pharmaceuticals as an important area in commercial cooperation,
Shri Mookherjee said that it was possible to invest jointly in
production of antibiotic, vaccines and other life-saving formulations.
In this regard he urged upon the Omani government to offer similar
treatment to Indian drugs and pharmaceuticals companies as they
are currently getting from Saudi Arabia. He also proposed joint
investment in the production of medicines and cooperation in IT
sector. The Indian Minister appreciated the fact that Oman had
introduced a new Visa facility from July this year and said it
will help in greater cooperation in the tourism sector.
Both the Ministers discussed matters regarding WTO and said the
recent Ministerial Conference in Cancun was an excellent example
of solidarity amongst the developing countries. The Meeting also
held discussions on the cooperation in the fields of transportation,
textiles, agriculture and information technology. The major items
of India's exports are machinery and instruments, manufactures
of metals, manmade yarns etc. where as major items of imports
are crude oil, non-metallic minerals and manufactures, metalifers
ores and metal scrap etc.
