Muscat: “One of the major goal of G20 Summit is to facilitate trade, and India can attain that through FTAs, both bilaterally and in near future – perhaps through GCC as well,” said H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion at the Trade Ministerial Session at the Summit.

The G20 trade and investment ministers’ meetings in New Delhi discussed the issue of non-tariff barriers and increased protectionism in countries. The ministers are expected to discuss several topics, most importantly WTO reform mechanisms, trade for growth and prosperity, trade logistics services, trade, value chains, and the integration of micro, small, and medium enterprises into global trade.

As per the statistics, bilateral trade during financial year 2020-2021 stood at USD 5.4432 billion; it reached US$ 9.988 billion in 2021-2022 and in 2022-2023 (Apr-Jan) it reached US$ 10.659 billion.
Currently, there are over 6000 India-Oman joint ventures in Oman with an estimated investment of over US$ 7.5 billion.