Trade between the Sultanate of Oman and India has reached record highs, solidifying Muscat’s position as India’s leading regional trading partner.
According to Indian Ambassador Amit Narang, bilateral trade between India and Oman has flourished in recent years, doubling to $12.4 billion in fiscal year 2022-2023.
“This growth is a testament to the strong economic partnership between our two nations. The bilateral comprehensive economic partnership agreement has played a key role in facilitating this trade expansion, and discussions are currently underway to further deepen and strengthen this partnership for even greater mutual benefit,” he stated in a speech delivered at the recent Republic Day celebrations at the Embassy.
Bilateral trade between India and the GCC has also surged to a staggering $184 billion between April 2022 and March 2023, marking a 42% year-on-year increase and highlighting the flourishing economic ties between the two sides.
“The GCC, and especially Oman, has emerged as our most important regional trading partner,” declared Muktesh K Pardeshi, Secretary in charge of India’s relations with the Gulf region.
Addressing a group of Gulf journalists visiting New Delhi recently, he said relations with the broader GCC bloc were underpinned by a deep-rooted connection. “We share a long history and cultural ties that bind us together,” emphasized Pardeshi.
Shailesh Pathak, Secretary-General of the Federation of Indian Chambers of Commerce and Industry (FICCI), echoed this sentiment. He praised the “unique model of constructive cooperation” between Oman and India, citing numerous joint developmental projects as testaments to the strength of the partnership.
This collaboration extends beyond bilateral trade. High-level exchanges play a vital role in fostering broader cooperation. Aseem Mahajan, Joint Secretary for the Gulf at the Indian Ministry of External Affairs, highlighted the significance of the recent visit by the Sultan of Oman to India. The signing of several memorandums of understanding during this visit further cemented the strategic partnership and paved the way for enhanced collaboration in diverse fields.
Looking ahead, the future of Oman-India trade appears bright. Both countries are actively pursuing initiatives like free trade agreements and joint infrastructure projects to further strengthen their economic ties. This burgeoning partnership not only signifies the growing importance of the Gulf region for India but also presents exciting opportunities for mutual economic growth and prosperity.
