Both sides have also agreed to enhance collaboration across a range of fields

Oman has agreed to fast-track the approval of Indian pharma products already registered by US, UK, and European regulators.

The matter was discussed at the 10th Joint Commission Meeting (JCM) between India and Oman in New Delhi on Wednesday.

"During the conference, it was decided to expedite approvals for Indian pharmaceutical items already registered with the USFDA, UKMHRA, and EMA, " the Union Ministry of Commerce & Industry said after the meeting.

The meeting was co-chaired by Union Commerce & Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed al Yousef.

The JCM saw great progress on all topics of mutual concern throughout the whole spectrum of bilateral economic ties between the two nations, thanks to forward-looking and solution-oriented talks, the ministry noted.

Other significant outcomes of 10th India-Oman JCM

* Joint release of a Market Research Report commissioned by the Embassy of India, Muscat on Pharmaceutical sector in Oman highlighting strategies and opportunities for Indian companies in Oman in this sector.

* Expression of commitment from both sides to facilitate trade and to comprehensively address all issues pertaining to Tariff/Non-Tariff Barriers.

* Agreement on expeditious conclusion of all Memorandum of Understanding (MoUs)/ Agreements under discussion, including on standards and metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman etc.

* Enhancement in collaboration across a range of fields with particular emphasis on the 3Ts (Trade, Technology, Tourism), food & agriculture, renewable energy including Green Hydrogen and Green Ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism.

During the meeting, India also expressed gratitude to Oman for signing and ratifying the International Solar Alliance (ISA) Framework Agreement, as well as for accepting Prime Minister Narendra Modi's Green Grids/'One Sun One World One Grid' (OSOWOG) plan for linking solar energy supply across borders.

The visiting Omani minister is currently in India with a 48-member delegation of senior officials and business leaders.

According to the Ministry of Commerce & Industry, bilateral trade between India and Oman has been witnessing robust growth increasing from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022, an impressive annual growth of 82.6%.

Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc.

"There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of USD 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 have amounted to USD 558.68 million," the ministry said.