Gulf Cooperation Council (GCC) member Oman has agreed to fast-track approval of registered Indian pharma products by regulatory agencies in the US, UK and EU, the Ministry of Commerce and Industry said after the India-Oman joint venture. Commission meeting on Wednesday
India is also examining Oman’s request for a limited trade agreement with India, a commerce ministry official said, adding that Oman will also be part of a free trade agreement (FTA), which is under negotiation with the GCC. has been
“In consultation with the US Food and Drug Administration (US FDA), the UK Medicines and Healthcare products Regulatory Agency (UKMHRA) and the European Medicines Agency (EMA) for fast-tracking approvals for registration of Indian pharmaceutical products already registered. agreed upon during
Meanwhile, discussions were held to enhance cooperation in several sectors such as food and agriculture, renewable energy including green hydrogen and green ammonia, health and pharmaceuticals, mining, manufacturing, IT, sports, culture, youth and tourism,” the ministry said.
The commerce ministry official further said that the recent issue with the maximum residual limit (MRL) in rice exports to Oman has also been resolved.
“We have asked their technical team to come to India, which they will send their technical team to in a month. He will also discuss the issue with the Ministry of Agriculture and Export of Agricultural and Processed Food Products (APEDA).
A statement issued by the Ministry of Commerce and Industry said both sides committed to facilitate trade and comprehensively address all issues related to tariff and non-tariff barriers.
“Agreement on early conclusion of all Memorandum of Understanding (MoU) or agreements under discussion, including Standards and Metrology, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and RuPay Card Acceptance. Oman, said the ministry.
Bilateral trade between the two countries has grown from $5.4 billion in 2020-21 to $9.94 billion during 2021-2022, a growth of 82.6%. Indian firms have invested in Oman in various sectors like iron and steel, cement, fertilisers, textiles, cables, chemicals, automotive etc.
There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of US$7.5 billion. The ministry said that the cumulative FDI equity inflows from Oman to India during the period April 2000-December 2021 was USD 558.68 million.
India and Oman also released a market research report on the pharmaceutical sector in Oman commissioned by the Embassy of India, Muscat, highlighting strategies and opportunities for Indian companies in Oman in this sector across borders.