Sultan Haitam bin Tarik of Oman is on his first state visit to India since becoming Oman’s head of state in
2020. He was received by the Union Minister of State for External Affairs, V. Muraleedharan, upon his
arrival at Delhi Airport on Friday, December 15. This was the first visit by an Omani ruler to India since
ACCORDED CEREMONIAL RECEPTION AT RASHTRAPATI BHAVAN TODAY
Today, on the second day of his visit, he was accorded a ceremonial reception at the forecourt of the
Rashtrapati Bhavan. Prime Minister Narendra Modi and President Droupadi Murmu received him. The
Sultan inspected a Guard of Honour by the combined defence forces.
DETAILS OF BILATERAL TALKS BETWEEN OMAN AND INDIA
A comprehensive economic agreement, a fresh round of investments, and the possibility of establishing
bilateral rupee trade featured in talks between India and Oman on Saturday. “Although the negotiations
on CEPA (Comprehensive Economic Partnership Agreement) have started only recently, they have made
substantial progress in the last few rounds of discussion. Both leaders gave strong impetus and push to
conclude the CEPA agreement as soon as possible," said foreign secretary Vinay Mohan Kwatra during a
press meet. According to the Global Trade Research, a free trade agreement could majorly boost Indian
exports, enabling over 80% of Indian goods currently entering Oman at an average of 5% import duties.
Key sectors like motor petroleum, textiles, electronics, machinery, and iron and steel will likely benefit
from duty elimination. Bilateral trade in 2022-23 was around $12.3 billion.
The release of the third tranche of the Oman India Joint Investment Fund totalling $300 million was also
announced at the meet. This fund is a joint venture between the State Bank of India and the Oman
Investment Authority and aims to channel investments into India's rapidly growing sectors.
Discussions between the two nations touched upon financial technologies and the possibility of
establishing rupee trade that is currently in an exploratory phase. The bilateral talks also dwelt upon
space cooperation, focusing on services, satellite building and launching, and capacity building, as also
cooperation in green hydrogen and renewable energy.
Oman and India also discussed the ongoing crisis in West Asia and the strategic utilization of Oman's
Duqm port by Indian navy ships for logistical and humanitarian purposes.
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