Oman to fast-track nod of USFDA registered Indian pharma products

Currently, Indian pharma sector accounts for only 3.5 per cent of Oman's total pharma imports.

"We expect that with the fast tracking of registration of Indian pharma products, we can significantly gain in the Omani pharma market which is estimated at USD 850 million," Reddy said.

Both sides also agreed to address all issues pertaining to tariff and non-tariff barriers.

On the preferential trade agreement, Reddy said Oman has requested India to consider a PTA.

"We have noted that request and we will be undertaking feasibility study and will take a final decision based on that joint study," the official said.

One of the significant outcomes of the meeting include agreement on expeditious conclusion of all MoUs/ agreements under discussion, including on standards and metrology, Double Taxation Avoidance Agreement, Bilateral Investment Treaty, and Rupay card acceptance in Oman.

On the Rupay card issue, Reddy said Oman has conveyed that it will positively consider India's request.

Further, India has asked the Omani side to send a technical team to India regarding discussion on technical standards for maximum residual limit in Indian rice exports.

Bilateral trade between the two countries has increased from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022. India's exports were worth USD 3.1 billion and imports at USD 6.84 billion in 2020-21.

Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive. There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of USD 7.5 billion.