Oman, India deepen economic ties with new trade, maritime deals

JEDDAH, Dec 18 (Arab News): Oman and India signed a series of agreements aimed at deepening trade, investment and maritime cooperation during Prime Minister Narendra Modi’s two-day visit to Muscat.

The deals include an executive program, a Joint Maritime Vision Document and four memorandums of understanding spanning agriculture, skills development, and innovation, as well as scientific research, and cooperation between business chambers, the Oman News Agency reported.

The agreements come as bilateral trade rose to $10.61 billion in 2024-25 from $8.95 billion a year earlier, driven by stronger energy flows and expanding non-oil commerce.

Oman is among India’s key trading partners, ranking as its 29th largest export market and 25th largest import source in 2024-25, while India was Oman’s fourth largest source of non-oil imports and third largest market for non-oil exports.

“Additionally, four MoUs were signed covering cooperation in maritime heritage and museums, scientific research, innovation, and skills development, agriculture and its related sectors and an MOU between Oman Chamber of Commerce and Industry and the Confederation of Indian Industry,” the ONA report stated. The documents were signed on the Omani side by Foreign Minister Sayyid Badr bin Hamad Al-Busaidi, Oman’s Ambassador to India Issa bin Saleh Al-Shibani.