Top ministers Goyal, Jaishankar embark on visit to GCC

Commerce minister Piyush Goyal and external affairs minister S. Jaishankar have embarked on a tour of the Gulf Cooperation Council (GCC) region starting Monday.

Goyal began a two-day visit to the Sultanate of Oman, while Jaishankar left on a three-day trip to the United Arab Emirates (UAE).

The visit of the senior ministers to the GCC showcases India’s strategic focus on the Arabian Peninsula by addressing issues centering on trade and regional development.

“The talks on the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which are at an advanced stage, are likely to get further impetus during the visit. Both sides are negotiating and exploring a commercially significant, balanced, equitable, ambitious, and mutually beneficial CEPA,” the commerce ministry said in a statement.

In 2023, India and Oman began negotiations on the free trade agreement (FTA), with both countries reaching an agreement last January.

The FTA was initially scheduled for signing in June but was delayed after Oman sought increased access to the Indian market for products such as plastics, medical equipment, electronic goods, and automobile components.

It has also sought concessions on India’s 7.5% import duty on petrochemical products.

These demands have led to further discussions, making Goyal’s visit a vital step toward finalizing the FTA.

Meanwhile, Jaishankar’s visit to the UAE will involve discussions focusing on geopolitical issues.

“During the visit, Jaishankar will meet the leadership of the UAE to review the close partnership between the two countries and explore avenues to further enhance the bilateral relationship,” the external affairs ministry said in a statement on Monday.

“He will also deliver the keynote address at the inaugural session of Raisina Middle East to be held in Abu Dhabi. The visit will provide an opportunity to advance the Comprehensive Strategic Partnership between the two countries and add new momentum to the India – UAE relationship,” the statement added.