MUSCAT: The Sultanate of Oman’s participation in the G20 Summit, which concluded in India on Sunday, September 10, will yield in a stronger bilateral relationship between the two nations, according to Amit Narang, Ambassador of India to Oman.
In a press briefing, Narang expressed India’s appreciation of Oman’s acceptance of the guest invitation, citing it as an opportunity to further strengthen the bilateral relationship.
“The bilateral trade between India and Oman has more than doubled in the last two years. It has gone from about $5.6 billion in the last financial year, to almost $12.4 billion [recently].” According to Narang, this is due to the increase of non-oil exports from Oman to India, and the increased exports from India.
However, according to Narang, this figure it just the “tip of the iceberg”.
“The potential to further upscale the trade relationship is very much untapped. And we are working closely with the ministry of industry of commerce on both sides to tap into this potential.” The Sultanate of Oman was invited to participate in the G20 summit in India as a guest attendee for the first time, amongst nine other countries.
According to Narang, Oman participated in over 150 meetings over the last few months, and around 9 ministers including the ministers of Tourism, Foreign Affairs, Agriculture, Economy, Labour, Commerce, Health participated in ministerial level meetings in India. This is in addition to the chairpersons of the State Audit Institution and the Environment Authority.
The G20 Summit, which sought to address global economic issues, brought together 19 member states along with the European Union, with the African Union invited to join the grouping at the most recent gathering in India.
The most notable outcomes of this year’s summit included the New Delhi Leaders’ Declaration, which encompassed a wide range of topics but emphasized sustainability in line with the UN’s Sustainable Development Goals (SDGs). It also witnessed the launch of the Global Biofuel Alliance (GABA), a pledge to accelerate the use of sustainable biofuels, and the decision to create the India-Middle East-Europe Economic Corridor (IMED) envisaging a rail and shipping corridor connecting India with the Middle East and Europe.
Earlier this year, Pankaj Khimji, the leader of the Secretariat of the Sultanate of Oman for the meetings of the Group of Twenty and Advisor to the Ministry of Commerce, Industry, and Investment Promotion, shared that Oman's participation in the G20 Summit will have a positive impact on the country's economy. The event, he stated, had the potential to open up unprecedented networking opportunities across diverse economies, which would lead to the formation of valuable alliances aligned with the country's sustainable goals.
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