An official statement said that India and Oman crossed the border on the border and agreed to amend the agreement to avoid dual taxation to align with international standards, simplify and promote more cooperation in tax matters. Is of
A protocol was signed during the visit of Commerce and Industry Minister Piyush Goyal to amend the India-Name DTAA.
The treaty was implemented in 1997.
The Ministry of Commerce and Industry said, “Both sides signed a protocol to amend India-Naam DTAA, align it with international standards on crossing the range, simplifying tax procedures and promoting more cooperation in tax matters Diya, “Ministry of Commerce and Industry said.
The two countries have also agreed to intensify the discussions for the initial signature of the proposed free trade agreement, which is under talks.
Goyal was in a meeting with Oman’s Commerce Minister, Industry and Investment Promotion Qais bin Mohammad Al Yousef for a meeting of the Joint Commission of India-Naam.
“The two ministers exchanged views on the Creationary Economic Partnership Agreement (CEPA) of the bilateral India-Nam, which is in the advanced stages of the talks,” it said.
The purpose of the treaty is to promote two-way trade and investment.
Negotiations for the agreement were officially dubbed as a comprehensive economic partnership agreement, formally began in November 2023.
In such agreements, two business partners either reduce or eliminate customs duty on the maximum number of trading goods between them. They reduce norms to promote business in services and attract investments.
Oman is the third largest export destination in the Gulf Cooperation Council countries for India. India already has a similar agreement with another GCC member UAE that came into force in May 2022.
Bilateral trade has declined by $ $ 12.39 billion (export $ 4.47 billion and imports of $ 7.91 billion) to $ 8.94 billion (import of $ 4.42 billion and $ 4.5 billion) in 2023-24.
Read more on global economics by NDTV profit. (Tagstotransite) Bilateral Trade (T) Minister of Commerce and Industry (T) PTI (T) Double Taxation Person Agreement (DTAA)
