Fast approval for Indian pharma products in Oman
After the India-Oman Joint Commission meeting (JCM), the trade partners want to address all issues pertaining to tariff/non-tariff Barriers. They felt the need to expedite the implementation of all memorandums of understanding (MoUs) and agreements under discussion, including on standards, India-Oman Double Taxation Avoidance Agreement, India-Oman Bilateral Investment Treaty, Invest Oman and Invest India, and Rupay card acceptance in Oman, among others.
Oman also decided to fast-track the approval process for the registration of Indian pharmaceutical products that are already registered by the relevant authorities in the US, the UK and the EU. This comes in the background of the fact that the industry felt there is a huge scope for scaling up India’s pharmaceutical exports (that amounted to US$ 30 million until February last fiscal) provided non-tariff barriers like the time-consuming registration process are removed.
Commerce and Industry Minister, Piyush Goyal, chaired the meeting along with Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion of Oman. According to sources, Oman is keen on an FTA between India and the Gulf Cooperation Council, of which it is a member.