India is also under active discussions with Gulf Cooperation Council (GCC) for a comprehensive trade agreement, the minister said.
GCC is a union of six countries in the Gulf region, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
“We may consider doing a preferential trade agreement with Oman to begin with because we are looking for a comprehensive agreement between the GCC region and India, (which is) under active discussion,” Goyal said.
In a PTA, trading partners reduce import duties on certain identified products to boost trade.
He also said that there is a vast potential to boost bilateral trade and investments between the countries.
The bilateral trade has increased from USD 5.4 billion in 2020-21 to USD 9.94 billion during 2021-2022.
Oman has also agreed to fast-track approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.
Speaking at the India-Oman business council meeting, Oman’s Minister for Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef invited Indian businesses to explore opportunities.
He is leading a 40-member delegation to India.
Vikramjit Singh Sahney, Chair – FICCI India-Arab Council and Chairman, Sun International, said there is huge potential for both the countries to further strengthen economic ties.