Trade ties between India and the Sultanate of Oman got a substantial boost on October 13 with the ratification of a bilateral agreement designed to promote and protect mutual investments. The agreement was signed in New Delhi by EAS Sarma, the secretary of India's Department of Economic Affairs, and by Khalifa Ali Essa, Oman's ambassador to India.
According to the bilateral agreement, the governments both countries are required to accord fair and equitable treatment to investors from the other. The agreement also states that neither country will nationalize nor and expropriate each other's interests. It also provides an arbitration system to settle disputes among investors.
Bilateral trade between India and Oman equaled $138.7 million during the 1998/1999 fiscal year, slightly down from $142.6 million in 1997/1999. During fiscal year 1996/1997 bilateral trade stood at $130.3 million. — (Albawaba-MEBG)
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