The G20 Summit announcement of an India-Middle East-Europe Economic Corridor (IMEC), a path-breaking initiative to stimulate economic development through enhanced connectivity and economic integration between Asia, the Gulf and Europe, will further enhance bilateral trade between Oman and India in new sectors, HE Amit Narang, India’s Ambassador to the Sultanate said on Monday.

“The bilateral trade is growing at a healthy pace. Oman-India bilateral trade has more than doubled in the past two years and has crossed over $12bn in 2022 and it is slated to grow much further,” he said while addressing the media on the key highlights of the G20 Summit held in India. Investments are growing. There is tremendous scope to further upscale the economic engagement across various sectors such as renewable energy, ICT, mining, infrastructure and so on.

His Highness Sayyid Asaad bin Tarik participated in the G20 Summit as His Majesty’s Personal Representative and his gracious remarks at the Leaders’ Sessions in which he congratulated India for the successful G20 Summit and lauded the invitation extended to Oman to participate as a Special Guest, are highly appreciated, he said.

“I am happy to note that the Sultanate of Oman honoured us with their presence as a special guest during India’s G20 Presidency. The invitation by India to Oman underscores the deep-rooted and time-tested bonds of friendship and brotherhood that we share with Oman. “We deeply value Oman’s constructive participation in over 150 G20 meetings so far. Omani delegations enriched the Working Group discussions with their perspectives, and 9 Ministers visited India over the past few months to join their Ministerial colleagues from the world over in productive deliberations. For this, we convey our appreciation to His Majesty Sultan Haitham bin Tarik,” he said.

The participation of the Sultanate of Oman, we hope, has afforded an invaluable opportunity to the officials from different Ministries to gain experience of global discussions. More importantly, it has provided an additional platform to deepen the bilateral partnership between India and Oman, he added.

In its scope, scale and ambition, the New Delhi Declaration embodies the spirit of collaboration, cooperation, and shared responsibility. This path-breaking document was adopted with complete consensus on all developmental and geo-political issues and focuses on key issues such as promoting strong, sustainable, balanced and inclusive growth; accelerating progress on Sustainable Development Goals (SDGs); a green development pact for sustainable future; a blueprint for digital public infrastructure and reinvigorating multilateralism for the 21st century. In other words, the New Delhi Leaders’ Declaration is a powerful call for Planet, People, Peace and Prosperity.
India also took several new initiatives as the G20 President, many of which were announced during the Summit. Notable among these is a Global Biofuel Alliance, which brings together 19 countries and 12 international organisations for fostering global collaboration for adoption of biofuels thereby reducing carbon emissions and promoting cleaner and greener energy solutions on a global scale. Equally important was the announcement of an India-Middle East-Europe Economic Corridor (IMEC).