MUSCAT: Oman will become first country in GCC who signed Free Trade Agreement with any foreign country Said bin Saleh Al Kiyumi, chairman of OCCI said here the other day at seminar about the Free Trade Agreement (FTA) between the GCC states and the Republic of Singapore.
He added that Free Trade Agreement (FTA) will open new horizons for Omanis to invest in Singapore and utilise the export opportunities for Omani commodities and services to Singaporean markets, said recently.
The Ministry of Commerce and Industry, in collaboration with the Ministry of Finance, the Directorate General of Customs, the Supreme Council for Planning (SCP), the Tender Board and the Public Authority for Investment Promotion and Export Development (Ithraa), organised this seminar.
The seminar, which was held at the Oman Chamber of Commerce and Industry (OCCI) under the auspices of Sheikh Dr Abdul Malik bin Abdullah Al Hinai, advisor at the Ministry of Finance, and head of the Omani Negotiation Team, targeted investors, businessmen and women.
Sheikh Al Hinai pointed out that the FTA is the first-of-its-kind agreement between GCC countries and a foreign country. He added that another agreement will be executed with the European Free Zone mid next year, and thereafter there will be a meeting in Muscat mid January to consider the final arrangements to put the agreement into force.
Khalfan bin Said Al Rahbi, director of organisations and conferences at the Ministry of Commerce and Industry, in his speech pointed out that of the Sultanate’s total imports, 0.8 per cent is from Singapore compared to 3 per cent of total exports to Singapore. Omani origin exports represent 3.4 per cent of the total exports of Omani commodities to different countries.
