Bangladesh has initiated steps towards signing a Comprehensive Economic Partnership Agreement (CEPA) with Oman to reduce the bilateral trade deficit, increase exports of Bangladeshi products and expand investment cooperation between the two countries.
Commerce, Industries, and Textiles and Jute Minister Khandakar Abdul Muktadir stressed the importance of the proposed agreement, saying Bangladesh wants to transform its longstanding friendly relations with Oman into an effective economic partnership.
The minister made the remarks during a courtesy meeting with Oman's Ambassador to Bangladesh, Jameel bin Haji bin Ismaeel Al Balushi, at the Ministry of Commerce in the Secretariat here on Tuesday (13 October).
The minister said Oman, an important member of the Gulf Cooperation Council (GCC), is a promising trade and investment partner for Bangladesh.
A CEPA could create new opportunities to expand bilateral trade, attract investment and strengthen economic cooperation, he added.
During the meeting, the Omani ambassador shared his country's experience in concluding an economic partnership agreement with India and proposed a similar arrangement with Bangladesh.
Welcoming the proposal, the minister emphasised advancing discussions on the basis of necessary technical preparations and a feasibility study.
The ambassador highlighted the longstanding friendly relations between the two countries and said around 700,000 Bangladeshis working in Oman were making significant contributions to the country's economic development.
He said the existing people-to-people ties could provide a strong foundation for further expanding trade and investment cooperation.
The minister also stressed establishing a Bangladesh-Oman Joint Business Council, involving the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Oman Chamber of Commerce and Industry, to strengthen direct engagement between business communities.
The two sides discussed holding an initial virtual meeting, followed by reciprocal visits by business delegations, to identify potential areas of cooperation and facilitate new business partnerships.
The ambassador highlighted investment opportunities for Bangladeshi entrepreneurs in Oman's Sohar, Duqm and Salalah ports and special economic zones.
The facilities could help Bangladeshi businesses expand exports to the Middle East, Africa and other international markets.
The ambassador also praised the contributions of Bangladeshi women artisans to the production of Oman's traditional kuma caps.
He further emphasised expanding employment opportunities, simplifying business visa procedures and strengthening direct communication among the relevant ministries of the two countries.
Commerce Secretary Md Ataur Rahman Khan, senior officials of the ministry and representatives of the Oman Embassy were present at the meeting.