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 wanted to transform its longstanding friendly relations with Oman into an effective economic partnership, according to a press release.
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 today (13 October).
The minister said Oman, an important member of the Gulf Cooperation Council (GCC), was 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 the need to advance discussions on the basis of the 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 the need to establish 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 the 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 at Oman's ports of Sohar, Duqm and Salalah, as well as in its special economic zones.
These 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 the need to expand employment opportunities, simplify business visa procedures and strengthen direct communication between the relevant ministries of the two countries.
Commerce Secretary Md Ataur Rahman Khan, senior ministry officials and representatives of the Oman Embassy were present at the meeting.