Bangladesh wants to sign trade deal with Oman

Bangladesh wants to sign a Comprehensive Economic Partnership Agreement (CEPA) with Oman to create new opportunities to expand bilateral trade, increase investment and strengthen economic cooperation.

Commerce Minister Khandakar Abdul Muktadir said this today at a meeting with Oman’s Ambassador to Bangladesh, Jameel bin Haji bin Ismail Al Balushi, at the commerce ministry in Dhaka.

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The minister also said Bangladesh wants to transform its longstanding friendly relations with Oman into an effective economic partnership by removing trade barriers, identifying new investment opportunities and strengthening direct contacts between businesses in the two countries.

Muktadir also said Oman is an important member of the Gulf Cooperation Council and a promising trade and investment partner for Bangladesh, according to a statement from the commerce ministry.

He noted that signing a CEPA could create new opportunities to expand bilateral trade, increase investment and strengthen economic cooperation.

The ambassador shared Oman’s experience with its economic partnership agreement with India and proposed concluding a similar agreement with Bangladesh.

He said approximately 700,000 Bangladeshis working in Oman make significant contributions to the country’s economic development.

Bangladesh’s commerce minister stressed the importance of advancing discussions based on the necessary technical preparations and a feasibility study.

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.

The minister emphasised the formation of a Bangladesh-Oman Joint Business Council, in collaboration with the Federation of Bangladesh Chambers of Commerce and Industry and the Oman Chamber of Commerce and Industry, to strengthen direct engagement between businesses in the two countries.

The meeting also discussed the potential for expanding exports of Bangladeshi products to the Middle East, Africa and other international markets by taking advantage of the facilities available in these zones.