Latest news with #EconomicAgreement
Observer
4 days ago
- Business
- Observer
Oman-Iran agreement to boost trade and investment
MUSCAT: A new Trade Preferences Agreement between the Sultanate of Oman and the Islamic Republic of Iran is set to enhance economic cooperation and deepen the commercial partnership between the two countries. The agreement aims to facilitate the flow of goods by reducing or eliminating customs duties on a number of agreed-upon products, while also simplifying trade procedures. This is expected to stimulate industrial activity, expand investment opportunities, and increase the overall volume of bilateral trade. Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion, described the agreement as the result of a lengthy process of coordination and negotiation guided by the directives of His Majesty Sultan Haitham bin Tarik. He emphasised that the agreement reflects a careful balancing of national interests and provides a supportive environment for trade growth. Dr Masan noted that it is expected to contribute significantly to the growth of national exports, strengthen supply chains, and provide competitive production inputs to local industries. Supporting this view, Khamis bin Abdullah al Farsi, Advisor for Legal Affairs at the Ministry, confirmed that the agreement was drafted in alignment with both domestic legislation and international treaties to which Oman is a party. He stressed that the agreement does not conflict with the Gulf Cooperation Council (GCC) Economic Agreement and was designed to safeguard national security and economic interests. Al Farsi explained that the drafting process involved extensive coordination with various government agencies, including the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Economy, and the Royal Oman Police's Directorate General of Customs. The final agreement includes provisions for the reduction of customs tariffs on a broad range of goods, along with mechanisms to ensure fair competition and resolve any disputes that may arise. The agreement is expected to open new avenues for businesses and investors in both countries, support the diversification of Oman's trade partners, and enhance access to markets across the region. — ONA
Al Bawaba
15-05-2025
- Business
- Al Bawaba
Trump concludes Gulf tour with $1.4 trillion UAE investment deal
ALBAWABA- U.S. President Donald Trump concluded his Gulf tour Thursday with a high-profile visit to the United Arab Emirates, marking the final leg of a regional trip that included a major economic agreement with Qatar and ambitious new investment pledges from the UAE. During a ceremonial welcome at the presidential palace in Abu Dhabi, UAE President Sheikh Mohamed bin Zayed Al Nahyan lauded the enduring partnership between Washington and Abu Dhabi. 'We are keen to continue deepening this friendship for the benefit of both our nations and peoples,' Sheikh Mohamed said. He announced the UAE's plan to invest $1.4 trillion in the U.S. over the next decade, targeting sectors including energy, artificial intelligence (AI), semiconductors, and manufacturing. Trump echoed the sentiment, saying the UAE 'remains committed to working with the United States to advance peace and stability in our region and globally.' The visit comes after Trump's stop in Doha, where the White House announced a $1.2 trillion economic agreement with Qatar's Emir Sheikh Tamim bin Hamad Al Thani, a deal described as one of the most significant bilateral economic arrangements in recent years. Also Read Qatar gifts Trump Boeing 747-8i Jet ahead of Mideast tour In Dubai, UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi praised Trump's negotiation style, calling him 'a good-faith, business-minded partner.' 'At the end of the day, President Trump is a businessman,' Al Zeyoudi said at the Indo-UAE Conclave, as reported by Al Jazeera. 'He listens. If he sees value for the U.S., he will accept it. We must be equally bold and clear in securing our interests.' Analysts say the UAE is positioning itself as a global AI leader. According to Al Jazeera's Hashem Ahelbarra, Abu Dhabi is actively pushing for U.S. cooperation on advanced technologies. "This deal is part of the UAE's broader ambition to become a regional hub for AI, potentially leapfrogging Saudi Arabia in the tech race,' he said. Reuters also reported that Washington and Abu Dhabi have reached a preliminary agreement allowing the UAE to import 500,000 of Nvidia's advanced AI chips annually, starting this year, a move that underscores the UAE's strategic pivot toward high-tech infrastructure.
