4 days ago
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
