Oman, UK Explore Prospects for Economic PartnershipMuscat, 15 Oct (ONA) — The Sultanate of Oman and the United Kingdom (UK) have explored prospects for enhancing trade and investment cooperation between the two countries and advancing the free trade agreement negotiations between the Gulf Cooperation Council (GCC) states and the United Kingdom. This aims to broaden economic partnerships and augment trade exchange.This took place during a virtual meeting held by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, with Sir Chris Bryant, UK Minister of State for Trade. The meeting reviewed the course of negotiations between the two sides, with an emphasis on Oman’s support for efforts to complete the upcoming negotiation rounds in preparation for signing the agreement.At the outset of the meeting, Qais Al Yousef underlined Oman’s keenness to develop economic relations with the United Kingdom across various fields. He indicated that the agreement will open broader horizons for the exchange of goods, services, and investments between the two parties and will contribute to diversifying markets and increasing intra-trade flows.He added that Oman looks forward to establishing a long-term economic partnership with the United Kingdom, based on mutual interests and the integration of investment opportunities.The importance of enhancing communication between private sector institutions in both countries was also emphasized. The two sides touched upon the Strategic Consultation Group between Oman and the United Kingdom and its role in strengthening economic and trade cooperation and expanding partnership areas between the two nations.The two sides also discussed encouraging the establishment of joint trade and investment forums and exhibitions, and exploring new partnership opportunities in industrial, technological, and logistical fields.It is noteworthy that the volume of trade exchange between Oman and the United Kingdom reached approximately RO 221.7 million by the end of 2024. Meanwhile, the volume of direct British investments in Oman exceeded RO 158 million, distributed across 632 companies with British shareholding, marking a 52% increase compared to 2023. British investors are among the largest investors in Oman, reflecting their growing interest in the promising Omani market.— Ends/AH