Govt seeks CEPA with Oman to narrow trade deficit, boost exports

Bangladesh has initiated steps to sign a Comprehensive Economic Partnership Agreement (CEPA) with Oman to boost exports, narrow the bilateral trade deficit and expand investment cooperation, according to a press release on Tuesday.
Commerce, Industries, and Textiles and Jute Minister Khandakar Abdul Muktadir stressed the importance of turning the two countries’ longstanding friendly relations into an effective economic partnership during a courtesy meeting with Omani Ambassador to Bangladesh Jameel bin Haji bin Ismaeel Al Balushi at the Ministry of Commerce in the Secretariat.
Describing Oman, an important member of the Gulf Cooperation Council (GCC), as a promising trade and investment partner, the minister said a CEPA could create opportunities to expand bilateral trade, attract investment and strengthen economic cooperation.
The ambassador shared Oman’s experience of concluding an economic partnership agreement with India and proposed a similar arrangement with Bangladesh. Welcoming the proposal, the minister called for advancing discussions based on the necessary technical preparations and a feasibility study.
Highlighting the longstanding bilateral ties, the ambassador said around 700,000 Bangladeshis working in Oman contributed significantly to its economic development. These people-to-people connections could provide a strong foundation for further trade and investment cooperation, he added.

The minister also stressed establishing 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 (OCCI) 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 partnerships.
The ambassador highlighted investment opportunities for Bangladeshi entrepreneurs at Oman’s Sohar, Duqm and Salalah ports and special economic zones, which could help businesses expand exports to the Middle East, Africa and other international markets.
He also praised Bangladeshi women artisans for their contributions to producing Oman’s traditional kuma caps, and called for expanding employment opportunities, simplifying business visa procedures and strengthening 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 attended the meeting.

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