Initiative for CEPA with Oman; Bangladesh wants to reduce trade deficit

He said this during a courtesy meeting with Oman's Ambassador to Bangladesh, Jamil bin Haji bin Ismail Al Balushi, at the Ministry of Commerce at the Secretariat on Tuesday. The minister emphasized transforming the two countries' long-standing friendly relations into an effective economic partnership.

The commerce minister said Oman, an important member of the Gulf Cooperation Council, is a promising trade and investment partner for Bangladesh. If a CEPA agreement is signed, new opportunities will be created to increase trade, investment and economic cooperation between the two countries. He stressed advancing discussions based on necessary technical preparations and feasibility studies in this regard.

At the meeting, Oman's ambassador highlighted the experience of the economic partnership agreement with India and proposed a similar agreement with Bangladesh. He said that nearly 700,000 Bangladeshis working in Oman are making important contributions to its economy.

Discussions were also held on forming a joint business council comprising FBCCI and the Oman Chamber of Commerce and Industry to increase direct communication between businessmen of the two countries. There are plans for an initial virtual meeting and later reciprocal visits by business delegations.

In addition, discussions were held on investment opportunities for Bangladeshi entrepreneurs in Oman's Sohar, Duqm and Salalah ports and special economic zones. The potential to increase exports of Bangladeshi goods to the Middle East, Africa and other international markets by utilizing these areas was also highlighted.

At the meeting, the ambassador praised the contribution of Bangladeshi women artisans in making Oman's traditional ‘Kuma’ caps. He also emphasized expanding the labor market, simplifying business visas and increasing communication between the relevant ministries of the two countries. Commerce Secretary Md. Ataur Rahman Khan and officials from both sides were present at the time.