Dhaka, Bangladesh – Bangladesh has initiated steps towards signing a Comprehensive Economic Partnership Agreement (CEPA) with Oman to reduce the bilateral trade deficit, increase exports of Bangladeshi products and expand investment cooperation between the two countries, BSS, the state-owned news agency stated.

Khandakar Abdul Muktadir, Minister of Commerce, Industries, and Textiles and Jute,  stressed the importance of the proposed agreement, saying Bangladesh wants to transform its longstanding friendly relations with Oman into an effective economic partnership.

The minister made the remarks during a meeting with H E Jameel bin Haji bin Ismaeel Al Balushi, Oman’s Ambassador to Bangladesh, at the ministry on Tuesday.

Muktadir described Oman is a promising trade and investment partner for Bangladesh.

A CEPA could create new opportunities to expand bilateral trade, attract investment and strengthen economic cooperation, he added.

During the meeting, H E Balushi shared Oman’s experience in concluding an economic partnership agreement with India and proposed a similar arrangement with Bangladesh, BSS reported.

Welcoming the proposal, the minister emphasised advancing discussions on the basis of necessary technical preparations and a feasibility study.

The ambassador highlighted the longstanding friendly relations between the two countries and said around 700,000 Bangladeshis working in Oman were making significant contributions to the sultanate’s economic development.

He added that the existing people-to-people ties could provide a strong foundation for further expanding trade and investment cooperation.

The minister also stressed on establishing a Bangladesh-Oman joint business council, involving the Federation of Bangladesh Chambers of Commerce and Industry and the Oman Chamber of Commerce and Industry, to strengthen direct engagement between 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 business partnerships.

H E Balushi highlighted investment opportunities for Bangladeshi entrepreneurs in Suhar, Duqm and Salalah ports and special economic zones.

The facilities could help Bangladeshi businesses expand exports to the Middle East, Africa and other international markets.

The ambassador also praised the contributions of Bangladeshi women artisans to the production of Oman’s traditional kumma caps.

He further emphasised expanding employment opportunities, simplifying business visa procedures and strengthening direct communication among the relevant ministries of the two countries.