Abu Dhabi, 24 January 2012: In line with the UAE’s strategy to enhance trade relations with other countries, especially with other GCC states, the Ministry of Finance (MoF) recently held a meeting between the UAE and the Sultanate of Oman related to discussing methods to improve trade relations between the two states. The meeting was held to decide on mechanisms to improve the flow of goods through respective customs outlets.
The meeting was attended by HE Younis Haji Al Khouri, Undersecretary of MoF and HE Sheikh Dr. Abdul Malik Bin Abdullah Al Hinai, Undersecretary of Economic Affairs at the Ministry of National Economy of Oman in addition to representatives from both countries.
Commenting on the meeting, HE Al Khouri indicated the UAE and the Sultanate of Oman maintained strong relations, and that the leaders of both states were committed to enhancing mutual opportunities to support common social and economic goals.
“This meeting is taking place in line with serious efforts by both countries to establish a clear roadmap for further developing economic integration between the UAE and the Sultanate of Oman. The meeting resulted in the determination of a number of practical steps to be implemented to ensure prompt movement of goods across borders and to effectively address barriers to trade.”
“During the meeting, participants shared suggestions for improving trade between both countries, in addition to discussing the most important challenges present in customs outlets. Attendees agreed on asking mangers of respective outlets to host regular meetings to address barriers to trade. They also discussed the possibility of establishing an electronic link between UAE’s Federal Customs Authority and Oman Customs to ensure smooth exchange of information and figures,” HE Al Khouri added.
The Omani delegation praised the UAE’s efforts towards enhancing relations between the two countries, and reiterated that both states have enjoyed mutual cooperation efforts over a long period of time.
The Sultanate of Oman is ranked third in terms of commercial trade between the UAE and a GCC state, coming in after Saudi Arabia and Kuwait. Non-oil UAE exports to the GCC during the first 7 months of 2011 were valued at AED 61 million, making up 6% of its non-oil exports to GCC states. Over the same period, re-exports sent to Oman amounted to AED 273 million, equivalent to 13% of UAE re-exports. Total trade transactions between the UAE and Oman amounted to AED 653 million.