ISLAMABAD: Oman is the only Gulf country Pakistan shares direct maritime boundary with through the Arabian Sea. Both countries are trading partners and are bound together by customs and traditions.
However, bilateral trade still remains untapped despite a huge potential. Oman imports food items, minerals, textiles and a lot of other goods and services from Pakistan.
During the fiscal year 2020-2021, Pakistan received $445.5 million worth of remittances from the expatriates serving there, according to WealthPK.
In 2019, bilateral trade volume stood at US$655 million which got down by US$250 million due to the outbreak of Covid-19 pandemic the same year.
During the year 2020, Pakistan exported goods and services worth US$149.22 million to Oman, while the imports were worth US$614.81 million. So, it is important for both Muscat and Islamabad to reframe their trade and business relations, according to WealthPK.
Both countries understand the importance of sustainable economic relations. In order to explore the bilateral trade potential, an Omani business delegation of 25 persons led by Redha Juma Mohammad Ali Al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI), visited Pakistan in January this year.
The delegation met with Prime Minister Imran Khan, Foreign Minister Shah Mehmood Qureshi, other high-ranking officials and the members of Pakistani business and trade communities.
The delegation showed keen interest in business-friendly policies of Pakistan related to multiple business forums, especially the China-Pakistan Economic Corridor (CPEC) and the amazing development of Gwadar Port.
The delegation also showed its interest in industry, fisheries, agriculture, real estate and other business sectors besides starting a ferry service.
Manpower exchange also came under discussion. The delegation also valued new trade routes through Pakistan towards new markets.
High officials of the two countries keenly discussed the importance of “Regional Corridor” to connect Oman with the landlocked Central Asian region and Afghanistan as well.
The delegation also visited the Islamabad Chamber of Commerce and Industry (ICCI) and attended meetings to enhance bilateral trade and business relations.
The delegation comprised representatives of multiple trades e.g., oil and gas, real estate, textile & garments, tourism, IT & telecom, agriculture, fabrication, and fashion design. Oman’s Ambassador Sheikh Mohammed Bin Omar bin Ahmed Al Marhoon and Pakistan’s ambassador in Oman were also present on the occasion.
As Pakistan is a newly emerging trade and business market, it is important for Pakistan to consider the importance of proper and flexible trade diplomacy with all countries. It is also important for its economy in future as a prosperous nation. -INP
