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 to discuss methods to improve trade relations between the two states.
The meeting tackled the mechanisms to improve the flow of goods through respective customs outlets.
It was attended by Younis Haji Al Khouri, Undersecretary of MoF and Sheikh Dr. Abdul Malik bin Abdullah Al Hinai, Undersecretary of Economic Affairs at the Ministry of National Economy of Oman, and other representatives from both countries.
Commenting on the meeting, Khouri said the UAE and the Sultanate of Oman have been maintaining the strong relations, in the light of commitment of both states to enhancing mutual opportunities, and 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." He added, "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." 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 per cent 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 per cent of UAE re-exports. Total trade transactions between the UAE and Oman amounted to AED 653 million.