Oman and UK explore new avenues for economic cooperation

MUSCAT: The Sultanate of Oman and the United Kingdom have reaffirmed their commitment to deepening trade and investment relations and advancing negotiations on a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the UK. The accord is expected to strengthen economic partnerships and boost trade exchanges between the two sides.
The discussions took place during a virtual meeting between Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion; and Sir Chris Bryant, the UK’s Minister of Trade Policy. Both officials reviewed progress made in the ongoing GCC-UK FTA negotiations and underlined their shared commitment to completing the forthcoming negotiation rounds, paving the way for the agreement’s eventual signing.
At the start of the meeting, Al Yousef reiterated Oman’s keenness to enhance its economic ties with the United Kingdom across diverse sectors. He noted that the agreement would open wider avenues for the exchange of goods, services and investments, thereby diversifying markets and increasing bilateral trade flows.
He added that Oman seeks to build a long-term economic partnership with the UK, anchored in mutual interests and complementary investment opportunities.
Both sides stressed the importance of stronger engagement between private sector institutions in the two countries. They also discussed the role of the Oman-UK Strategic Advisory Group in promoting trade, investment and broader economic cooperation.
The meeting further explored prospects for organising joint trade and investment forums, exhibitions and business events, alongside identifying new partnership opportunities in key sectors such as industry, technology and logistics.
Trade between Oman and the United Kingdom reached around RO 221.7 million by the end of 2024, while British direct investment in Oman exceeded RO 158 million. These investments are distributed among 632 British-owned companies — marking a 52 per cent rise compared with 2023. The United Kingdom remains one of Oman’s largest and most trusted investment partners, reflecting growing confidence in the Sultanate of Oman’s dynamic and promising market. — ONA