MUSCAT: Oman's Ministry of Commerce, Industry and Investment Promotion (MoCIIP) and the Republic of Korea's Ministry of Trade, Industry and Energy, yesterday signed a memorandum of understanding (MoU) on consolidating cooperation between the two countries in the field of investment promotion.
The signing ceremony took place in Abu Dhabi, United Arab Emirates, during the Ministerial Conference of the World Trade Organisation.
The agreement was signed by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and Inkyo Cheong, Minister of Trade, Industry and Energy, Republic of Korea.
The MoU reflects a keenness to enhance economic prosperity and sustainability in the two countries, as well as flexibility in minimizing trade barriers and facilitating customs procedures. It will also lead to transparency and the establishment of better supply chain channels.
Earlier, the GCC states initialled the first version of a free trade agreement (FTA) with the Republic of Korea to implement economic integration and develop commercial relations between the two sides.
The signing ceremony was attended by Dr Sayyid Ahmed Hilal al Busaidi, Ambassador of the Sultanate of Oman to the United Arab Emirates, Shaikh Salim al Kathiri, Head of Oman Commercial Office in Dubai, among officials from both sides. — ONA
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