MUSCAT: Dr Said bin Mohammed al Saqri, Minister of Economy, has emphasised the Sultanate of Oman’s commitment to investment and sustainable development to strengthen Arab economic integration and progress during the 115th Economic and Social Council session in Cairo. The Ministry of Economy has shared this via its official account.
Dr Al Saqri stressed the importance of enhancing economic and trade cooperation among Arab countries, particularly by supporting efforts to develop the Greater Arab Free Trade Area (GAFTA) and complete the steps towards an Arab Customs Union, which would unify customs regulations and improve trade efficiency among member states.
He highlighted Oman’s investment-friendly environment and called for the activation of the new Arab Investment Agreement, replacing bilateral agreements between Arab countries to ensure broader coordination and more effective economic integration.
On trade and aviation, the minister underscored the importance of the amended Arab Agreement on Exemption from Taxes and Customs Duties on Activities and Equipment of Arab Air Carriers, saying it would streamline customs procedures and enhance operational efficiency, thus strengthening air transport as a crucial pillar of inter-Arab trade.
Dr Al Saqri added that Oman continues to implement best customs practices and strengthen trade facilitation and customs exemption agreements, aiming to ease the movement of goods and bolster economic connectivity among Arab countries, thereby fostering growth and economic integration in the region.
He concluded by reaffirming that joint Arab economic cooperation is fundamental to sustainable development and investment promotion, stressing Oman’s commitment to advancing these efforts to achieve common economic interests across the Arab world.
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