KARACHI: Ministry of Commerce (MOC) has asked the Trade Development Authority of Pakistan (TDAP) to examine the potential of expanding trade with Oman.
Through a recently issued letter, the MOC demanded the submission of proposals from the authority for enhancement of bilateral trade to be discussed in the forthcoming 7th session of the Pakistan-Oman Joint Ministerial Commission (JMC).
The ministerial level meeting is due to be held in Oman next month, where a comprehensive dialogue concerning existing cooperation future and economic relations between the two countries will be held, sources indicated.
In the forthcoming JMC, sources have revealed that Islamabad will reiterate its request that Oman would put its weight behind early finalisation of the Free Trade Agreement (FTA) with Gulf Cooperation Countries (GCC) with Pakistan yet to receive consent from most of GCC members.
The two sides will also look into the implementation status of the agreements and memorandum of understandings (MOU) signed by the commission in its previous sessions held in both the countries. According to sources, Pakistan will seek to boost sea trade with Oman and enhance bilateral trade through the Gwadar port.
The two countries will discuss the implementation status of the consensus reached in the previous session to form a Joint Business Council (JBC) and it was hoped that the JBC will be established in the forthcoming session. The last session was held on March 02, 2010 in Islamabad. The Sultanate of Oman which sovereignty over Gwadar until 1958, has announced a $45 million grant for the construction of Gwadar International Airport and other development projects.
In addition, Oman Oil Company had pledged to invest $19.4 million in Pakistan’s energy sector. Earlier the two countries had also agreed to form a working group on commerce and trade to review arrangements and make recommendations for trade enhancement and diversification.
However Pakistan and GCC were involved in negotiations on the FTA and two rounds of negotiations have so far been held with the third round expected in near future. According a Federal Board of Statistics (FBS) the trade volume between Pakistan and Oman was increased from $126 million in the year 2005-06 to $331 million in 2008-09.
To improve the bilateral trade, sources said, TDAP has organised participation of 12 companies in Women Expo- 2009 held from 19-21 October 2009 in Oman. The authority also organised a visit by a trade delegation to Oman from 13-18 March 2010.
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