Muscat – H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, on Monday met with Douglas Alexander, the United Kingdom’s Minister of State for Trade Policy and Economic Security, to explore ways to strengthen cooperation between the two countries in commerce, industry, and investment.

The discussions focused on increasing trade and investment, enhancing inter-trade growth, and advancing negotiations for a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and the UK.

The meeting had a visual presentation on the depth of Omani-British relations, Oman Vision 2040, and an overview of the investment environment in Oman, including economic developments and investment incentives offered by the ministry.

The meeting was attended by H E Dr Saleh bin Said Masan, Undersecretary of the Ministry of Commerce and Industry, and Pankaj Khimji, MoCIIP’s Advisor for Foreign Trade and International Cooperation, alongside UK representatives including Trade Commissioner to the Middle East, the UK’s Chief Negotiator for FTA, and the British Ambassador to Oman.

The UK accounts for nearly half of the entire foreign direct investment in Oman creating jobs and opportunities on both sides. Oman is a valued investor in the UK in turn, signing major deals in areas like green energy with UK companies.

UK ministers are in the Gulf this week to boost trade and investment and hold talks for an FTA with the GCC.

UK Trade Secretary Jonathan Reynolds and Douglas Alexander met counterparts in Riyadh, Saudi Arabia, on Monday to discuss how to grow the UK economy by boosting trade with the region.

The UK government in July announced its plan to deliver a high-quality trade deal with the GCC bloc, along with other countries including India, Switzerland and South Korea.

A GCC trade deal could boost the UK economy in the long run, while allowing UK companies to take advantage of this booming market and giving British consumers access to more high-quality goods and services, the UK government said in a press statement.

According to that statement, the British ministers are here to emphasise to the GCC leaders that securing the trade deal is a top priority for the UK.

“Economic growth is this (UK) government’s driving mission and boosting trade and investment with some of the world’s biggest economies is crucial to that,” Reynolds said.

“I want to see a high-quality trade deal that supports jobs, helps UK companies sell their products to the region and increases choice for consumers – so it’s great to be here to discuss exactly that,” he asserted.

The GCC has long been a valued investment partner for the UK. A new trade deal will boost that even further.

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