Oman & Singapore agree to enhance trade and economic ties

By Shilpa Annie Joseph, Official Reporter
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Oman-Singapore Bilateral Ties
Officials during the discussion.

The Sultanate of Oman and the Republic of Singapore have agreed to enhance trade and economic cooperation in areas such as aquaculture, food security, transport and logistics.

Further, they intend to strengthen connectivity between startups and small and medium enterprises (SMEs) with global markets.

This was stated in a joint communique issued on the occasion of His Majesty Sultan Haitham bin Tarik’s visit to Singapore. This visit marks a significant milestone in the Oman-Singapore relationship characterized by deep-rooted friendship and mutual cooperation.

During this historic visit, they reviewed the multifaceted partnership between the two nations and discussed regional and global issues, reinforcing their shared commitment to progress and stability.

According to the statement, the key discussions included ways to substantively advance bilateral relations, particularly in the economic and technological domains. Both countries recognize the importance of technology in boosting economy and innovation and discussed developments in Artificial Intelligence and data ecosystems.

Further, they stressed the importance of cooperating to enhance and diversify bilateral trade by tapping on and upgrading the Gulf Cooperation Council – Singapore Free Trade Agreement (GSFTA).

Both nations recognize the importance of transitioning to a green economy and agreed to explore collaborating on initiatives to promote renewable energy sources such as low-carbon hydrogen, as well as decarbonization. This underscores their shared dedication to environmental sustainability and addressing climate change.

As per the statement, “Singapore and Oman expressed a strong commitment to fostering tolerance and peaceful coexistence, firmly rejecting all forms of extremism. Both countries are committed to creating a safer, more inclusive world that respects diversity and promotes mutual respect among different cultures and communities.”

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