Ports of Gwadar, Salalah have a stake in Pakistan-Oman trade growth.

Byline: Syed Fazl-E-Haider

Oman is our fifth neighbor that shares maritime boundaries with Pakistan. It is the member of Gulf Cooperation Council (GCC), which is a political and economic alliance of six Middle Eastern countries. The other GCC countries include Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Bahrain.

Oman has always been known for its political stability in the Gulf region. It has close relations with other GCC members and other nations of the world outside the Middle East. With a free market economic system, Oman enjoys a stable monetary policy that keeps inflation under control. Oman has a duty-free access to the GCC markets, which constitute a great purchasing power. All products originating from Oman are exempted from customs duty if the value added to the product is not less than 40 percent and the shareholding of GCC nationals in the company responsible for export is at least 51 percent.

Pakistan and Oman enjoy close and cordial relations. Both the countries are agreed to further enhance cooperation and expand relations in diverse areas, including economic, trade, investments, education and defense. Pakistan and Oman are bound by a common history, shared values, faith, traditions and commonality of interests and formed the basis of a special relationship with Oman. The two countries initiated their diplomatic relations way back in 1972, and have grown from strength to strength. Since its creation, the hardworking and committed Pakistanis contributed towards Oman's development.

Though bilateral trade between the two countries has been around 300-500 million dollars in the past one decade, yet there is a wide scope for expanding it multi-fold. Pakistan has been exporting its traditional items, including garments, textiles, footwear, fruits, surgical and sports goods to Oman.

Oman is the second largest country in the Arabian Gulf occupying the South Eastern corner of the Arabian Gulf. It borders with Saudi Arabia and the United Arab Emirates in the West, the Republic of Yemen in the South, the Strait of Hormuz in the North and the Arabian Sea in the East. Its coastline stretches for 1,700 kilometers from the Strait of Hormuz in the North to the borders of the Republic of Yemen in the South. Oman is strategically located at a focal point of two continents: (East) Africa and (South) Asia, two areas that combined are considered a huge export market and an ideal point for distribution and communications with...