Oman calls for stronger Arab economic integration with new investment agreement

CAIRO : The meeting took place at the General Secretariat of the Arab Open University in Cairo.

In his speech, His Excellency Dr Said bin Mohammed bin Ahmed Al Saqri highlighted the Sultanate’s commitment to promoting sustainable development and advancing social and economic progress across the Arab world. He pointed to Oman’s efforts to provide an encouraging investment environment, emphasizing the importance of activating a new Arab investment agreement to replace bilateral agreements among Arab countries. Such a measure, he noted, would enhance the flow of investments and create promising economic opportunities.
HE Dr. Al Saqri stressed the significance of developing the Greater Arab Free Trade Area and completing the Arab Customs Union. He praised Oman’s proactive role in implementing best customs practices to facilitate Arab trade, noting that the Sultanate remains dedicated to trade facilitation and customs exemption agreements, aiming to boost the movement of goods and strengthen regional economic connectivity.
Oman’s commitment to the United Nations 2030 Sustainable Development Goals took centre stage as Dr Al Saqri detailed various national programs aiming for integrated social, economic, and environmental development. He also called for full cooperation among Arab nations to ensure the region meets these critical targets.

Highlighting the importance of unified customs procedures, HE Dr Al Saqri emphasized the benefits of the Arab Agreement for the Exchange of Exemptions from Taxes and Customs Duties on the Activities and Equipment of Arab Air Carriers. He noted that the agreement’s positive impact on unifying customs processes and streamlining commercial operations would stimulate air transport and foster robust inter-trade across the Arab region.