GCC-ASEAN FTA discussed

SALALAH — Officials at the GCC and ASEAN countries stressed the importance of enhancing co-operation in the fields of trade and investment and exploring the possibility of negotiation regarding the Free Trade Agreement between the two groups. This came at a press statement held here yesterday upon the conclusion of the first meeting of the working team for trade and economic co-operation at the level of experts and specialists. The Sultanate hosted the two-day meeting here.

The delegates expressed their deep thanks and gratitude to His Majesty Sultan Qaboos, the government and people for the hospitality. The statement said that the two sides agreed to hold further meetings to draft mechanisms to enable them to act as a regional zone for co-operation in commercial, economic, financial and banking services.

In particular, the meeting stressed the importance of facilitating the trade and investment opportunities for the private sectors and encouraging their active participation in key areas. It was agreed to organize a symposium on the future of economic co-operation on the sidelines of the third joint ministerial meeting scheduled to be held at Abu Dhabi in October 2011.

The two sides explored investment opportunities in communication, including transport, constructions, services sector, incubators, support for small and medium enterprises in the areas of information technology and tourism. — ONA

July 13, 2011

Source: Oman Daily Observer, Oman