PM in Oman: Gwadar, maritime trade on the agenda

Pakistan likely to seek support of Oman in an early inking of a Free Trade Agreement with the GCC.


December 28, 2010

OMAN:


Prime Minister Yousaf Raza Gilani arrived in Muscat on Monday on a two-day visit to the Sultanate of Oman to discuss closer collaboration in trade and economy.

Gilani’s delegation includes Foreign Minister Shah Mahmood Qureshi, Chief Minister Balochistan Nawab Aslam Raisani, Federal Minister for Ports and Shipping Babar Ghauri and Minister of State for Ports and Shipping Nabil Gabol.

The specific entourage indicated that Gwadar and maritime trade between Oman and Pakistan are likely to be the main agenda, according to the Times of Oman. “The importance of Gwadar is growing by the day in an era of liberlisation and deregulation,” chairman of Pak Oman Investment Company Yahya bin Said Al Jabri had said in an interview, according to the paper. “In our scheme of things Gwadar remains a top priority.”

Maritime trade between Gwadar and Muscat can be highly beneficial for the two countries as it takes only a few hours for a ship from Gwadar to reach Muscat while the distance between Muscat and Karachi is covered in about three days. The Sultanate has given generous grants as part of Gwadar coastal city’s development process, including $45 million for Gwadar International Airport and other projects.

It was during the Sultan’s visit to Pakistan in 2001 he had announced a grant of $100 million for the development of Gwadar and Balochistan. Pak-Oman Microfinance Bank was set up in Karachi in May 2006 to encourage small and medium entrepreneurs to set up their own businesses.

Today, trade between the two countries stands at over $380 million, registering a healthy annual growth rate of over 36 per cent since 2001. With the booming ties supported by ever increasing exchange of high-level visits, escalating volume of trade, better understanding of each other’s position, growing cooperation in the field of defence as well as existence of various finance and progress review bodies, Oman and Pakistan relations have come a long way and look to prosper even more in the future.

Gilani said he was pleased to learn about the progress and development of Oman under the leadership of Sultan Qaboos.

He was hopeful that exchange of business delegations would also help generate business activities. The prime minister on Tuesday will hold meetings with Special Advisor to Sultan Qaboos for External Liaison Dr Omer Bin Abdul Munim Al-Zawawi and Minister for Foreign Affairs Younas Bil Alawi Bin Abdullah.

Pakistan is likely to seek the support of Oman in an early inking of a Free Trade Agreement with the GCC.

(APP WITH ADDITIONAL INPUT FROM NEWS DESK)

Published in The Express Tribune, December 28th, 2010.

COMMENTS (2)

Mohammad naeem | 13 years ago | Reply Infact oman may prove very strategic for and after development of gwadar. Its good news.
tariq | 13 years ago | Reply Nice work
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