Muscat: The decision came during the Council’s fifth regular session of the third ordinary term, marking a major milestone in efforts to boost trade, investment, and economic competitiveness in line with national development priorities.

During the session, held under the chairmanship of His Excellency Khalid bin Hilal Al Maawali, the Council reviewed the draft agreement referred by the Council of Ministers in accordance with Article (54) of the Council of Oman Law. Al Maawali affirmed that the session reflects the Shura Council’s continuous role in shaping development-focused programs and policies that support economic stability and long-term prosperity across all sectors.

A key item on the agenda was the discussion of the CEPA draft and the Economic and Financial Committee’s detailed vision on the proposed agreement. His Excellency Ahmed bin Saeed Al Sharqi, Chairman and Rapporteur of the Committee, presented an extensive report outlining the findings of the committee’s in-depth study.

As part of its review, the committee hosted His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, along with the technical negotiation team. These engagements aimed to examine the economic and investment dimensions of the agreement, assess its potential impact, and identify areas requiring preparation before implementation.

Al Sharqi explained that the committee evaluated several critical economic considerations, including implications for the local market, the opportunities the agreement could create for the national economy, and potential challenges that may arise. Special focus was given to the expected effects of CEPA on economic performance, competitiveness, and the small and medium enterprises (SME) sector.

The Council also examined potential repercussions on various local industries and discussed strategies to mitigate any negative impacts. The objective, members emphasized, is to ensure that the agreement aligns with Oman’s development priorities, enhances the presence of Omani products in regional and global markets, and strengthens the country’s economic resilience.

Following comprehensive deliberations, the Shura Council approved the CEPA draft and referred it to the Council of Ministers for further action.

The proposed agreement aims to expand bilateral trade by reducing or eliminating customs tariffs, duties, and other barriers, while facilitating greater market access for businesses in both nations.