MUSCAT : The agreement was discussed during the sixth session of the Joint Committee for Economic and Trade Cooperation between Oman and Uzbekistan, held in Muscat on Sunday, under the joint chairmanship of His Excellency Anwar bin Hilal Al Jabri, Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, and His Excellency Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan.

The committee discussed ways to develop trade exchange, facilitate product access to the markets of both countries, promote joint investments, develop industrial and logistical cooperation, and review opportunities available in economic and free zones, renewable energy, manufacturing industries, food security, tourism, education and scientific research.

In his opening remarks, His Excellency Anwar Al Jabri affirmed that the convening of the sixth session is an extension of the growing bilateral relations between the Sultanate of Oman and the Republic of Uzbekistan, which enjoy the support and attention of the leadership of both countries. He pointed out the importance of building on the results of the fifth session, which was held in the Uzbek capital, Tashkent, in June 2025, and translating the common understandings into feasible economic and investment projects.

His Excellency explained that the Sultanate of Oman, under the wise leadership of His Majesty Sultan Haitham bin Tarik is moving forward in implementing the objectives of the “Oman 2040” vision, through diversifying the economic base, strengthening the role of the private sector, and attracting quality investments. He stressed that the integration of Uzbek industrial capabilities with the logistical and investment advantages that the Sultanate of Oman enjoys provides promising opportunities to expand industrial and commercial cooperation and access new markets.

His Excellency pointed to the importance of moving forward with the preferential trade agreement, developing cooperation in the areas of standards, metrology and conformity assessment, encouraging joint investments in the pharmaceutical, electrical equipment, aluminium and automotive components industries, taking advantage of the ports, economic and free zones in the Sultanate of Oman, and enhancing the role of the private sector in establishing sustainable economic partnerships.

His Excellency Laziz Kudratov affirmed that relations between his country and the Sultanate of Oman are entering a new phase of strategic partnership thanks to the wise vision of the leadership of the two friendly countries, noting that the talks held in Muscat at the end of last September laid a solid foundation for today’s meeting, which coincides with a “state” visit by the President of the Republic of Uzbekistan to the Sultanate of Oman tomorrow, Monday.

He further added that the volume of trade exchange between the two countries reached about USD 2.3 million in 2025, and increased during the period from January to September of this year by more than 70 percent to reach USD 3.3 million.

His Excellency explained that the Uzbek side conducted an analysis of Omani imports and identified the sectors in which Uzbek products have a highly competitive advantage. These include food products, fruits and vegetables, copper, aluminium, textiles, electrical and household appliances and chemical products, while Uzbekistan is interested in expanding its imports of Omani products, especially sugar, polymers, petroleum products, lubricants and aluminium products.

He noted that the two sides agreed on the terms of reference for the preferential trade agreement, the signing of which will pave the way for the start of negotiations on lists of goods, customs preferences and rules of origin, proposing that the first round of negotiations be held in December of this year, with the preferential system to be applied to 200 tariff items.

His Excellency said that the two countries have set their sights on raising the volume of bilateral trade to USD 500 million during the coming years, and forming a working group to prepare a joint action program and review its implementation on a quarterly basis.

The session witnessed discussions on the latest developments regarding the proposed preferential trade agreement between the two countries, and the completion of the necessary technical and legal procedures to proceed with negotiations on it, in order to facilitate trade, reduce its costs, and expand the range of exchanged products.

The discussions touched on the role of the Omani-Uzbek Investment Company, which was established in 2010 and in which the Omani Investment Authority owns 75 percent of the shares, and whose assets amount to approximately 107.8 million Omani riyals, and explored opportunities to expand its investments and develop joint projects in priority sectors.

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