Oman, Singapore agrees to enhance trade and economic cooperation

by | Dec 15, 2023 | 0 comments

SINGAPORE —The Sultanate of Oman and the Republic of Singapore have agreed to enhance trade and economic cooperation in areas such as aquaculture, food security, and transport and logistics, as well as strengthening connectivity between startups and SMEs with global markets. This was stated in a joint communique issued on the occasion of His Majesty Sultan Haitham bin Tarik’s visit to Singapore.

It reads as follows: “At the invitation of Tharman Shanmugaratnam, President of the Republic of Singapore, His Majesty Sultan Haitham bin Tarik – Sultan of Oman, led a high- level delegation on a State Visit to Singapore from 13 to 15 December 2023. This visit marks a significant milestone in the Oman-Singapore relationship,

characterized by deep-rooted friendship and mutual cooperation.

During this historic visit, His Majesty the Sultan met with President Tharman and Prime Minister Lee Hsien Loong. They reviewed the multifaceted partnership between the two nations and discussed regional and global issues, reinforcing their shared commitment to progress and stability.

Key discussions included ways to substantively advance bilateral relations, particularly in the economic and technological domains. Both countries recognise

the importance of technology in boosting economy and innovation, and discussed developments in Artificial Intelligence and data ecosystems. Singapore and Oman agreed to enhance trade and economic cooperation in areas

such as [aquaculture, food security, and transport and logistics], as well as (strengthening connectivity between startups and SMEs with global markets). They stressed the importance of cooperating to enhance and diversify bilateral trade by tapping on and upgrading the Gulf Cooperation Council – Singapore

Free Trade Agreement (GSFTA).

In sectors like [education, healthcare, tourism, aquaculture, the blue economy, water management, and technology], both nations committed to fostering and

sharing their experiences, development and innovation.

Both nations recognize the importance of transitioning to a green economy and agreed to explore collaborating on initiatives to promote renewable energy

sources such as low carbon hydrogen, as well as decarbonization. This underscores their shared dedication to environmental sustainability and

addressing climate change.

Emphasising the desire for peaceful resolution of regional and global conflicts, Oman and Singapore will advocate for dialogue and negotiation, and an adherence to international law and a rules-based world order, to promote justice,

freedom, and human dignity without prejudice.

Singapore and Oman expressed a strong commitment to fostering tolerance and peaceful coexistence, firmly rejecting all forms of extremism. Both countries are

committed to creating a safer, more inclusive world that respects diversity and promotes mutual respect among different cultures and communities.

The visit culminated in the signing of Memoranda of Understanding in the fields of culture and youth between the Oman Ministry of Culture, Sports and Youth and the Singapore Ministry of Culture, Community and Youth and in the field of economic development between the Oman Ministry of Commerce, Industry and

Investment Promotion and the Singapore Cooperation Enterprise. These will encourage greater people-to-people exchanges between Singapore and Oman and strengthen the overall bilateral relationship.

Both countries looked forward to the second meeting of the Singapore-Oman Strategic Dialogue to be convened in Oman at a mutually convenient date.

His Majesty the Sultan expressed sincere gratitude for the warm hospitality received in Singapore. His Majesty the Sultan extended an invitation for reciprocal visits to Oman by President Tharman and Prime Minister Lee, reflecting the strong ties and enduring bilateral partnership.”

(Source: ONA)

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