Daijiworld Media Network - Muscat
Muscat, Dec 4: In a major boost to regional trade and economic cooperation, Oman and the Kingdom of Saudi Arabia have agreed to mutually recognize each other’s certificates of origin, paving the way for smoother movement of goods, reduced manufacturing costs, and increased opportunities for joint industrial ventures.
The decision was finalized during a coordination committee meeting held in Riyadh, where officials reviewed progress on existing joint integration projects. Out of 17 initiatives launched, six have already been successfully completed, with work ongoing on the remaining eleven.
The Omani delegation was led by H E Saleh bin Said Masan, Undersecretary for Commerce and Industry, while the Saudi side was represented by Rakan bin Waddah Tarabzouni, Undersecretary for International Economic Affairs.
The meeting highlighted the successful completion of the second phase of the Industrial Integration Project — a milestone that now allows Oman-made products to enter the Saudi market based solely on an Omani Certificate of Origin. Officials said the improved procedures would significantly enhance market accessibility for manufacturers in both nations.
Another key achievement includes the completion of the Factories of the Future initiative, along with 12 agreements linking supply chains between factories across the two countries, aimed at boosting regional industrial strength and creating value-added manufacturing opportunities.
Bilateral trade between Oman and Saudi Arabia has grown to more than US$8 billion by the end of 2024, reflecting a steady rise in commercial partnerships. A memorandum of understanding on competition protection and anti-monopoly measures was also signed during the meeting to support fair trade practices and regulatory alignment.
Eng Jassim bin Saif al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, said the latest phase of cooperation has enhanced local content development and synchronized procurement procedures between both governments. He added that the next stage will focus on a verification protocol for Certificates of Origin, ensuring faster and simpler movement of goods across borders as the two nations continue to pursue ambitious goals aligned with Oman Vision 2040 and Saudi Vision 2030.