By Faiza Tehseen Islamabad, Jan. 19 (INP-WealthPK) Oman is the only Gulf country Pakistan shares direct maritime boundary with through the Arabian Sea. Both countries are trading partners and are bound together by customs and traditions. However, bilateral trade still remains untapped despite a huge potential. Oman imports food items, minerals, textiles and a lot of other goods and services from Pakistan. During the fiscal year 2020-2021, Pakistan received $445.5 million worth of remittances from the expatriates serving there. In 2019, bilateral trade volume stood at US$655 million which got down by US$250 million due to the outbreak of Covid-19 pandemic the same year. During the year 2020, Pakistan exported goods and services worth US$149.22 million to Oman, while the imports were worth US$614.81 million. So, it is important for both Muscat and Islamabad to reframe their trade and business relations. Both countries understand the importance of sustainable economic relations. In order to explore the bilateral trade potential, an Omani business delegation of 25 persons led by H.E. Redha Juma Mohammad Ali Al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI), visited Pakistan in January this year. The delegation met with Prime Minister Imran Khan, Foreign Minister Shah Mehmood Qureshi, other high-ranking officials and the members of Pakistani business and trade communities. The delegation showed keen interest in business-friendly policies of Pakistan related to multiple business forums, especially the China-Pakistan Economic Corridor (CPEC) and the amazing development of Gwadar Port. The delegation also showed its interest in industry, fisheries, agriculture, real estate and other business sectors besides starting a ferry service. Manpower exchange also came under discussion. The delegation also valued new trade routes through Pakistan towards new markets. High officials of the two countries keenly discussed the importance of “Regional Corridor” to connect Oman with the landlocked Central Asian region and Afghanistan as well. The delegation also visited the Islamabad Chamber of Commerce and Industry (ICCI) and attended meetings to enhance bilateral trade and business relations. The delegation comprised representatives of multiple trades e.g., oil and gas, real estate, textile & garments, tourism, IT & telecom, agriculture, fabrication, and fashion design. Oman’s Ambassador Sheikh Mohammed Bin Omar bin Ahmed Al Marhoon and Pakistan’s ambassador in Oman were also present on the occasion. The chairman of OCCI said, “Currently, Pakistan and Oman are having bilateral trade volume of at least US$50 million which is far below the real potential. So, it is important for them to increase it at least to the level of US$1 billion.” He said the geological conditions of both countries provided them with better opportunities to further strengthen their trade and business relations. Oman can be a regular gateway for Pakistan to access Gulf countries, Africa and other local markets. Similarly, Pakistan can facilitate Oman’s easy access to the markets of Central Asia, China and other countries in the region. That’s why Pak-Oman trade offers the best solution for a lot of business and trade engagements. Redha Juma Mohammad Ali Al Saleh said that a lot of Pakistanis had already made investments in Oman and suggested that more Pakistani investors try the Omani market because the Government of Oman had adopted a policy allowing 100% investment opportunities to foreign investors, traders and businesspersons. He said a lot of Pakistani products were reaching the Omani markets through other countries and emphasised that if Pakistan made flexible business agreements with Oman, it can get the real benefit of its products. He also emphasized re-activation of Pak-Oman Business Council. On this occasion, Senior Vice President of ICCI Jamshed Akhtar Sheikh said Gwadar and Salalah ports could prove a great trade link to achieve the purpose. He said it was a positive step of the Omani trade delegation to visit Pakistan. He said both countries must appreciate regular exchange of trade delegations”. Ambassador Al Sheikh Muhammad al Marhoon said, “Oman is more than interested in enhancing its trade and business relations with Pakistan. Both countries have enough potential to benefit each other.” In his address, Pakistan’s ambassador in Oman Ahsan Wagan said Pakistan was keenly emphasizing geo-economic strategies to make its trade and business relations with other countries stronger and better. He termed the Omani delegation’s visit a positive approach toward future business strategies between the two countries at all levels. As Pakistan is a newly emerging trade and business market, it is important for Pakistan to consider the importance of proper and flexible trade diplomacy with all countries. It is also important for its economy in future as a prosperous nation.