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Muscat – The event saw the presence of high-ranking officials including His Excellency Sayyid Badr bin Hamad Albusaidi, Minister of Foreign Affairs, and His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion.
In a speech delivered during the event, H.E. Qais Al Yousef underscored the importance of the Indian Ocean Conference as a platform for fostering collaboration and economic growth across the region. “The 8th Indian Ocean Conference is a platform dedicated to fostering maritime partnerships and economic integration across our region as Oman underlines its commitment to strengthening ties with our neighbours, and fostering a regional economic ecosystem that promotes prosperity for all,” he stated.
“Trade has always been at the heart of Oman’s identity; centuries ago, Omani sailors set sail across the Indian Ocean, navigating as far as the eastern coast of Africa, India, and China. They traded frankincense, dates, and copper, returning with spices, textiles, and knowledge that enriched our civilization. That same maritime tradition continues today, with Oman serving as a strategic gateway between the East and the West. Always being a champion of trade, from the bustling souqs 5,000 years ago to our modern free zones and world-class ports,” he added.
The minister affirmed that the Indian Ocean is not just a body of water—it is an economic lifeline. It facilitates nearly 80 percent of global oil trade and carries a significant portion of the world’s container traffic. “The ports in this region handle billions of dollars in trade annually, yet we are only scratching the surface of our collective potential,” he pointed out.
His Excellency added that Oman has negotiated a bilateral free trade agreement with the United States that eliminates most tariffs, which boosts exports and investments. We are part of the Greater Arab Free Trade Area and the GCC Common Market, which ensures duty-free trade within the region. “The Sultanate of Oman is negotiating new trade agreements with our GCC partners to expand market access, in addition to working with the Gulf Cooperation Council Standardization Organization (GSO) to unify industrial, safety and quality regulations and implement digital certification and customs systems to simplify compliance and reduce trade barriers,” the minister stated.
He further stressed the importance of recognising the growing wave of globalization, which disproportionately affects developing economies with protectionist policies, supply chain disruptions, and economic fragmentation. This shift prevents many countries from achieving their sustainable development goals and economic ambitions. He pointed out the need to find a new path that prioritizes regional cooperation and trade integration between countries of the South by establishing a more organized trade union between countries of the South, which takes advantage of our collective strengths, facilitates trade within the region, and ensures that the wealth generated by our waters benefits our economies and peoples.
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