Trade and economic cooperation between Ukraine and the Sultanate is marked by a very significant potential for trade and positive dynamics of its development.
The trade turnover between Ukraine and Oman in 2020 increased by 18.685 million US dollars (USD) compared to 2019 and amounted to 107.875 million USD. At the same time, Ukrainian exports accounted for 85.341 million USD (107.4% of 2019 figures), imports - 22.533 million USD (233.6%). The positive balance for Ukraine amounted to 62.808 million USD.
Ukrainian exports consisted mainly of such commodity items as cereals (31.9%), fats and oils of animal or vegetable origin (25.5%), ferrous metals (19.4%), finished grain products (10 , 7%), meat and edible offal (5.3%), milk and dairy products, poultry eggs, natural honey (1.8%).
The basis of imports from Oman to Ukraine were plastics, polymeric materials (93.9%), inorganic chemicals (5%), pharmaceuticals (0.6%) and stone, gypsum, cement (0.5%).
Trade in services in 2020: Ukrainian exports - 0.289 million dollars USD, imports - 0.02 million USD, positive balance - 0.269 million USD.
The structure of domestic exports needs to be expanded in general due to the nomenclature of goods of Ukrainian origin with high added value. At the same time, the Omani side is interested in importing from our country, in addition to metal products, various metalworking and machine-building equipment, agricultural products, equipment for power plants, new technologies for the use of water resources, special equipment and more.
The participation of Ukrainian companies in the development of Oman's transport infrastructure is promising. This applies, in particular, to the development of the public transport network in the largest cities of the country (Muscat, Salalah), improvement and modernization of port infrastructure.
In December 2018, the first export mission of Ukrainian producers of goods in Oman took place in Muscat, which included 11 domestic companies that presented products of the food industry, veterinary drugs, medical hygiene items and household goods. In addition, in April and October 2019, the Ukrainian Chamber of Commerce and Industry hosted two Ukrainian-Omani business forums with delegations from 42 Omani businessmen, who got acquainted with the possibilities of cooperation in such areas as agriculture and energy, food, construction, tourism business. Separately, representatives of the Sultanate's business circles visited Rivne and Kyiv regions of Ukraine.
In order to intensify trade and economic cooperation, it is important to consolidate the systematic practice of holding joint meetings during international forums and business events in both countries. In particular, in this context, the Deputy Minister of Economic Development and Trade of Ukraine - Trade Representative of Ukraine N. Mykolska held talks with the Vice President of the CCI of the Sultanate of Al-Saleh in the framework of the Seventh Annual Investment Meeting (2017, Dubai), Ambassador Of Ukraine V. Vakhrushev with the management of the CCI of Oman (2017-2020, Muscat), the President of the CCI of Ukraine G. Chizhikov with the Chairman of the Board of the CCI of Oman K. Al-Yousef (2020, Muscat).
Evidence of the interest of Kyiv and Muscat in deepening trade and investment cooperation in the context of annual growth of trade turnover was a detailed discussion of this issue during online talks between Deputy Foreign Ministers of Ukraine D. Senik and Oman H. Al-Harty in November 2020. The Omani side was stressed on Ukraine's readiness to ensure food security of the Sultanate against the background of breaking the existing supply chains of food and other products in a global pandemic.
In the context of expanding the Ukrainian-Omani legal framework for trade and economic issues, the Omani side is working on a draft intergovernmental agreement on avoidance of double taxation on income and capital taxes and prevention of tax evasion and avoidance.