WTO Publishes Trade Policy Review Of Oman
A liberal trade regime has been integral to Oman’s impressive economic
performance over the past few years, with high real GDP growth, low inflation,
and surpluses in both its overall fiscal position and external current account,
according to a report on the trade policies and practices of Oman published
by the WTO Secretariat. An additional favourable factor is that Oman has moved to improve its investment
climate, the WTO observed. Nonetheless, the report indicated that a number of activities are still subject
to FDI restrictions (e.g. tourism, and internal waterway and taxi transportation). The report also noted that a key element of Oman’s reform process relates
to full economic integration under the Gulf Cooperation Council (GCC), of which
the customs union component was launched on 1st January 2003. Oman also participates in the Pan Arab Free Trade Area (PAFTA), and has signed
a trade agreement (not yet in force) with the United States. The report stressed that Oman needs to bring some elements of its trade
regime into greater conformity with WTO provisions. Continued reforms, including dismantling of the remaining impediments to FDI,
and further improvement of Oman’s multilateral commitments, both on goods
and services, would contribute to better resource allocation, and increase the
predictability of its trade regime, the WTO stated. The WTO report, along with a policy statement by the Government of Oman, forms
be the basis for the first TPR of Oman by the Trade Policy Review Body of the
WTO on 25th and 27th June 2008. .
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