TRADE POLICY REVIEW:
Impressive performance that continued reform would help sustain
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. Nonetheless, the report indicates that a number of activities are still subject to FDI restrictions (e.g. tourism, and internal waterway and taxi transportation).
The report also notes 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 1 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 also stresses 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 report, along with a policy statement by the Government of Oman, will be the basis for the first TPR of Oman by the Trade Policy Review Body of the WTO on 25 and 27 June 2008.
The WTO report, along with a policy statement by the Government, will be the basis for the Trade Policy Review (TPR) by the Trade Policy Review Body of the WTO.
The following documents are available in MS Word format.
- Secretariat report
> Contents and summary observations
> Economic environment
> Trade and investment regimes
> Trade policies and practices by measure
> Trade policies by sector
> Appendix tables
- Government report
Note back to top
Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. For each review, two documents are prepared: a policy statement by the government of the member under review, and a detailed report written independently by the WTO Secretariat. These two documents are then discussed by the WTO’s full membership in the Trade Policy Review Body (TPRB). These documents and the proceedings of the TPRB’s meetings are published shortly afterwards.
Print copies of previous TPR publications are available for sale from the WTO Secretariat, Centre William Rappard, 154 rue de Lausanne, 1211 Genève 21 and through the on-line bookshop.
The TPR publications are also available from our co-publisher Bernan Press, 4611-F Assembly Drive, Lanham, MD 20706-4391, United States.
Schedule of forthcoming reviews back to top
Singapore: 14 and 16 of July 2008
Barbados: 17 and 19 September 2008
Republic of Korea: 8 and 10 October 2008
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