Sign in Subscribe
Exports

Omani Economic Association Examines International Customs Policies and Their Impact on the Omani Economy

Strategic Insights

— 2 min read

The Omani Economic Association (OEA) convened a session of its Economic Council under the theme 'International Customs Policies and Their Impact on the Omani Economy,' focusing on the implications of global tariffs and the benefits of the US-Oman Free Trade Agreement. The session, held at Omantel's headquarters, featured HH Sayyid Dr Adham bin Turki al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry; and Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher); and was moderated by Dr Khalid bin Said al Amri, Chairman of the OEA Board. The speakers emphasized the impact of global tariffs on the Omani economy and the opportunities presented by the US-Oman Free Trade Agreement.

Key Takeaways:

  • The global economy is experiencing significant changes, with the US and China diverging, according to HH Sayyid Dr Adham bin Turki al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry. He attributed the current global economic trends to accumulated trends and reactions to globalisation, industrial nations subsidising their exports, and the post-COVID-19 response.
  • The US-Oman Free Trade Agreement (FTA) remains in effect, ensuring that Omani products are exempt from standard customs duties, except for the additional 10 per cent applied across all imports, as stated by Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher).
  • The FTA continues to offer Omani exporters a competitive advantage in the US market, and discussions are underway to mitigate the impact of the additional 10 per cent customs duty on Omani exports, according to al Shuaibi.
  • Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA, described economic disputes between the US and China as casting a shadow over the global economy, but viewed these challenges as opportunities for supporting national industries, encouraging innovation, and building a more resilient domestic economy.
  • The global shifts must be used to facilitate trade in target markets, create new supply chains, expand and diversify markets, and develop new products, according to al Amri.

Statistics:

  • Over 60 countries are impacted by former President Trump's decision to impose tariffs, according to Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA.
  • The additional 10 per cent customs duty is applied across all imports, affecting Omani exports.
  • Omani products exported to the US are not subject to standard customs duties, except for the additional 10 per cent applied across all imports.

Sources:

  • Omani Economic Association (OEA)
  • HH Sayyid Dr Adham bin Turki al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry
  • Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher)
  • Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA

Read more