Oman will become a full member of the World Trade Organization (WTO) in October, an Omani official said Wednesday. Trade Minister Makboul Sultan said, during a meeting of the organization in Geneva, that Oman would join the WTO on October 10.
Oman has completed all the requirements and we are waiting for the official announcement of Oman’s membership,” Sultan was quoted in Omani newspapers. Sultan called on small companies and family-owned business to merge to be able to meet the challenges and competition posed by large business groups and companies.
He said Oman should focus on establishing big companies instead of several small companies. There are only 140 public trading companies in Oman, Sultan said. And there are more than 100,000 small companies and family-run businesses.
The Gulf state has launched several reforms in its pursuit of the WTO membership. Oman has taken steps
to reduce restrictions on foreign investment and has stepped up its crackdown on copyright piracy.
Sultan said the ministry has confiscated more than 50,000 counterfeit computer programs and has shut down a large number of businesses that were in violate of intellectual property rights. – (Albawaba-MEBG)