Oman Fulfills 100 Percent of Trade Facilitation Agreement's Requirements

Published August 18th, 2020 - 02:00 GMT
Oman Fulfills 100 Percent of Trade Facilitation Agreement's Requirements
This reflects the readiness of regulations, legislation, and the business environment in the Sultanate. (Shutterstock)
Highlights
Oman is one of the few countries in the region that has fully met its obligations related to the agreement, which has been met by 164 countries.
The Omani Ministry of Commerce and Industry (MOCI) said that Oman has fulfilled the requirements of the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO) by 100 percent.
 

Oman is one of the few countries in the region that has fully met its obligations related to the agreement, which has been met by 164 countries.

MOCI said Trade Facilitation Agreement for the World Trade Organization is one of the most important international agreements aimed at facilitating trade between countries of the world and the free movement of goods at border crossings.

 

This reflects the readiness of regulations, legislation, and the business environment in the Sultanate.

 

The Director-General of Organizations and Commercial Relations at the Ministry of Commerce and Industry, Mahmoud bin Amer al-Hatali, announced the formation of a national task force concerned with the Facilitation Agreement. He indicated that it includes a number of government agencies to promote investment and develop exports.

 

He added that the team carried out tasks such as reviewing all procedures of the agreement which were approved by the WTO and preparing lists of Oman’s obligations in this agreement.

 

Hatali stressed that the agreement aims to facilitate trade exchange, clarify and improve the articles related to freedom of transit, fees, and procedures, transparency, and simplify procedures.

 

It will also remove unnecessary administrative burdens that accompany the movement of goods imposed by countries to ensure compliance with their rules applied at the time of import, export, and transit.

 

He indicated that this aims to increase and accelerate the movement of goods including their release and clearance.


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