WTO: THE SULTANATE HAS FULFILLED ITS COMMITMENT TO THE TRADE FACILITATION AGREEMENT
The World Trade Organisation (WTO) revealed that the Sultanate has fully achieved its commitments under the Trade Facilitation Agreement (TFA), according to WTO’s news statement released on its website www.wto.org
The TFA fulfilment is proof of Oman adopting the best international standards and practices for developing the logistics sector and its strenuous efforts to create an attractive commercial climate for investment in diverse economic fields.
The Sultanate’s commitment toward TFA and all other related international agreements, which is a part of the practical implementation of the National Logistics Strategy (SOLS2040) and Oman 2040 Vision, aims to fulfil the country’s ambition to become a global logistics hub and to improve the country’s ranking in the international economic indicator. Among the 164 WTO members across the world who have approved TFA commitments, the Sultanate is one of the first countries to comply 100% with the agreement in the region.
Due to its provisions facilitating trade liberalisation, the complete fulfilment of TFA by the Sultanate of the requirements of this international agreement reflects on the readiness of the country’s systems, legislations and its business environment for keeping pace with the global economic variables. The TFA incorporates 40 main and subsidiary commitments related to the best trade practices for a smooth transaction of the goods and commercial movement in border crossings between countries, which contributes to facilitating the import and export operations.
The agreement also commits to achieving several benefits in the global business environment such as providing information, consultancy services before involving in commercial agreements, prejudices and appeal services in customs cases.
The implementation of TFA for any country member, increase the transparency of the imposed fees on import and export operations and the clearance of goods, as well as the cross-border trade cooperation and on monitoring the good’s transit.
Oman Logistics Centre (OLC) at ASYAD cooperates with public and private sectors, in step with international best practice, to improve Oman’s ease of doing business and supporting economic growth. The Center activates the TFA commitments with other enhanced initiatives to facilitate trade for the commercial community in Oman and has achieved the country’s fulfilment toward the requirements of the WTO’s Agreement.
The Sultanate’s fulfilment of all the commitments of the World Trade Agreement will enhance the efficiency of the commercial procedures, reducing the time cost of supplies chains operation, on which businesses depend, while it accelerates the ambition of Oman to become a global logistics leader.
The Sultanate officially ratified the Trade Facilitation Agreement of the World Trade Organisation on February 22, 2017. It has gained from the efforts of the public and private commercial community by achieving progress with eight places in the cross-border trade index issued by the World Bank for the year 2020.