The Sultanate of Oman is classified as a high-income country and is one of the most developed and stable countries of the Arab world. Oman has been a member of the WTO since 2000, alongside membership of the Gulf Cooperation Council (GCC) which have been the key factors shaping Omani trade policy. This has included reviewing and amending trade policy in areas such as: contingency trade remedies, government procurement, commercial companies, and investment. Oman is also a member of the Greater Arab Free Trade Area and has a bilateral trade agreement with the United States, which entered into force in 2009. 79 % of Oman’s exports are Fuels and Mining Products, followed by 10% Manufacture and 2 % Agriculture.
Apart from a few exceptions, good produced in the Gulf Cooperation Council member countries enter duty free if accompanied by certificates of origin. The government’s long-run development strategy is the “Oman Vision 2020”, which is designed to strengthen the economy beyond the depletion of oil reserves. Oil and gas development remains a priority, but the government is also pushing ahead with its economic diversification programme.