Business and Regulatory Environment

Description

The latest World Bank Doing Business Report (2013) ranked Oman 47th out of 189 economies. Among its 10 categories, Oman performs relatively better in paying taxes and registering property whereas dealing with enforcing contracts and protecting investors are not favourable. Especially, with regards to paying taxes, Oman performed significantly better among regional comparators in the Middle East & North Africa. Oman is in favour of trade liberalization through the multilateral framework. Oman is to pursue structural reforms, such as the lifting of remaining impediments to FDI, and reducing the size of its public sector, while encouraging private sector development. The Public Authority for Investment Promotion and Export Development (PAIPED) is tasked with attracting foreign investors and smoothing the path for business formation and private sector development. The Gulf Cooperation Council (GCC) customs union, together with an effective monetary union, is likely to enhance growth prospects for Oman and the other countries in the region through a more efficient allocation of resources, an increase in intra-GCC trade, a boost to FDI resulting from increased business opportunities, and higher productivity as a result of increased competition among member states. Oman has liberalized and extensively deregulated foreign trade. After accession to the WTO in 2000, the government encouraged foreign trade and investment and introduced industrial regulations and labour laws. The Sultanate recognises the importance of trade and investment while more specific efforts are being made to attract and promote investment in: infrastructure, oil and gas, tourism, information technology, venture capital, financial services, and logistics (Bertelsmann Siftung 2012).

The Business Environment: Doing Business

Multilateral Trade Instruments

Abstract


The Trade Treaties Map tool is a web-based system on multilateral trade treaties and instruments designed to assist trade support institutions (TSIs) and policymakers in optimizing their country's legal framework on international trade

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