April 10 – Raising the profile of Omani exports worldwide and boosting bilateral trade opportunities between Oman and Canada, OCTAL, one of the Sultanate’s principal exporters, joined hands with the Ministry of Commerce and Industry (MOCI) to ensure exports of Omani polyethylene terephthalate resin (PET resin) are uninterrupted to Canada without any additional duties imposed. The win for Omani industry came in the wake of an inquiry conducted by the Canadian International Trade Tribunal into the effect of dumping and subsidizing of PET resin originating in or exported from China, India, Pakistan, and Oman on Canadian industry, which resulted in the finding of ‘negligible’.
“Oman has a window of opportunity to accelerate economic growth and stimulate job creation and investment opportunities by continuing to foster a progressive international trade policy,” said OCTAL’s CEO, Nicholas Barakat. “The ongoing implementation of Oman’s diversification agenda, boosting of exports and investment for the future by nurturing innovation, are key elements for Oman to achieve its economic development aspirations.”
Barakat, added “The win for Omani PET resin in the Canadian market is a real testament to Omani manufacturing, its capabilities and most importantly, its promise for the country’s growing exports and international trade, which is increasingly considered the modern engine of prosperity.”
The size of the economy in Oman has been growing steadily, and market conditions are stable. Oman and Canada have a growing trade and investment relationship. Canada’s export credit agency, Export Development Canada classified Oman as a key market for Canadian businesses and investment.