Oman celebrates 20 years of WTO membership

MUSCAT: The Sultanate on Monday joined the regional and international community in celebrating 20 years of Oman’s membership to the World Trade Organisation (WTO).
The event, held via video-conferencing, explored the experience, achievements and challenges witnessed by the Sultanate over the past period.
Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, said during the session that Oman’s joining the WTO reinforced the principles on which its modern renaissance was established, including an economic policy that is open to trade liberalization.
Over the past 20 years, the Sultanate has maintained respect to the basics of a multilateral trade system represented by the WTO, he said.
Al Yousuf explained that the WTO membership brought about positive gains to the Omani national economy. The government adapted itself to these obligations through the enactment of legislations conforming to WTO agreements, even as the country has been bracing for its future strategy Oman Vision 2040 where economic diversification constitutes a basic pillar, Al Yousuf added.
Membership to the WTO contributed to the entry of Omani exports to markets of 164 members of the WTO. It also helped apply the law on combating practices harmful to international trade, Al Yousuf said.
The Sultanate officially joined the WTO on November 9, 2000. Royal Decree No 112/2000, issued on November 15, 2000, ratified the Sultanate’s joining the WTO, thus making it the 139th member of the international organisation.