Muscat: A team formed by Majlis A’Shura met with a number stakeholders from the Oman Chamber of Commerce and Industry (OCCI) to study the draft law on combating hidden trade, which was referred by the Council of Ministers,
The hidden anti-trade bill aims to give citizens more opportunities to do business in light of the increasing number of job seekers.
It is the first legal framework to determine the aspects related to hidden trade, including violations and penalties, in order to reduce its negative impact on the economy.
The meeting seeks to understand the reasons behind hidden trade and studying its impact on the market.
It also discussed the negative effects resulting from the spread of the phenomenon and its impact on the Omani economy, especially with regard to huge financial transfers outside the Sultanate and the social challenges resulting from the growing numbers of expatriates.