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Observer
16-04-2025
- Business
- Observer
FTA to soften blow of US tariffs on Omani exports
MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) organized a virtual workshop on Tuesday titled, 'US Tariffs and Their Impact on Omani Exports', focusing on the recent executive decision by the United States regarding reciprocal tariff measures. The session addressed the potential repercussions of the new policy on Omani exporting companies and the broader national economy. The event also highlighted proposed mechanisms to mitigate any negative outcomes and discussed strategies for Omani institutions and businesses to preserve their competitiveness in the American and global markets. His Highness Sayyid Dr Adham bin Turki Al Said, Chairman of the Economic Committee at OCCI, emphasized the significance of the new tariffs, stating: 'The imposition of uniform global customs tariffs by the US represents a significant challenge for Omani trade, especially regarding bilateral commerce. However, the continued benefits of the Oman–US Free Trade Agreement (FTA) offer a competitive edge compared to other countries. Omani institutions must closely monitor these developments and verify tariff codes and the country of origin to ensure they continue to benefit from exemptions and advantages granted under the agreement.' He further stressed the importance of proactive planning to ensure that Omani products remain competitive in US and global markets. Shaikh Saud bin Ahmed al Nahari, Board Member of OCCI, highlighted that the session is part of the Chamber's efforts to keep pace with changes in global trade policies and help Omani companies prepare for any potential impacts. 'Despite the existing FTA between Oman and the US, the new tariff measures have included Omani exports. Government agencies in Oman are actively engaging with their US counterparts to review the implications of this policy. Meanwhile, OCCI continues to educate business owners and exporters through workshops and expert-led discussions to enhance their readiness and resilience.' Amy Hawn, Managing Partner at the Omani Trade Office in the United States, noted that the Oman–US FTA still provides Omani exports with a competitive margin compared to non-FTA countries, which can help soften the blow of the new tariff regime. Michael J Ford, President of TradeBridge Consulting, stressed the importance for Omani companies to stay informed about tariff updates and to regularly verify their Harmonized System (HS) codes and rules of origin to fully capitalize on the FTA exemptions. The session was part of OCCI's ongoing commitment to supporting the private sector in understanding global commercial shifts and preparing for potential risks to trade. The platform enabled open dialogue on emerging challenges and opportunities, fostering direct interaction between Omani business leaders and international trade experts.
Muscat Daily
16-04-2025
- Business
- Muscat Daily
New US tariffs may challenge Omani exporters, experts warn
Muscat – Experts have cautioned that the new US tariffs could present challenges for Omani exporters, potentially impacting national trade flows and competitiveness of local products. The concerns were raised during a virtual workshop titled 'US Tariffs and Their Impact on Omani Exports' hosted by Oman Chamber of Commerce and Industry (OCCI) on Wednesday. The event focused on potential implications of the US tariffs for Omani export companies and the broader economy. Participants also discussed strategies to mitigate negative effects and sustain the global competitiveness of Omani products. H H Sayyid Dr Adham bin Turki al Said, Chairman of OCCI's Economic Committee, described the global tariffs as a 'new challenge' for Oman's economy. 'Trade flows could be affected and we must prepare accordingly,' he said. H H Sayyid Dr Adham bin Turki al Said, Chairman of OCCI's Economic Committee Saud bin Ahmed al Nahari, board member of the chamber, emphasised the importance of such seminars in helping Omani businesses adapt to evolving global trade policies. 'This is part of our broader efforts to ensure companies remain informed and resilient, and help them prepare for any potential impacts, as the new US customs tariffs may pose challenges for Omani exporters,' he added. Despite the challenges, some advantages remain. Emmee Haun, US-Oman Free Trade Agreement Advisor and CEO of Cross Border Connections, highlighted the continuing benefits of the US-Oman Free Trade Agreement (FTA), which she said provides Omani products a competitive edge over goods from countries without such agreements. 'This constitutes an important element in mitigating the effects of the new customs tariffs.' Michael Ford, President of Tradebridge Consulting, advised Omani firms to closely monitor changes in tariff regulations and ensure proper classification of goods and origin documentation. 'Leveraging the exemptions and facilities under the FTA is key to minimising the impact,' he noted. The workshop underscored the need for proactive measures and enhanced coordination between government bodies and the private sector to safeguard Oman's export performance amid shifting international trade dynamics.
