MUSCAT - "Oman's private sector is urged to enhance competitive edge to take advantage of the opportunities available in the wake of trade liberalization after the country became a member of the World Trade Organization (WTO)," according to Yahya bin Said Al-Jabri, Executive President of the Omani Capital Market Authority (CMA).
"The government has to formulate suitable policies, and bring in legislations to enhance efficiency and quality," Al-Jabri said during the “Joining WTO: Opportunities and Challenges Facing Public Shareholding Companies" seminar held on February 18 in Muscat.
The seminar, organized by the CMA in association with Talal Abu-Ghazaleh Organization (TAGorg), was held under the auspices of H.E. Mohammed Nasser Al- Khasibi, Secretary General of the Omani Ministry of National Economy.
As reported by The Oman Daily Observer, the seminar discussed the impact of rapid economic developments on joint stock companies and complex economic relations that will ensue as a result of the Arab countries joining the WTO.
Presenting a paper on the implications of Oman's membership in the WTO, Dr. Said Al-Riyami, Advisor at the Omani Ministry of Commerce and Industry, said that corporate sector in the Sultanate could take advantage of the trade liberalization to attract foreign direct investment (FDI).
Meanwhile, Mr. Talal Abu-Ghazaleh, Chairman and CEO of TAGorg, suggested the formation of an informal regional council for Arab countries to prepare for trade negotiations in the WTO and follow-up.
"Such a regional council could include members from the private sector," Mr. Abu-Ghazaleh said.
"WTO members will have to accept the challenges and opportunities in view of the liberal trade regime," he added.