New US tariffs may challenge Omani exporters, experts warn
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.
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.
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