Oman Initiates National Effort to Combat Hidden Trade
Muscat, The Gulf Observer: In a significant step towards curbing illicit trade practices and fostering a transparent business environment, the inaugural meeting of the National Team to Combat Hidden Trade convened on Tuesday at the Ministry of Commerce, Industry, and Investment Promotion. Attended by key stakeholders representing various governmental bodies, the session marked the beginning of a concerted effort to tackle hidden trade effectively.
The National Team to Combat Hidden Trade, comprising representatives from the Ministry of Commerce, Industry, and Investment Promotion, the Ministry of Labour, the Government Communication Centre, the Tax Authority, the Central Bank, the Royal Oman Police, the Consumer Protection Authority, and the Small and Medium Enterprises Development Authority, gathered to deliberate on the implementation mechanism of the decision to combat hidden trade.
During the meeting, participants meticulously reviewed the terms of reference of the national team and charted the initial phase of executing Decision No. 412/2023 issued by the Ministry of Trade, Industry, and Investment Promotion. The team’s objectives include proposing commercial activities subject to oversight, facilitating the implementation of anti-hidden trade measures, conducting regular meetings with the technical team, monitoring and evaluating progress, and analyzing reports submitted by the technical team.
The Ministry of Commerce, Industry, and Investment Promotion urged commercial company owners to expedite the reconciliation of their commercial records to legalize their operations. This call aims to identify active businesses, validate their efficacy, and update the commercial database, thereby mitigating hidden trade practices. Immediate action is imperative, as the technical team at the Ministry will promptly commence the enforcement of the decision.
The decision to combat hidden trade reflects Oman’s commitment to fostering an attractive business environment conducive to sustainable economic growth. It delineates stringent procedures for registering foreign institutions and companies, specifying the requisite requirements, controls, and deadlines for issuing approvals, permits, or licenses related to investment projects, in accordance with the Foreign Capital Investment Law.
Ministerial Resolution No. 412/2023 underscores the collaborative efforts of various governmental entities to address the detrimental effects of hidden trade on Oman’s economy and society. It responds to longstanding appeals from citizens to eradicate this phenomenon, safeguarding the interests of business owners and the wider community.
The inaugural meeting of the National Team to Combat Hidden Trade signals Oman’s unwavering resolve to uphold transparency, integrity, and fairness in its commercial landscape, paving the way for sustained economic prosperity.
