Pakistan appreciates Oman for its unilateral trade liberalisation

Geneva - 25 June: "No matter how small a size of population, landmass or resource base, the country can still thrive if it adopts an outward looking posture", said Dr. Zafar Qadir, Pakistan trade envoy to the WTO, during the trade policy review of Oman at the WTO. Appreciating the Omani trade policy measures, he stated that Oman, being one of the freest economies in the Arab region, is rightly reaping the fruits of its unilateral tariff liberalisation and encouraging inward investment. It transpired during the review that Oman with a population of only 2.6 millions (including 26 % expatriates) enjoys a high living standard with a GDP of US$ 14,500 for 2007. Besides oil, the major contributing factors contributing towards steady growth have been the open tariff regime and generous investment incentives that boosted exports of US$ 24.7 billions. Since its joining the WTO, the trade and economic policies of the Sultanate have been put to review for the first time. Trade policy review is a usual peer review process of the WTO, by virtue of which the membership collectively examines the trade related policies and measures of each member state. Here is the full text of the statement made by Pakistan on this occasion.