London: The Sultanate is ranked first in the Middle East and 9th at the global level among 20 growing countries in terms of global trade, according to the Standard Chartered Trade 20 Index.
The report said that the Sultanate is on an upward trajectory and is advancing at a rapid pace, thanks to many regional trade agreements and liberal policies that succeeded in moving away from its reliance on oil.
Thus, the Sultanate has become an important centre in the region. The Sultanate is showing progress in terms of both economic diversity and trade readiness. The Sultanate is implementing a diversification strategy that aims to focus on non-oil sectors, such as manufacturing, logistics, tourism, fishing and mining and capitalising on its natural resources. The government has been exerting efforts to limit the barriers to doing business, streamlining the start-up process and making border clearance easier.
The index examines 66 markets across the world and has determined each market’s potential for trade growth over the past 10 years by taking into account factors, such as economic dynamism, trade readiness and export diversity.