Muscat: Raising the profile of Omani exports worldwide and boosting bilateral trade opportunities between Oman and Canada, Octal, one of the Sultanate’s principal exporters, joined hands with the Omani Ministry of Commerce and Industry (MoCI) to ensure exports of Omani polyethylene terephthalate resin (PET resin) to Canada remain uninterrupted, without any additional duties imposed.
The win for the Omani industry came in the wake of an inquiry conducted by the Canadian International Trade Tribunal into the effect of dumping and subsidising PET resin—originating in or exported from China, India, Pakistan, and Oman—on the Canadian industry, and it was found to be “negligible”.
“Oman has a window of opportunity to accelerate economic growth and stimulate job creation and investment opportunities by continuing to foster a progressive international trade policy,” said Octal’s CEO Nicholas Barakat.
“The ongoing implementation of Oman’s diversification agenda, boosting of exports and investment for the future by nurturing innovation, are key elements for Oman to achieve its economic development aspirations,” he said.
“The win for Omani PET resin in the Canadian market is a real testament to Omani manufacturing, its capabilities and most importantly, its promise for the country’s growing exports and international trade, which is increasingly considered the modern engine of prosperity,” Barakat added.
The size of the economy in Oman has been growing steadily, and market conditions are stable. Oman and Canada have a growing trade and investment relationship. Canada’s export credit agency, Export Development Canada, classified Oman as a key market for Canadian businesses and investment.
Octal’s reputation as a global leader in PET manufacturing has been driven by its strong dedication to international standards at every stage of production. The company has recently been granted the Authorised Economic Operator status (AEO). This globally-recognised certification is a tool used by the World Custom Organisation (WCO) in order to identify trusted economic operators.
It is also supported by the World Trade Organisation’s (WTO) Trade Facilitation Agreement, in order to establish strategic partnerships to ensure security within the business community and facilitate the international supply chain and global trade.
The AEO status enables Octal to elevate its manufacturing prowess, enhance its import and export portfolio, and increase the strategic value of its trade management operations in over 140 markets worldwide. The company received the certificate as a result of its strong track record of customs compliance and security standards.