Muscat: Dr. Nasser Al-Maawali, the Undersecretary of the Ministry of Economy, has commented on the United States' recent decision to impose new tariffs on imports from Oman. He noted that the expected impact on Oman's economy is likely to be minimal and not a significant concern in the medium to long term. He also pointed out that these new tariffs do not affect Omani oil, gas, and refined product exports to the US.
Dr. Al-Maawali recognized that Oman may face some economic repercussions due to global trade disruptions and a deceleration in worldwide economic growth. Nevertheless, he highlighted the potential for Oman to seize opportunities arising from these challenges. He proposed that the elevated US tariffs on other countries could enable Oman to strengthen its trade ties with those nations and attract foreign investment. Furthermore, Oman could enhance its supply chains with countries adversely affected by the tariffs and utilize its strategic location as a transit hub to facilitate access to the US market for those impacted by the increased tariffs.
Dr. Al-Maawali emphasized Oman's ability to turn challenges into opportunities by leveraging its geographical strengths and adopting proactive economic strategies, which are in line with the country's broader economic vision.
