Muscat: On Wednesday, the Economic and Financial Committee of the Shura Council convened to evaluate the impact of the new tariffs recently enacted by the United States on Omani exports.
Led by Said Ahmed Al-Sharqi, the committee members deliberated on the significant challenges confronting the industrial sector, particularly due to rising export costs and diminished competitiveness in the U.S. market, which is a vital trading partner for Oman.
This meeting was part of the committee's regular sessions aimed at tracking economic trends and addressing high-priority financial matters, especially in light of regional and global developments that influence international markets.
The committee also examined the indirect consequences of these tariffs on supply chains, highlighting the necessity for collaboration among relevant authorities to formulate a comprehensive strategy to assist affected businesses and identify alternative markets.
Additionally, the meeting featured an analytical assessment of the government's initial revenue forecasts, considering the recent decision by the OPEC+ alliance to boost crude oil production. This analysis focused on the potential repercussions for global oil prices and the implications for the state budget.
These discussions are part of ongoing initiatives to strengthen financial sustainability and decrease dependence on oil revenues.
Said Ahmed Al-Sharqi underscored the need for collaboration between the council and the government to tackle these pressing issues, offering effective recommendations to bolster the national economy and maintain its stability amid external challenges.
He also indicated that the committee will persist in monitoring shifts in the global economic environment and related developments in the near future.
