OTTAWA: 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 to ensure that exports of Omani polyethylene terephthalate resin (PET resin) are uninterrupted to Canada without any additional duties imposed.
The win for Omani industry came in the wake of an inquiry conducted by the Canadian International Trade Tribunal into the effect of dumping and subsidising of PET resin originating in or exported from China, India, Pakistan and Oman on Canadian industry, which resulted in the finding of ‘negligible’.
Octal’s CEO, Nicholas Barakat, said, “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. “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.”
Barakat added, “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.”
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.
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