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Omani firms to take benefits of new GSP
MUSCAT — Omani companies eyeing the Turkish and Swiss markets will considerably benefit from the newly prepared Generalised System of Preferences (GSP) for the two countries by the Oman Centre for Investment Promotion and Export Development (Ociped) in coordination with Unctad, Geneva.
GSP rates are already available for EU, USA and Japan. The expiry date of GSP scheme for Turkey is December 31 and for Switzerland is February 2007.
GSP, an initiative of the United Nations Conference on Trade and Development (Unctad), is operated by all major industrialised nations, known as donor states, with the basic objectives of increasing the export earnings of developing and least developed beneficiary countries, promoting their industrialisation and accelerating their rate of economic growth.
Essentially a preferential tariff system, it provides advantages to developing countries by enabling qualifying products to enter markets of donor countries at reduced or nil rates of duty, thus at more competitive prices.
Under the GSP scheme, any Omani producer, whether involved in agriculture, industry, or handicraft production and able to comply fully with the relevant terms and conditions, will benefit from the scheme. However, such benefit is restricted to the product identified by the donor country.
At present the Sultanate enjoys GSP for EU, Japan and USA. The GSP scheme of Japan expires in 2011, USA in 2006 and EU in 2005.
Nisreen Ahmed Jaffer, Ociped's acting director-general of Export Development, said the centre had hosted the updated GSP data on its web site. She urged all Omani manufacturers to access the information.
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