'Joining WTO: Opportunities and Challenges' Seminar Convenes in Oman
15 Feb 2006Special to ag-IP-news Agency
MUSCAT - Under the patronage of the Omani Secretary General - Ministry of National Economy Mohammed Nasser Al-Khasibi, a seminar titled “Joining WTO: Opportunities and Challenges Facing Public Shareholding Companies,” will take place at Grand Hyatt Muscat - Afrah Ballroom in Oman on February 18, 2006.
The seminar organized by the Capital Market Authority (CMA) in association with Talal Abu-Ghazaleh Group intends to discuss the impact of rapid economic developments and complex economic relations that will ensue as a result of the Arab countries joining the WTO.
Some of the issues that will be discussed are the impact of such developments on joint stock companies, an Arab perspective of the accession to WTO as well as WTO negotiations on financial services.
The accession of Arab countries to the WTO has raised many issues, expectations and concerns. Is the WTO a multi-lateral negotiating platform empowering developing nations or another world forum benefiting developed nations? Developed countries are keen on strict implementation and opening up markets for global trade, but with complex issues and regional economic concentrations due to an uneven playing field, there are varied forecasts about the direction in which WTO negotiations are headed.
“Oman - a relatively open and small economy - has much to gain from its external commercial trade, technological and investment relations being conducted within a non-discriminatory and liberal rules-based system,” former WTO director general, Mike Moore, said.
“The WTO provides such rules, and membership in the WTO will allow Oman to participate, on an equal basis, in the further elaboration of such rules in future multilateral trade negotiations. WTO membership also offers Oman access to the markets of other Members on Most Favored Nation terms, and the possibility to improve these terms through multilateral negotiations in the future.”
Moore noted “Most importantly, membership of the WTO will give Oman access to the WTO’s dispute settlement procedures to ensure against unjustified actions taken against Oman’s interests by its trading partners, big or small.”
The seminar will be attended by prominent personalities mainly Executive President, CMA Yahya bin Said Al-Jabri, Chairman & CEO of Talal Abu-Ghazaleh Group Talal Abu-Ghazaleh, Ambassador of the Arab League in Geneva Saad Al-Farargi, Director of Trade Services, WTO, Abdel-Hamid Mamdouh, from Ministry of Commerce and Industry Said Al-Riyami.
The main themes to be tackled at the seminar: the Hong Kong Ministerial and after, the implications of Oman's membership in the World Trade Organization with special emphasis on the financial sector, negotiations on financial services – an example of multilateral liberalization.
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