Muscat: The National Team for Combating Hidden Trade's second meeting examined the execution of Ministerial Decision No. 412/2023, which evaluates the findings of the first phase of the audit process on commercial records and establishes the foundation for the second phase.
The meeting, which took place at the Ministry of Commerce, Industry, and Investment Promotion headquarters in Muscat, featured a thorough assessment of office audit results from the first phase. These findings show considerable progress in detecting and monitoring commercial activities that breach regulations within the scope of concealed trade, particularly those that were previously forbidden for foreign investors. The crew stressed that these results demonstrate a strong resolve to tackling these unlawful acts that undermine Oman's commercial climate.
Discussions also addressed methods to improve inspection procedures and ensure that company records comply with current legislation and regulations, preventing them from engaging in illegal business activities classified as concealed commerce.
The National Team reaffirmed its continuing collaboration with appropriate agencies in developing a full strategy to combat underground trade, ensuring a fair and attractive commercial environment for local and international investments. The strategy seeks to encourage sustainable development, safeguard consumer rights, and restrict unfair competition in the Omani market.
Nusra bint Sultan AlHabsi, Director General of Commerce and Chair of the National Team for Combating Hidden Trade at the Ministry of Commerce, Industry, and Investment Promotion, stated that the first phase results emphasize the need of successful coordination between government and private organizations in detecting commercial offenses. She stated that the team's next stage will focus on strengthening this relationship by creating monitoring tools and carrying out joint awareness initiatives to educate stakeholders about the dangers of clandestine trade and its influence on competitiveness and investment.
Meanwhile, Mohammed bin Salem AlHashemi, Director of Establishment Oversight and Chairman of the Technical Team at the Ministry of Commerce, Industry, and Investment Promotion, stated that the second phase will focus on improving regulatory working methods and extending audit scope to include more governorates while engaging all relevant industries in this national effort.
The decision to fight secret commerce aims to create an appealing commercial environment and provide excellent conditions in Oman by outlining the procedures required to register foreign businesses, define requirements, regulations, and timelines for granting approvals, permits, or licenses for investment projects under the Foreign Capital Investment Law.
The National Team consists of officials from the Ministry of Commerce, Industry, and Investment Promotion, the Ministry of Labor, the Ministry of Information (represented by the Government Communication Center), the Tax Authority, the Central Bank of Oman, the Royal Oman Police, the Consumer Protection Authority, and the Small and Medium Enterprises Development Authority.
It is worth noting that the Ministry of Commerce, Industry, and Investment Promotion has published Ministerial Decision No. 412/2023, which aims to combat clandestine commerce in collaboration with other government bodies. This effort aims to limit clandestine commerce in Oman, as well as its economic and social implications for business owners and society, in response to citizens' long-standing demands to curb this practice.
