TY - JOUR
T1 - Oman's trade achievements with Singapore given the Gulf–Singapore Free Trade Agreement
AU - Gani, Azmat
N1 - Publisher Copyright:
© 2023 John Wiley & Sons Ltd.
PY - 2023/10/5
Y1 - 2023/10/5
N2 - Oman's trade performance achievements with Singapore are assessed within the Gulf–Singapore Free Trade Agreement (GSFTA) framework. Since coming into force in January 2015, Oman's total export value to Singapore has plunged significantly. The number of imported products from Singapore remained significantly higher than the number of Oman's exports to Singapore, confirming that Omani exports have a weaker presence in the Singaporean market. In the post-2015 period, Oman's export partner share in trade remained below its import partner share. Although Oman's comparative advantage strengthened in consumer goods, intermediate goods, chemicals and metals since 2015, animals, food, vegetables and wood consistently revealed their comparative disadvantage since 2000. Between 2015 and 2018, Oman's export share of capital and intermediate goods to Singapore fell from 45.23% to 33.57%, while it rose for consumer goods, chemicals, fuels, machinery and electrical products. Oman's trade reforms have resulted in weighted average tariffs on all products falling from around 5% in 2005 to below 0.60% in 2018. While GSFTA has delivered on expanding trade between Oman and Singapore (though with different magnitudes), it has fallen short of delivering the ‘level playing field’ as expected of Oman's bilateral trade.
AB - Oman's trade performance achievements with Singapore are assessed within the Gulf–Singapore Free Trade Agreement (GSFTA) framework. Since coming into force in January 2015, Oman's total export value to Singapore has plunged significantly. The number of imported products from Singapore remained significantly higher than the number of Oman's exports to Singapore, confirming that Omani exports have a weaker presence in the Singaporean market. In the post-2015 period, Oman's export partner share in trade remained below its import partner share. Although Oman's comparative advantage strengthened in consumer goods, intermediate goods, chemicals and metals since 2015, animals, food, vegetables and wood consistently revealed their comparative disadvantage since 2000. Between 2015 and 2018, Oman's export share of capital and intermediate goods to Singapore fell from 45.23% to 33.57%, while it rose for consumer goods, chemicals, fuels, machinery and electrical products. Oman's trade reforms have resulted in weighted average tariffs on all products falling from around 5% in 2005 to below 0.60% in 2018. While GSFTA has delivered on expanding trade between Oman and Singapore (though with different magnitudes), it has fallen short of delivering the ‘level playing field’ as expected of Oman's bilateral trade.
KW - GSFTA
KW - Oman
KW - Singapore
KW - free trade agreement
KW - trade performance
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UR - https://www.mendeley.com/catalogue/e3e21f9b-7602-32b5-92d8-76cc9b8f7fe6/
U2 - 10.1111/twec.13510
DO - 10.1111/twec.13510
M3 - Article
AN - SCOPUS:85173436008
SN - 0378-5920
VL - 47
SP - 1717
EP - 1740
JO - World Economy
JF - World Economy
IS - 4
ER -