Oman's trade achievements with Singapore given the Gulf–Singapore Free Trade Agreement

Bibliographic Data

ID21543335
AuthorsAzmat Gani (0000-0002-0817-393X, Department of Economics and Finance, College of Economics and Political Science Sultan Qaboos University Muscat Oman, corresponding author)
Year2024
Volume47
Issue4
Pages1717-1740
Publication date2024-04-01
Open AccessYes
TypeARTICLE
VenueWorld Economy (JOURNAL)
Journal identifiersISSN: 0378-5920 • E-ISSN: 1467-9701
PublisherWiley (PUBLISHER • GB)
DOI10.1111/twec.13510
OpenAlexW4387375331
LanguageEN
References cited20

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

Agricultural economics · Comparative advantage · Disadvantage · Economics · Economy · Free trade · Free trade agreement · Geography · International economics · International trade · Market share · Political science · Global trade and economics · International Business and FDI · Maritime Ports and Logistics

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Open DOIOpen Access