Schwab Welcomes Passage Of US-Oman FTA

by Glen Shapiro, LawAndTax-News.com, New York

24 July 2006

Speaking on Thursday, US Trade Representative Susan Schwab welcomed the approval of the terms of a Free Trade Agreement with Oman by the House of Representatives

"I applaud the House passage of the US-Oman Free Trade Agreement. Along with last month’s passage by the Senate, Congress has sent the world a powerful message – America is committed to opening markets and contributing to global economic growth and development," she announced.

The USTR continued:

"The free trade agreement with Oman, our fourth with an Arab country, reaffirms our commitment to a growing and evolving Middle East region. It is another major step forward in implementing President Bush’s plan for a Middle East Free Trade Area (MEFTA) by 2013, building on our existing agreements with Israel, Jordan, Morocco, and Bahrain."

"Our efforts will advance economic growth and democracy in the Middle East – an area of almost 350 million people and a $70 billion trading relationship with the United States."

The agreement was signed in January by then Trade Representative, Rob Portman and Omani Minister of Commerce and Industry Maqbool bin Ali Sultan.

Once effective, the agreement will mean that all consumer and industrial products and 87 percent of agricultural tariff lines will be duty free, while Oman will also provide substantial market access across its entire services regime.

The agreement also aims to provide a secure, predictable legal framework for American investors operating in Oman, provide for effective enforcement of labor and environmental laws, and protect intellectual property.

In 2004, US goods exports to Oman totaled $330 million, and it is hoped that the agreement will expand opportunities for exports of machinery, automobiles, optic and medical instruments and electrical machinery, and agricultural products such as vegetable oils, and sugars, sweeteners, and beverage bases.

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