Senate Passes US-Oman FTA

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

21 September 2006

US Trade Representative Susan C. Schwab welcomed the Senate’s approval of the US-Oman Free Trade Agreement on Tuesday by a vote of 63 – 31.

"I am delighted the Senate has cleared this important free trade agreement for the President’s signature," announced Ambassador Schwab, continuing:

"The Oman FTA advances the President’s vision for economic integration and development in the Middle East and participation in the peaceful community of trading nations. It holds important promise for the people of Oman and the United States."

The agreement, the first Congress has approved since Ambassador Schwab became US Trade Representative in June, is the fifth in the region.

The approval of the agreement also marks another advance towards President George W. Bush’s objective of establishing a Middle East Free Trade Area (MEFTA) by 2013. The Oman agreement builds on free trade agreements concluded with Israel, Jordan, Morocco, and Bahrain.

When the agreement comes into force, 100% of consumer and industrial products will be duty free. This 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.

In addition, Oman will provide substantial market access across its entire services regime, provide a secure, predictable legal framework for US investors operating in Oman, provide for effective enforcement of labor and environmental laws, and protect intellectual property.

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