US Trade Representative Susan C. Schwab has welcomed President Bush's proclamation implementing the US-Oman free trade agreement as of January 1, 2009.
“We have worked closely with the government of Oman to ensure that the obligations and responsibilities of each party under the agreement have been met. We have engaged in this effort as true partners, and I want to thank the Omani Minister of Commerce and Industry Maqbool Bin Ali Bin Sultan, Oman’s Ambassador to the United States Hunaina Al-Mughairy, and their staffs for all of their hard work," Schwab said in a statement.
The agreement, signed by Bush in September 2006, guarantees that 100% of two-way trade in consumer and industrial products will be duty free. This will expand opportunities for exports of machinery, automobiles, optic and medical instruments, electrical machinery, and agricultural products such as vegetable oils, 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 labour and environmental laws, and enhance the protection of intellectual property.
Schwab added:
“The US-Oman FTA advances the President’s vision for economic integration and development in the Middle East and holds important promise for the people of both Oman and the United States."
“Soon US workers, farmers and entrepreneurs will enjoy new opportunities in this growing market. The agreement also marks a milestone in strengthening ties and promoting freedom in the Middle East and is an important step in advancing President Bush’s Middle East Free Trade Area (MEFTA) initiative. The Oman agreement builds on US free trade agreements concluded with Israel, Jordan, Morocco and Bahrain, Trade and Investment Framework Agreements with 10 countries in the region and the 2005 World Trade Organization accessions of Saudi Arabia. MEFTA is aimed at spurring economic growth and reform in the Middle East – an area of almost 330 million people and with a USD158bn trading relationship with the United States.”
Implementing legislation for the US-Oman FTA passed the US Senate in June 2006 and the House of Representatives in July 2006.
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