US Trade Representative Rob Portman and Omani Minister of Commerce and Industry Maqbool Bin Ali Sultan, have announced the completion of a comprehensive Free Trade Agreement (FTA) designed to eliminate tariffs and barriers and expand trade between the two countries.
Under the agreement with Oman, the fifth Middle Eastern country to have negotiated an FTA with the United States, 100% of bilateral trade in consumer and industrial products will become duty-free. In addition, Oman will provide immediate duty-free access for US agriculture exports in 87% of agricultural tariff lines when the agreement enters into force.
The new trade opening will expand opportunities for exports of machinery, automobiles, optic and medical instruments, and electrical machinery, and US farmers will be able to expand their existing exports of vegetable oils, and sugars, sweeteners, and beverage bases. US exports to Oman were worth $330 million in 2004.
The FTA will also provide new opportunities for US service firms involved in banking and securities, telecommunications, express delivery, distribution, healthcare, construction, architecture and engineering.
In addition to Oman’s decision to eliminate its tariffs on US products, and provide substantial market access across its entire services regime, this agreement will also ensure a secure, predictable legal framework for US investors operating in Oman, provide for effective enforcement of labor and environmental laws, and protect intellectual property.
"This is a high-quality, comprehensive free trade agreement that will contribute to economic growth and trade between both countries,” observed Mr Portman.
He added that the FTA with Oman will build on America's existing agreements with Israel, Jordan, Morocco and Bahrain. Washington has also signed eight Trade and Investment Framework Agreements (TIFA) with Middle East nations, and is currently negotiating an FTA with the United Arab Emirates.
"These are important steps on the path to implementing the President’s initiative to create a US-Middle East Free Trade Area by 2013. 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," explained Mr Portman.
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