Washington D.C., 10 December 2021 (TDI): The US delegation in Oman, in cooperation with the Oman American Business Center and the Omani Ministry of Trade, Industry, and Investment Promotion, presented a promotional video on Oman and the US market opportunities. During their meeting, Oman’s Minister, together with the US Ambassador to Oman, encouraged companies to take advantage of the Free Trade Agreement (FTA).
Along these lines, they mentioned that despite the business sector is facing the challenges of the COVID-19 pandemic, Omani companies continue to achieve outstanding results. In particular, they benefit from FTA’s opportunities to increase US exports.
Also, the bilateral partnership reached more than $ 2.3 billion in September. In other words, it reflects the resilience and economic growth of the Omani industry in market share.
On top of that, the United States expanded some US $ 200mn on its imports from Oman. This value is twice the monthly average observed in the last 15 years for the US within the Omani market.
US-Oman Free Trade Agreement
The Oman-United States FTA entered into force in 2009. It is a duty-free trade agreement that opens access to most of the products of both nations. In addition, this agreement serves as a stimulus for investment and trade in goods and services.
The main reason is that Omani and American companies can own a company without a local partner. In other words, the Joint Venture strategy is not mandatory. Besides that, this FTA adheres to 4 important internal agreements.
First, the elimination of most tariff and non-tariff barriers.
Second, the acceleration of the movement of the supply of goods and services. Third, strengthening investor protections. Fourth and last, the safeguarding of intellectual property.
Therefore, this agreement is a necessary tool to promote economic cooperation through legitimate and fair business. This American-Omani commitment is particularly encouraging to the agricultural sector.
It is because Oman and the United States provide duty-free access to 87% of agricultural tariff lines.
Thus, the Omani Minister, with the accredited United States Ambassador in Oman, stressed that the FTA aims to promote simple personalized procedures to keep the increase of exports and imports in quality and quantity.
