Oman marks 15th anniversary of Free Trade Agreement with US
The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) held an event to mark the 15th anniversary of the Free Trade Agreement (FTA) between the Sultanate of Oman and the United States.
The event, organised in collaboration with the US Embassy in Oman, the US State Department, the Oman Chamber of Commerce and Industry, and the Oman American Business Council, highlighted the agreement's achievements in strengthening economic and trade relations between the two countries.
Speaking at the event, Pankaj Khimji, Adviser for International Trade and Cooperation at MoCIIP, said that the agreement has strengthened economic, cultural, and political ties, opening new avenues for cooperation. He highlighted the attractive environment it creates for US investors in Oman boosting foreign direct investment in sectors such as energy, logistics and infrastructure.
Anna Escrogima, US Ambassador to Oman, said that the FTA reflects the two nations' commitment to enhancing trade relations. She highlighted a 36% increase in US foreign direct investment in Oman to the end of 2023, positioning the US as the second largest foreign investor in Oman and creating opportunities for both nations.
Jose W. Fernandez, US Under Secretary for Economic Growth, Energy, and the Environment, said that the FTA symbolises the strong partnership and shared values between Oman and the US. He noted that bilateral trade has exceeded OMR 1.15 billion (USD 3 billion) annually since 2021, and US investments in Oman reached OMR 5 billion (USD 13 billion) in Q2 2024, focusing on infrastructure, energy, and technology.
Faisal Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, highlighted the unique nature of the agreement, which stems from the strong Oman US friendship. He stressed the role of open and competitive markets in driving economic efficiency, innovation and creativity.
The FTA was signed in 2006 and came into effect in 2009, aiming to enhance economic and trade relations by facilitating trade and eliminating tariff and non tariff barriers. It removed customs duties on most industrial and agricultural goods and ensured a transparent and stable investment environment. The agreement also set intellectual property protection standards, benefiting trademarks, copyrights, and patents, and opened US markets to Omani companies.
The effect of the FTA has been significant; the volume of trade between Oman and the United States of America has increased by 30% over the past three years to reach more than 3 billion US dollars. The volume of Omani exports to the United States has doubled since 2009.
The event reviewed major achievements since the FTA's implementation in 2009 with presentations on the evolution of trade between Oman and the US, a panel discussion exploring future cooperation opportunities and success stories from companies benefiting from the agreement.
This is an unofficial English version of an Arabic report. To view the official Arabic text, click here.