FTA boosts trade relations with Oman: US official

MUSCAT: The volume of trade exchange between the Sultanate of Oman and the United States of America has increased by 30% over the past three years to reach more than 3 billion US dollars, and the volume of Omani exports to the United States has doubled since 2009.

Meanwhile, a delegation from the US, led by Jose W. Fernandez, United States Under Secretary of State for Economic Growth, Energy, and the Environment, is currently visiting Oman to discuss means of promoting cooperation in various trade, economic and investment areas.
The visit aims to discuss ways to establish partnerships with the Omani side in the fields of energy, technology, logistics and other fields that contribute to boosting economic relations and augmenting the volume of trade exchange between the two countries.
The delegation comprises Michigan government officials and private sector representatives, as well as members of the American-Arab Chamber of Commerce, the Michigan League of Municipalities Foundation, Michigan city, county and state government officials, and representatives of state businesses.

The delegation participated today in a ceremony held to mark the 15th anniversary of the Free Trade Agreement (FTA) signed between the Sultanate of Oman and the United States of America in 2009.

Jose W. Fernandez, United States Under Secretary of State for Economic Growth, Energy, and the Environment affirmed that the FTA has significantly contributed to the development of trade and investment relations between the two countries.

He pointed out to Oman News Agency (ONA) that the flourishing trade relations between the two countries coincided with an increase in the volume of investment, as the United States of America is the second largest investor in Oman.
The US official stressed that the FTA gives Omani companies and their American counterparts great advantages, such as expanding access to markets and eliminating customs tariffs. He noted that the United States benefits from this agreement in the field of energy and services, while the Omani side favours textile and petrochemical products, stressing that the next stage requires both sides to search for more opportunities to enhance their historical partnership.

He said that the energy sector is the largest area that has benefited from the advantages of the free trade agreement between the two countries, followed by the technology and services sector and the machinery sector. The US official spoke about the Omani-US strategic dialogue, which identified ways to enhance cooperation in three priority areas: trade and investment, clean energy, in addition to education, culture and science.

He stressed that his country seeks to explore ways to attract green hydrogen production in the United States, in addition to cooperation in the fields of digital trade, the digital economy, and enhancing cooperation between small and medium enterprises.
He added that the next phase requires activating the partnership between the Sultanate of Oman and the United States in the fields of renewable energy, the digital economy, green hydrogen, in addition to logistics services. In this context, he pointed to the relationship that has been established between Duqm Port and Port of South Louisiana.

He urged the US companies to invest in Oman as it has a welcoming environment.

The US official underlined the two countries’ keenness to maximize the benefit from the incentives of the FTA.