The U.S. Chamber of Commerce praised the House of Representatives for approving the U.S.-Oman Free Trade Agreement and thanked lawmakers on both sides of the aisle for advancing U.S. strategic interests in the Middle East and economic growth here at home.
"This agreement is a critical building block for a broader free trade agreement that will span the Middle East," said Lt. Gen. Daniel W. Christman (Ret.), the Chamber's senior vice president for international affairs.
"Not only does it create incentives to deepen trade and investment with a dynamic region, it advances U.S. national security goals in the Middle East."
The U.S.-Oman Free Trade Implementation Act provides U.S. companies of all sectors with new access to a rapidly growing market.
With bilateral trade between the U.S. and Oman surpassing $1.1 billion in 2005, the agreement is of particular interest to U.S. companies specializing in telecommunications, oil and gas, medical equipment, and electrical and manufacturing equipment.
Oman has a weighted average tariff of 14%, presenting U.S. exporters with relatively high barriers to market access. The agreement will eliminate all tariffs on industrial and consumer products when implemented.
Enacting a free trade agreement with Oman was recommended by the 9/11 Commission.
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses of every size, sector, and region.
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