US economic ties with Oman to reinforce strategic foreign policy
22 Jun '06
3 min read
If you rely on open markets and free trade agreements to do your business, future trade opportunities may be hindered if the U.S.-Oman Free Trade Agreement (FTA) isn't passed by Congress soon.
The situation: Now that the Administration has confirmed a new U.S. Trade Representative, Susan Schwab, she is aggressively moving forward on the trade agenda. The first item to be considered in Congress will be the U.S.-Oman FTA.
The Chairman of the House Ways and Means Committee has indicated that no other trade bills will be considered before this one. So, in effect, the fate of the Administration's trade agenda hinges on passage of this bill.
How your business is affected: Our competitors in Europe and China continue to have a free pass to open foreign markets due to the flexibility of their trade and investment agreements.
The U.S.-Oman Free Trade Agreement sends a clear message that the U.S. is a strong ally in the Middle East. It provides a great opportunity for American business to access the Omani market and immediately make products duty-free.
This agreement would eliminate duties on 90 percent of U.S. agricultural products and open the market for other sectors like U.S. oil and gas equipment and services, transportation equipment, water and environmental technology, medical equipment, electrical and mechanical equipment, power generation and transmission equipment and services, and telecommunications equipment and services just to name a few.
marketing@alchempro.com
