Washington DC – The National Foreign Trade Council (NFTC) today praised the Senate for approving the U.S.-Oman Free Trade Agreement (FTA). Today’s vote is the final Congressional approval needed to move the agreement toward implementation.
“The Senate’s vote on the FTA is essential to expanding trade opportunities with Oman, an important ally in the Middle East,” said Bill Reinsch, president of NFTC. “The agreement is essential to building strong economic ties with this region of the world. It will also help advance market-oriented reforms and demonstrate to other nations in the Middle East the benefits of liberalized trade.”
Trade between the U.S. and Oman reached $1.2 billion in 2005, with $593 million of this coming from U.S. exports. Under the terms of the agreement, all consumer and industrial products will become duty-free, allowing U.S. exporters to build upon the existing trade relationship with Oman.
“The agreement maximizes opportunities for U.S. businesses and workers and is an important part of U.S. diplomatic relations with this part of the world,” said Reinsch. “We applaud the Senate’s approval of the FTA and look forward to prompt implementation,” concluded Reinsch.
The FTA will expand trade with Oman in a number of different industries and service sectors, including the healthcare, transportation, engineering, water and environmental technology and agricultural industries, among others. Financial, insurance and banking service sectors also stand to gain from this agreement.
Advancing Global Commerce for Over 90 Years
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.