Washington, DC – The National Foreign Trade Council (NFTC) today praised the U.S. House of Representatives for approving the U.S.-Oman Free Trade Agreement (FTA), H.R. 5684.
“The U.S.-Oman FTA is essential to maximize trade with Oman and today’s House vote will help achieve that end. In this election year, especially, we recognize the conviction of the twenty-two Democrats voting for this agreement and the leadership of Rep. Jim Moran, Rep. Gregory Meeks and Rep. Ellen Tauscher,” said Bill Reinsch, president of NFTC. “Oman is an important ally in the Middle East and the FTA is a high quality agreement.”
The U.S.-Oman FTA will expand trade with Oman in a number of different industries and service sectors, including the healthcare, transportation, engineering and agricultural industries, among others. Financial, insurance and banking service sectors also stand to gain from liberalized trade relations with Oman.
“The agreement is good for U.S. workers, the business community and our economy, as well as for diplomatic relations with this region of the world,” said Reinsch. “The FTA is vital to U.S. efforts to further develop strong economic ties within the Middle East, working towards the President’s goal to liberalize trade in the region over the next several years.”
In addition to expanding business opportunities, the U.S.-Oman FTA will 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 millions of this coming from U.S. exports.
“We are pleased with today’s passage in the House of the U.S.-Oman FTA and look forward to the agreement’s implementation and continued progress toward a Middle East Free Trade Area by 2013,” concluded Reinsch.
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.