Saturday 26 / April / 2025
Muscat: The free trade agreement (FTA) between Oman and the United States, the implementation of which commenced since 2009, contributes to boosting trade and investment cooperation between the two countries and opens the door for Omani products to enter the US market.
A number of officials at the government and the private sectors in both Oman and US, reaffirmed that the impact of the customs fees imposed on the Omani products under implementation of the FTA signed between the two sides is under discussions with the US side for re-consideration of the fees imposed on exports of Oman.
Pankaj Khimji, Advisor of Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion said that the two sides are keen for boosting bilateral trade between Oman and the United States to ensure continued progress between the two sides which dates back to over 200 years.
He urged US businessmen and investors to work along with their Omani counterparts on exploring trade and investment opportunities and to establish joint projects and ventures.
He also stressed the significance of dialogue between the two sides on differences, if any, as Oman hopes for stable bilateral trade that supports its economy and contributes to creation of opportunities for growth in the interest of both the countries.
He also pointed to the importance of dialogue on the impact of imposing customs tariffs at 10%. Omani exports to the USA amounted to over OMR463 million in 2024 against US imports of over OMR506 million.
Ana Escrogima, the US Ambassador accredited to the Sultanate of Oman said that the FTA between Oman and USA, is not just a trade mechanism but a strategic asset that should be consistently renewed and expanded.
She also pointed to that direct US investments in Oman exceeded $16 billion by the end of third quarter of 2024, which makes the USA the second largest investor in Oman.
Khalid Al Shuaibi, Head of the National Programme for Private Sector and Foreign Trade Development (Nazdaher) said that the FTA between Oman and the US, has not been much affected with the decision on imposing customs tariffs at 10% as Oman access to the US market is better than that of any other countries having no trade agreements with the US.
There are negotiations with the US for re-consideration of these tariffs as Oman has no trade surplus with the US and that US products can easily enter Oman with no tariffs.
Saud bin Ahmed Al Nahari, Member of the Board of Oman Chamber of Commerce and Industry (OCCI) said that the joint committee of the FTA between Oman and the US has focused in its meeting on the review of the free trade agreement between the two sides and on the impact on the private sector with the customs fees imposed the Omani exports.
He further pointed out that a delegation from OCCI would participate next month in an expo on the US Market Selection to acquaint with the trade and investment opportunities available in the US market and also for showcasing investment opportunities available in the Sultanate of Oman.
