Late 2005, Oman finalised an FTA with the United States, as part of the US’ plan to reach an all encompassing Middle East Free Trade Agreement. It was signed in Washington on 19 January 2006. While the text is still going through the ratification processes, major US corporations are lining up to benefit including Halliburton, Bechtel, Microsoft and Dow Chemical.
The FTA was ratified in June 2006. Companies like Dow Chemical hailed the agreement as it would open doors for them to expand their petrochemical operations in the Sultanate.
The deal entered into force in January 2009 after being delayed supposedly because Oman was dragging its feet on changing domestic laws on telecommunications and software.
last update: May 2012
Photo: octal / CC BY 2.0
The United States signed a free-trade agreement on Thursday with Oman, a moderate Gulf state and ally in the US war on terrorism, while keeping trade talks with Egypt on hold amid concerns over its commitment to democracy.
A free-trade agreement between the Sultanate and the United States will be signed next Thursday, said Maqbool bin Ali bin Sultan, commerce and industry minister, yesterday.
Even though Oman is a relatively small market for US agricultural exports, several factors make it an attractive export market for the United States, according to the American Farm Bureau Federation.
General Motors, the world’s largest vehicle manufacturer, applauds the successful conclusion of negotiations to create a US-Oman Free Trade Agreement.
"Entering into an FTA with Oman will build on the FTAs that we already have with Israel, Jordan, and Morocco, as well as the FTA that we have concluded with Bahrain, and will be an important step on the path to fulfilling my vision of developing economic growth and democracy in the Middle East and creating a US Middle East Free Trade Area (MEFTA) by 2013."
Oman came to the closing stages of its Free Trade Agreement (FTA) negotiations with the US on October 3, after talks on the final details closed successfully. Omani and US officials say the final signing should now take place early in 2006.
The US and Oman said on Monday they had concluded talks on a free trade agreement, the fifth deal completed in the Middle East by the US as part of an effort to build a web of economic ties in the region over the next decade.
The United States and Oman have reached a free trade agreement (FTA) to eliminate tariffs and barriers and expand trade between both countries, US Trade Representative Rob Portman and Omani Minister of Commerce and Industry Maqbool Bin Ali Sultan announced Monday.
The second round of the proposed free-trade agreement (FTA) negotiations between the Sultanate and US will commence in Washington on Monday and continue for several days.
Building on a spree of free-trade deals across the region, Oman is in the process of signing a free-trade agreement with the United States by the end of 2005 or early 2006.