US-Oman FTA Opens up New opportunities
8 November 2009
MUSCAT — The Free Trade Agreement between Oman and the US will help open up a world of opportunities to the sultanate’s products and services and boost foreign investment into the country, said speakers at a seminar held by the Muscat Chapter of the Institute of Chartered Accountants of India.
The US-Oman FTA came in effect with the start of 2009, providing both the countries immediate duty-free access to virtually all industrial and consumer products in their tariff schedule. Oman will phase out tariffs on the remaining handful of products within the next 10 years. On agricultural products, Oman has provided duty-free access for US agricultural products in 87 per cent of agricultural tariff lines. Speakers at the seminar pointed out that the operation of the FTA would enable the sultanate to reach the one of the world’s important consumer markets for its products and services and also bring a perceptible change in the economic arena of Oman. They highlighted the broader aspects of FTAs and dwelt at length on aspects covering the current FTA between Oman and the US, including market access for products, rules of origin, customs administration, safeguards, government procurement, investment, cross border trade in services, financial services, labour regulations, transparency and dispute settlement.