Muscat: The Ministry of Commerce, Industry and Investment Promotion today organised a celebration marking the 15th anniversary of signing the Oman-US Free Trade Agreement (FTA).
The ceremony was held in cooperation with the US Embassy in the Sultanate of Oman, the US State Department, Oman Chamber of Commerce and Industry (OCCI) and the US-Oman Business Centre.
The event celebrates the role of the FTA in consolidating economic and trade relations between the two countries, highlighting promising opportunities and raising awareness among the business community and government departments.
Speaking at the ceremony, Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, said that the agreement opened up new vistas for mutual cooperation in various fields.
He pointed out that the agreement provided a favourable environment for American investors to engage in Oman’s energy, logistics and infrastructure sectors, which, he said, promoted foreign direct investments.
Meanwhile, Anna Escrohema, US Ambassador to the Sultanate of Oman, stressed the significance of the 15th anniversary of the US-Oman Free Trade Agreement, “in which the two countries pledged to advance their trade priorities”.
She added that US foreign direct investment in Oman grew by 36.3 percent at the end of 2023, noting that this strengthens the United States’ position as the second largest foreign investor in Oman and offers further opportunities for Americans and Omanis alike.
Jose W. Fernandez, Undersecretary of State for Economic Growth, Energy, and the Environment (at the US State Department), said, “Celebrating the 15th anniversary of the US-Oman Free Trade Agreement is testament to the ongoing partnership and shared values. The agreement has strengthened economic ties and strategic partnerships. It indicates the two sides’ commitment to the concepts of open markets, fair trade and the rule of law.”
He added that the value of bilateral trade relations saw steady growth of more than RO 1.15 billion ($3 billion) annually since 2021. He explained that US investments in Oman stood RO 5 billion (USD 13 billion) in the second quarter of 2024 and that the US investments focused on the areas of infrastructure, energy and technology.
For his part, Faisal Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said that the FTA constitutes one of the unique agreements that emerged from the strong ties of Omani-American friendship.
He explained that the two sides seek ways to settle the challenges facing the private sector, enhance sustainable growth and deepen strategic partnership.
The ceremony highlighted salient features of the FTA, since it came into force by 2009.
Until the end of the second quarter of 2024, the The United States of America was Oman’s second largest partner in terms of foreign direct investment.
The United States of America occupies 5th place in Omani exports (non-oil) until May 2024, and 9th place in imports to the Sultanate of Oman until September 2024.
The volume of trade exchange between the Sultanate of Oman and the United States of America until May 2024 stood at about RO 412.6 million.
The value of Omani exports to the United States of America stood at about RO 197.6 million, showing a rise of 14.6 percent over the figures of 2023. Total imports of the Sultanate of Oman from the United States of America until May 2024 stood at about RO 197.5 million.
The ceremony was attended by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, key US and Omani speakers, senior government officials, diplomats and businessmen from both sides.
