USTR promotes U.S.-Oman free trade on Capitol Hill

USTR promotes U.S.-Oman free trade on Capitol Hill    The Bush administration promoted the benefits of its recently negotiated free trade agreement with Oman to Capitol Hill lawmakers Wednesday.
   “With this agreement, Oman has made legally binding commitments to liberalize trade with the United States,” testified Deputy U.S. Trade Representative Susan C. Schwab before the House Ways and Means Committee. “The FTA will provide new market access opportunities for U.S. farmers, manufacturers, and service providers.”
   When the free trade agreement enters force, nearly all bilateral trade in industrial and consumer products to Oman will be duty free. In addition, Schwab noted that Oman will provide immediate duty-free access to 87 percent of U.S. exports of agricultural goods.
   “This will mean new opportunities for U.S. companies that produce machinery, automobiles, optical and medical instruments. And it will mean new opportunities for U.S. producers of vegetable oils, sugars and sweetners for beverages,” Schwab said.
   Oman is the fifth country in the Middle East and North Africa region to enter a free trade agreement with the United States. The other countries in the region are Israel, Jordan, Morocco, and Bahrain.
   In May 2003, the Bush administration announced a plan to create a U.S.-Middle East Free Trade Area by 2013.