U.S. inks free trade agreement with Oman
The United States signed a free trade agreement with Oman Thursday.
When the agreement takes effect, 100 percent of consumer and industrial products and 87 percent of agricultural tariffs will be duty free.
Talks for the agreement started last spring and concluded in October.
Two-way goods trade between the United States and Oman was $748 million in 2004. U.S. goods exports to Oman in 2004 totaled $330 million, the Office of the U.S. Trade Representative said.
The USTR said the free trade agreement will increase opportunities for exports of machinery, autos, optic and medical instruments, electrical machinery, and agricultural products, such as vegetable oils, sugars and sweetners, and beverage bases.
The agreement with Oman marks the U.S. government’s fifth signed with a Middle East country. In addition to Oman, agreements are in place with Israel, Jordan, Morocco and Bahrain. The United States is negotiating a free trade agreement with the United Arab Emirates.
U.S. inks free trade agreement with Oman
