US Official Highlights FTA’s Impact on Strengthening Oman-US Trade Relations

Oman, 10 December, 2024 : The trade volume between Oman and the United States has surged by 30% over the past three years, exceeding $3 billion, with Omani exports to the US doubling since 2009. This growth has been largely driven by the 2009 Free Trade Agreement (FTA), marking a milestone in the economic relationship between the two nations.

A US delegation, led by Jose W. Fernandez, Under Secretary of State for Economic Growth, Energy, and the Environment, is currently visiting Oman to discuss expanding cooperation in energy, technology, logistics, and other sectors. The delegation includes Michigan officials, private sector representatives, and members of the American-Arab Chamber of Commerce.

Fernandez emphasized that the FTA has played a pivotal role in boosting trade and investment, with the US being Oman’s second-largest investor. He noted the agreement’s benefits, including market access and elimination of customs tariffs, particularly in energy, services, textiles, and petrochemicals.

The US official highlighted ongoing efforts to enhance cooperation in clean energy, the digital economy, and green hydrogen production, as well as fostering ties in renewable energy and logistics. Fernandez encouraged US companies to explore investment opportunities in Oman, citing its welcoming business environment.

The delegation also discussed the strategic Oman-US partnership, focusing on trade, clean energy, and education, while stressing the need to further capitalize on the FTA's incentives.