Muscat: The Ministry of Commerce, Industry and Investment Promotion hosted a celebration today to commemorate the 15th anniversary of the Oman-US Free Trade Agreement (FTA).
This event was organized in collaboration with the US Embassy in Oman, the US State Department, the Oman Chamber of Commerce and Industry (OCCI), and the US-Oman Business Centre. The celebration highlighted the FTA's role in enhancing economic and trade relations between the two nations, showcasing promising opportunities and increasing awareness among the business sector and government entities.
During the ceremony, Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry, remarked that the agreement has opened new avenues for collaboration across various sectors. He emphasized that it has created a conducive environment for American investors to participate in Oman’s energy, logistics, and infrastructure industries, thereby fostering foreign direct investment.
Additionally, Anna Escrohema, the US Ambassador to Oman, underscored the importance of the 15th anniversary of the US-Oman Free Trade Agreement, stating that it reflects the commitment of both countries to enhance their trade priorities. She noted that US foreign direct investment in Oman surged by 36.3 percent by the end of 2023, reinforcing the United States' status as the second-largest foreign investor in Oman and creating further opportunities for both American and Omani businesses.
Jose W. Fernandez, Undersecretary of State for Economic Growth, Energy, and the Environment at the US State Department, remarked that the 15th anniversary of the US-Oman Free Trade Agreement reflects the enduring partnership and common values shared by both nations. He noted that the agreement has bolstered economic connections and strategic alliances, demonstrating a mutual commitment to open markets, equitable trade, and the rule of law.
Fernandez further stated that bilateral trade has consistently grown, exceeding RO 1.15 billion (approximately $3 billion) annually since 2021. He highlighted that US investments in Oman reached RO 5 billion (USD 13 billion) in the second quarter of 2024, primarily targeting infrastructure, energy, and technology sectors.
Faisal Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, emphasized that the Free Trade Agreement is a distinctive outcome of the robust Omani-American friendship. He mentioned that both parties are actively exploring solutions to address challenges faced by the private sector, promote sustainable growth, and strengthen their strategic partnership.
The ceremony underscored key aspects of the Free Trade Agreement, which has been in effect since 2009. As of the end of the second quarter of 2024, the United States ranked as Oman’s second-largest partner in foreign direct investment.
The United States ranks 5th in non-oil exports from Oman as of May 2024 and 9th in imports to the Sultanate of Oman as of September 2024. The trade exchange between Oman and the United States reached approximately RO 412.6 million by May 2024.
Omani exports to the United States amounted to around RO 197.6 million, reflecting a 14.6 percent increase compared to 2023 figures. Meanwhile, total imports from the United States to Oman were approximately RO 197.5 million by May 2024.
The event was attended by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, along with prominent speakers from both the US and Oman, senior government officials, diplomats, and business leaders.
