USA: In December 2024, the Ministry of Commerce, Industry and Investment Promotion commemorated the 15th anniversary of the Oman-United States Free Trade Agreement (FTA), a landmark accord that has significantly shaped bilateral economic relations. Since its implementation in 2009, the agreement has reduced trade barriers, eliminated tariffs on most goods, and facilitated a smoother flow of commerce between the two nations. The anniversary celebration underscored the deepening ties and mutual benefits reaped from this long-standing partnership, particularly in enhancing market access and regulatory transparency.
Over the past fifteen years, the FTA has been instrumental in encouraging American businesses to invest in Oman’s dynamic economy, with a strong emphasis on the energy, logistics, and infrastructure sectors. These industries have seen a steady influx of U.S.-based companies establishing operations, forming joint ventures, and contributing to knowledge transfer and local job creation. The streamlined customs procedures and protections for investors embedded in the agreement have made Oman a more attractive and predictable destination for American capital.
Foreign direct investment (FDI) from the United States into Oman has seen substantial growth, fueled by the stability and clarity provided through the FTA. The agreement has also helped Oman diversify its economy beyond oil, aligning with its Vision 2040 goals of building a more competitive and sustainable national economy. By providing a reliable legal framework for trade and investment, the FTA has not only strengthened bilateral relations but also contributed to the resilience and global integration of Oman’s economic landscape.
Bilateral trade volumes have also surged, with U.S. exports to Oman and Omani exports to the U.S. reaching new heights. From industrial machinery and electrical equipment to food products and petrochemicals, the FTA has enabled a wide array of goods to flow more freely across borders. The anniversary served as a moment for both nations to reflect on past successes and explore opportunities to expand cooperation in emerging sectors such as technology, renewable energy, and digital trade, ensuring the continued relevance and effectiveness of the agreement in a changing global economy.
