Muscat: A discussion forum on the developments and opportunities for the free trade agreement (FTA) entered by and between the Sultanate of Oman and the United States was held on Sunday at the headquarters of Oman Chamber of Commerce and Industry (OCCI).
The discussion forum was organised by OCCI in cooperation with the Ministry of Commerce and Industry, the US Embassy- Muscat and the Public Authority for Investment promotion and Export Development.
Dr Salim Al Jenaisi, vice chairman of OCCI for economic affairs said that “the discussion forum comes within the efforts of the two sides for evaluation of the free trade agreement signed by the Sultanate of Oman and the United States and to avail from the opportunities and facilities the agreement offers to further activate the business sector”.
The FTA opens the door for free exchange of goods and investment between the two countries . The agreement has canceled the customs tariff from both sides , except for some goods protected by the agreement, he added.
he said that the FTA, which has been put in place since 2009, further cements the political, economic and investment relations between the Sultanate of Oman and the US.
Statistics showed that the volume of Omani exports to the US amounted to OMR304 million in 2016 at the time the imports stood at OMR 417 Million, he added
Saud bin Nasser Al Khusaibi, Director General of the Directorate General of Organizations and Trade Relations at the Ministry of Commerce and Industry said that the discussion forum comes within the Ministry’s efforts for dissemination of awareness on the significance of FTA with the US .
the meeting also discussed, among other issues, the challenges which faced the Omani exports such as the standard specifications applied by the US to all imports , which have reduced the volume of Omani exports to the US.