WASHINGTON - The United States and Oman reached a free trade agreement on Monday after seven months of negotiations, US and Omani officials said.
"Today we are very proud to announce the successful completion of a high-quality and comprehensive trade agreement with Oman," US Trade Representative Rob Portman said in a video conference with Omani Trade and Industry Minister Maqbool bin Ali bin Sultan.
Bin Sultan noted that it "took only seven months to negotiate this agreement," which Portman said should serve as an "example" for accords the United States plans to negotiate with other countries.
The United States has already negotiated a free trade agreement with Israel, which includes the Palestinian Authority, and one with Jordan. Similar agreements have been reached with Morocco and Bahrain but are awaiting parliamentary approval.
Negotiations are ongoing with the United Arab Emirates and the United States is seeking to discuss a trade pact with Egypt.
Portman said the agreements were in line with US President George W. Bush's call to create a US-Middle East free trade area by the year 2013.
Bin Sultan said he hoped the agreement would lead to more investment in Oman's non-oil sector. "Oil will not last forever and we'll need more non-oil exports," he said.
The US-Oman free trade agreement is to be signed within the next 90 days and submitted for ratification to the legislatures of the two countries.
Once it takes effect, tariffs will be lifted on industrial goods and consumer products. Agricultural trade will be liberalized over a 10-year period.
As part of the agreement, the Omani minister agreed in writing not to enforce Arab boycott calls against Israel and to ensure this would be respected by other ministries in the Sultanate.
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