100 US firms established since FTA signed as trade touches $4 billion

Ten years after the Sultanate and the United States signed the Free Trade Agreement (FTA), more than 100 American companies were established in the Sultanate.

After this, exports and imports increased and trade exchange between the two touched $3.7 billion in 2018.

Speaking to the Observer at an event organised to celebrate the tenth anniversary of the FTA, Qais bin Mohammed al Yousef, Chairman of the Oman Chamber of Commerce and Industry (OCCI), said that different case studies and franchisee experiences are clear indication to the growth.

Ever since the FTA was established, both sides were keen to enrich and fortify it. Today, over 100 US companies are functioning in the Sultanate, and our trade went high touching almost $4 billion, he said.

“We hope to see more such fruitful relations which help nourish the FTA in the future, and the case studies of people who have succeeded in exports, imports and bringing franchise from the US and their success stories which were shared here are signposts to a fruitful relation,” Al Yousef added.

The FTA between the Sultanate and the United States was signed in January 2009 with the aim of increasing trade and joint investment between the two countries and opening doors for national products to enter the markets.

The celebration organised by the US Embassy in the Sultanate and the OCCI was attended by a number of top officials including Mark J Severs, US Ambassador to the Sultanate, officials of the OCCI, board members, besides a number of Omani and American business owners.

Omani enterprises and entrepreneurs who have had successful experiences and benefited from the FTA shared their experiences as well.

Al Yousef pointed out that the FTA between the Sultanate and the United States reflects the historical and political relations spanning more than 200 years since the Omani Ambassador Ahmed bin Nu’man al Kaabi’s trip to the US in 1841.

The agreement contributed to the coverage of a wide range of goods and services, and enhanced intellectual property rights, as well as opened doors for Omani trade by offering many advantages business in the US duty-free markets, and provided opportunities for future partnership with US companies.

We hope to see more such fruitful relations which help nourish the FTA in the future, and the case studies of people who have succeeded in exports, imports and bringing franchise from the US and their success stories which were shared here QAIS AL YOUSEF OCCI Chairman