Weekly Trade Spotlight: U.S.-Omani Trade Relations
This week, the weekly trade spotlight is on U.S.-Omani trade relations. It has been over one year since the implementation of the United States-Oman Free Trade Agreement.
On January 1, 2009 the United States-Oman Free Trade Agreement (FTA) entered into force. Since then, virtually all American industrial and consumer exports, and more than three-fourths of all agricultural exports, have been granted duty-free access to Oman. Additionally, the U.S.-Oman FTA has strengthened Oman's intellectual property rights (IPR) protections and enforcement provisions. Those enforcement provisions now include the requirement for statutory and actual damages to be rewarded in cases where IPR infringement has occurred in Oman and ensure that a more transparent system for the registration of trademarks is established in Oman.
For the past three years, Oman has realized GDP growth of more than 5 percent, creating growing opportunities for American exporters. In 2008, the United States exported over $1.4 billion, an increase of 33 percent from 2007. That year, exports to Oman of goods like machinery, aero-space technology, and medical supplies, created a trade surplus of more than $560 million - an increase of $545 million from 2007. As the economic recovery of the United States continues, the United States Trade Representative is committed to creating new opportunities by opening up more markets like Oman to American businesses.