The US-Oman Free Trade Agreement (FTA), established 15 years ago, has significantly enhanced bilateral trade and created numerous jobs by providing duty-free access for Omani exporters and U.S. businesses. However, to fully realize its potential, the private sector in Oman must invest and adapt to maximize the benefits of this agreement. Rebecca Olson, writing for Muscat Daily, emphasizes the importance of collaboration between the public and private sectors to achieve this goal [9fa0e133].
To facilitate this process, the Oman American Business Council (OABC) has hired a Trade and Development Director to assist companies in navigating the complexities of international trade. Additionally, it is suggested that the U.S. enhance its support by appointing a Commercial Officer to further strengthen economic ties [9fa0e133].
Oman is also encouraged to invest in export-readiness programs to prepare its businesses for the global market. A successful model for such initiatives can be found in Jordan's Tijarah Coalition, which has effectively boosted exports through targeted support [9fa0e133].
To aid businesses in understanding the FTA, a comprehensive 24-page US-Oman FTA Guide has been launched, providing essential information and resources. Importantly, the FTA has no expiration date, underscoring the need for ongoing collaboration and commitment to maximizing its benefits for both nations [9fa0e133].