U.S.-Oman FTA: U.S.-Arab Chamber Commends Congress on �Removing the Last Hurdle�

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(Free-Press-Release.com) September 21, 2006 -- U.S.-Oman Free Trade Agreement:

U.S.-Arab Chamber Commends Congress on �Removing the Last Hurdle�

WASHINGTON, DC -- The National U.S.-Arab Chamber of Commerce (NUSACC), widely regarded as the voice of American business in the Arab world, commended Congress today on removing the last U.S. hurdle to moving forward with the U.S.-Oman Free Trade Agreement (FTA). The U.S. Senate passed implementing legislation earlier this week by a vote of 63-31, and the Senate/House bill will now be sent to the President of the United States to sign into law. NUSACC has been a firm supporter of improved trade relations between the United States and Oman, and NUSACC sees this FTA as a �win-win� opportunity for both nations.

�The solid votes of support for this FTA in the U.S. Senate and the U.S. House of Representatives sends a very important signal that the U.S. Government supports its friends in the region and welcomes trade and investment opportunities with the Arab world in general and Oman in particular,� said David Hamod, NUSACC's President & CEO. �Oman is an increasingly attractive market for U.S. companies, and this FTA will open the door to more joint ventures in the United States and Oman alike. It should also create opportunities for young entrepreneurs in both nations.�

Under the terms of the FTA, 100 percent of bilateral trade in industrial and consumer products, and no less than 87 percent of agricultural tariff lines, will become duty-free immediately upon entry into force of this agreement.

According to NUSACC�s forecast for 2006, U.S. merchandise exports to Oman are on track to reach nearly $1 billion this year � which translates into more than 15,000 direct U.S. jobs. The 2006 figures represent an increase of nearly 56 percent over 2005, when U.S. merchandise exports totaled $593.3 million.

�The USA has become the third largest exporter to Oman,� says Hamod. �With this week�s vote in the U.S. Senate, we are optimistic that the FTA will soon open the door for an increase in Omani merchandise coming to the USA.�

According to Economic Freedom of the World: 2005 Annual Report, published by The Fraser Institute (www.freetheworld.com), Oman has the seventeenth freest economy in the world, tied with Finland. And Transparency International�s Corruption Perception Index (2005) ranked Oman 28th in the world � tied with Israel � with a low level of perceived corruption. (www.transparency.org) Oman ranks number one in the Arab world.

Concluded Hamod, �NUSACC supports this FTA because we see it as a �win-win� opportunity for the United States and Oman. We believe that FTAs like this one help both sides to increase exports, generate jobs, promote investment, develop business practices that are well suited to the international marketplace and, over time, improve the quality of life in the United States and the Arab world.�