U.S., Oman ink trade and investment agreement
The United States and Oman signed a trade and investment framework agreement to increase economic ties between the countries.
This framework agreement establishes a U.S.-Oman Council on Trade and Investment in which high level officials from each country will advance trade and investment issues. The goal for framework agreements is free trade.
U.S. exports to Oman in 2003 were valued at $323 million and included machinery, planes, vehicles and electrical machinery. U.S. exports of agricultural commodities to the Persian Gulf country, valued at $13 million, included sugars, sweeteners, and vegetable oils.
U.S. imports from Oman in 2003 were valued at $695 million and included mineral fuel, woven apparel, repaired products, precious stones and knit wear.
The U.S. government has trade and investment agreements with other Middle Eastern and North African countries, including Algeria, Egypt, Kuwait, Qatar, Saudi Arabia, Tunisia, United Arab Emirates and Yemen. The Bush administration hopes to create a Middle East Free Trade Area by 2013.