Latest news with #Oman-USFreeTradeAgreement
Observer
04-04-2025
- Business
- Observer
'New US tariffs may have a relatively limited impact on Oman'
Muscat: President Donald Trump unveiled his most expansive tariffs to date in a ceremony at the White House on Wednesday afternoon. He said he would impose a 10 percent tariff on all trading partners, including Oman, and double-digit 'reciprocal' tariffs on dozens of other countries that administration officials said had maltreated the United States. Dr. Nasser bin Rashid al Maawali, Undersecretary of the Ministry of Economy, said in a social media post that the new US tariffs may have a relatively limited and non-threatening impact on the Sultanate's economy in the medium and long term, especially since US imports of oil, gas, and refined products are exempt from the new tariffs. "The impact on the Sultanate's economy may come through several channels, including disruption of global trade, slowdown in global economic growth, and other channels. However, the high US tariffs on other countries provide a golden opportunity for the Sultanate of Oman by expanding its trade relations with trading partners affected by US tariffs. There is also an opportunity to enhance foreign investment in the Sultanate and strengthen supply chains from other countries negatively affected by the imposition of high US tariffs. The Sultanate's position and strategic location can be leveraged to serve as a transit and launch point to the US market for countries subject to high tariffs." In December 2024, the Ministry of Commerce, Industry and Investment Promotion celebrated the 15th anniversary of the Oman-US Free Trade Agreement (FTA). The agreement has fostered a favorable environment for American investors in Oman's energy, logistics, and infrastructure sectors, boosting foreign direct investment (FDI) and bilateral trade. Bilateral trade has seen steady growth, exceeding RO 1.15 billion (USD 3 billion) annually since 2021. As of May 2024, the total trade volume stood at RO 412.6 million, with Omani exports to the US reaching RO 197.6 million—a 14.6% increase from 2023. The US holds key positions in Oman's trade: 5th largest destination for Omani non-oil exports (as of May 2024). 9th largest source of imports (as of September 2024).
Observer
03-04-2025
- Business
- Observer
10% tariff on imports from Oman despite FTA
Muscat: In December 2024, the Ministry of Commerce, Industry and Investment Promotion celebrated the 15th anniversary of the Oman-US Free Trade Agreement (FTA). The agreement has fostered a favorable environment for American investors in Oman's energy, logistics, and infrastructure sectors, boosting foreign direct investment (FDI) and bilateral trade. Strengthening Investment and Trade Relations The United States is Oman's second-largest foreign investor, with FDI growing by 36.3% by the end of 2023. By the second quarter of 2024, US investments in Oman reached RO 5 billion (USD 13 billion), primarily in infrastructure, energy, and technology. Bilateral trade has seen steady growth, exceeding RO 1.15 billion (USD 3 billion) annually since 2021. As of May 2024, the total trade volume stood at RO 412.6 million, with Omani exports to the US reaching RO 197.6 million—a 14.6% increase from 2023. The US holds key positions in Oman's trade: 5th largest destination for Omani non-oil exports (as of May 2024) 9th largest source of imports (as of September 2024) Understanding Free Trade Agreements (FTAs) The World Trade Organization (WTO) governs global trade under the Most-Favoured-Nation (MFN) principle, ensuring equal trade terms for all members. However, exceptions allow for FTAs and preferential treatment for developing nations. The US trades with over 160 countries under WTO rules and has FTAs with 20 nations, including Oman. On February 13, former President Donald Trump proposed reviewing foreign tariffs on US exports under his "Fair and Reciprocal Plan", which would match US tariffs to those imposed by other countries. He argued that many trade partners benefit from lower US tariffs while maintaining higher duties on American goods. The Oman-US FTA continues to strengthen
Observer
26-02-2025
- Business
- Observer
Omani-Uzbek business forum strengthens trade and investment ties
MUSCAT, FEB 26 The Oman Chamber of Commerce and Industry (OCCI) hosted the Omani-Uzbek Business Forum on February 26, 2025. The forum focused on enhancing trade, investment, and partnerships between the two nations. The event, attended by key dignitaries and business leaders, explored opportunities in vital sectors such as construction, textiles, education, and healthcare, while emphasising the role of women in entrepreneurship. Her Highness Sayyida Hajija bint Jaifer al Said, alongside Dr. Siham bint Ahmed al Harthiya and Areej bint Mohsen Al Zadjali, both members of the OCCI Board of Directors, welcomed Abdussalam Khatamov, Ambassador of Uzbekistan to Oman, and a delegation from the Uzbek Chamber of Commerce and Industry. The forum underscored the historical ties between Oman and Uzbekistan, highlighting their shared commitment to fostering economic cooperation. Dr. Siham al Harthiya, in her opening remarks, emphasised the forum's role in deepening bilateral relations. 'The longstanding ties between our nations, built on mutual respect and common interests, are evolving into a robust economic partnership,' she said. She noted the establishment of the Omani-Uzbek Investment Company (Ouz Oman Capital) as a milestone in bilateral cooperation, which has already funded several developmental projects and boosted investment flows. The forum also highlighted Uzbekistan's growing economy, driven by sectors such as construction, agriculture, and manufacturing, and its alignment with Oman's Vision 2040, which prioritises economic diversification through manufacturing, food security, and tourism. Dr. Al Harthiya pointed out that Oman's strategic location offers Uzbek businesses a gateway to Gulf markets and beyond, including access to the US under the Oman-US Free Trade Agreement. Areej al Zadjali, representing the OCCI's Businesswomen's Committee, stressed the importance of empowering female entrepreneurs. 'This forum is a platform to strengthen partnerships between businesswomen in both countries and address challenges they face in establishing joint ventures,' she said. She added that the OCCI is committed to supporting women-led businesses through institutional development and sustainable growth strategies. Abdussalam Khatamov echoed these sentiments, describing the forum as a pivotal step in strengthening economic and trade links. 'The focus on women's entrepreneurship is crucial for fostering innovation and driving growth,' he said. He also highlighted the potential for Uzbek businesses to leverage Oman's strategic position to access regional and international markets. Nadira Shah Tursunova, Deputy Chairperson of the Uzbek Chamber of Commerce and Industry, emphasised Uzbekistan's commitment to supporting entrepreneurship through legislative reforms. 'Our efforts have led to steady economic growth, recognised by international organisations,' she said. She added that the Uzbek delegation's visit to Oman aimed to strengthen women's and youth entrepreneurship while opening new avenues for collaboration. The forum included a presentation by Oman's Ministry of Commerce, Industry, and Investment Promotion titled 'Invest in Oman', highlighting the Sultanate's investment potential. Key points included Oman's strategic location, high credit ratings, advanced infrastructure, and strong rankings in global indices like the Quality of Life and Logistics Performance Indexes. Promising sectors such as logistics, tourism, mining, and manufacturing were discussed, alongside enabling sectors like education, healthcare, and IT. A key highlight of the event was an exhibition showcasing products by Omani businesswomen, featuring traditional attire, perfumes, handicrafts, and food items. Attendees praised the creativity and quality of the offerings, reflecting the growing role of women in Oman's economy. The forum concluded with bilateral meetings between Omani and Uzbek business leaders, aimed at fostering collaboration, exchanging expertise, and exploring joint ventures. The event marked a significant step in strengthening economic ties between the two nations, with a particular focus on empowering women and diversifying trade and investment opportunities. As Oman and Uzbekistan continue to build on their historical ties, forums like these are expected to play a crucial role in driving sustainable economic growth and fostering mutual prosperity.
