OABC continue to enhance bilateral trade ties

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The Oman American Business Council (OABC- US Chamber of Commerce affiliate in Oman) has been striving to enhance the trade relations between the two countries and has achieved milestones in bolstering the bilateral trade ties, according to its executive director.

Speaking to the Observer, Rebecca Olson, Executive Director of OABC, said that the recent statistics released by the US Census Bureau is a clear indication that Oman-US trade is on the right path with more areas to improve.

"Oman is one of only two GCC countries that have free trade agreements (FTA) with the United States, and there are only three countries in the MENA region that have FTA with the US, Bahrain, Jordan, and Morocco. Trade relations with the Sultanate are backed by the long-standing FTA with the US. This year’s figures are highly promising and the balance of trade is very positive,” said Olson.

The report says that the bilateral trade relations between the Sultanate of Oman and the US have surpassed $2b, an overwhelming figure that helped Sultanate of Oman run a trade surplus of $151 million worth of exports to the US that included aluminum, plastics, chemicals, other commodities, and finished products and goods in transit to Canada, according to the statistics released by the US Census Bureau.

“The partnership between our countries is deep-rooted in strong historical ties of friendship, bolstered by a flourishing economic relationship and the increased trade is a sign of the overall strength of the US-Oman relationship,” said Leslie M Tsou, the US Ambassador to Sultanate of Oman, adding that “We see this increase as a sign of Oman’s desirability as a destination for US investment."

Olson further said that Sultanate of Oman is capable of building on this impressive growth in 2021, and taking this success to even greater heights as the report further says that the trade between the two friendly nations has seen a significant increase since the end of 2020 and the total trade touched a whopping $2 billion till the end of August 2021, which is more than the total for all of 2020.

“Our imports to the US in January 2021 alone surpassed $200 million of Omani products,” Ali Daud, President and Chairman Emeritus of the Oman American Business Council (US Chamber of Commerce affiliate in Oman) told the Observer.

“This is more than twice the average we’ve seen in the past ten years. The trade surplus is a very healthy indication that the world’s largest economy, with which Oman has a unique trade agreement, is buying Omani products," he added.

He further said that bolstering the trade ties between the two is possible by establishing a commercial presence for Sultanate of Oman in the United States, which will make it easier for Omani exporters to explore the US market.