Muscat: The Sultanate of Oman and the United States of America (USA) underscored the importance of boosting trade and investments in strategic fields.
This came during the start of the inaugural session of the Strategic Dialogue between the Sultanate of Oman and the US.
In a joint statement, the two countries pointed out that the first Strategic Dialogue, which was held on Thursday, coincides with the 190-year anniversary of the signing of the Treaty of Amity and Commerce, which established commercial relations between the two countries. It was the first trade agreement the United States signed with an Arab country.
The two sides signed a memorandum of understanding to the tune of RO 192 million ($500 million) to explore options for utilising the Export-Import Bank of the United States (EXIM)’s financing and to promote trade and investment in strategic sectors of Oman’s economy, ranging from renewable energy to manufacturing.
Bilateral trade between the US and Oman totalled $4.22 billion in 2022, the highest ever and up 30 per cent from $3.25 billion in 2021. The United States is Oman’s largest market for non-oil exports, providing the long-term partnership to create jobs and mutual prosperity in both countries.
Both sides discussed and outlined areas of cooperation within three working groups: trade and investment; clean energy; and education, culture and science.
In trade and investment, participants from both countries discussed activating a working mechanism to maximise the benefits of the United States-Oman Free Trade Agreement (FTA), the issue of tariffs, promoting trade and investment in strategic areas such as mining, logistics, energy, fisheries, agribusiness, and telecommunications and exploring possibilities for collaboration in the digital economy.
The two countries explored opportunities to collaborate on clean energy solutions such as carbon removal, clean hydrogen, industrial decarbonisation, as well as clean energy policy, including Oman’s net-zero 2050 roadmap, methane emissions reduction and other short-lived climate pollutants, and Oman’s plans for COP28. They also discussed enhancing cooperation on catalysing finance for clean energy as well as in research programmes and knowledge sharing for the decarbonisation of energy.
Both sides welcomed cooperation on education, culture and science, and discussed a mechanism for resuming the Fulbright programme for Omani students and scholars and developing programmes in key areas discussed by both countries.
The two sides highlighted their close cooperation on issues that are central to the bilateral relationship, such as investment in innovation, higher education and scientific research programmes, including initiative programmes in various fields.
The Sultanate of Oman and the United States of America further expressed their mutual intent to collaborate on teachers’ professional development. They also decided to cooperate in the fields of literature and culture.
The Sultanate of Oman and the United States are committed to maintaining the exchange of high-level bilateral visits, including the goal of scheduling the next round of the Strategic Dialogue in 2024.
The inaugural Strategic Dialogue comes after the announcement made in Washington, DC by Sayyid Badr bin Hamad al Busaidy, Foreign Minister, and Secretary of State Antony J. Blinken in November 2022 to launch the first Strategic Dialogue between the two countries – with the aim of building upon the strong partnership between the Sultanate of Oman and the United States.
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