The FTA allows US investors to wholly own their companies without requiring a local sponsor, although many choose to partner with Omani companies to leverage local expertise and to facilitate business.
This agreement represents an important tool to foster continued economic engagement and open opportunities for ports, businesses, farmers, manufacturers and many other service providers..
Under the market access provisions of the FTA, the United States and Oman provided each other immediate duty-free access for tariff lines covering almost all consumer and industrial goods, and 87% of all agricultural tariff lines. Both countries agreed to phase out all tariffs on the remaining eligible goods within 10 years (January 1, 2019).
The FTA contains trade facilitation measures designed to expedite the movement of goods and the provision of services between Oman and the United States; investment provisions intended to strengthen protections for U.S. investors operating in Oman, including allowing them to fully own a business without a local partner; and provisions on safeguards, intellectual property rights, government procurement, labor, environment, and dispute settlement to improve the regulatory climate for bilateral trade and investment.