The Association of Equipment Manufacturers (AEM) has announced its support for the recent signing of the U.S.-Oman Free Trade Agreement, which will eliminate tariffs on U.S. equipment exports to Oman when it take effect.
The Oman FTA is the fourth in a series of free trade agreements that is intended to provide the foundation for a Middle East Free Trade Area to be completed by 2013, according to a press release from the AEM. The United States has completed agreements with Jordan, Israel and Bahrain, and negotiations are ongoing with the United Arab Emirates.
AEM is a member of the Steering Committee of the Middle East Free Trade Area Coalition, which supports the proposed Middle East Free Trade Area.
The agreement with Oman would eliminate the 5-percent tariff that Oman currently imposes on imports of heavy equipment from the United States.
According to the AEM, Oman has imported approximately $40 million of U.S.-manufactured equipment over the last five years.