As prepared.
Good morning distinguished guests, esteemed colleagues, and friends.
It’s an honor to be here today to celebrate the fifteenth anniversary of the U.S.-Oman Free Trade Agreement (or FTA). This milestone is a testament to the enduring partnership and shared values between our two nations.
I would like to thank Minister Al Yousef and the Ministry of Commerce, Industry and Investment Promotion for hosting this event and to everyone, from both Oman and the United States, who helped make this event possible.
Fifteen years ago, we signed the U.S.-Oman FTA with the vision of fostering economic growth, enhancing trade relations, and promoting mutual prosperity. This agreement has not only strengthened our economic ties but also deepened our strategic partnership. It stands as a symbol of our commitment to open markets, fair trade, and the rule of law.
Some of this landmark agreement’s most important benefits include removing most custom duties, allowing citizens to set up businesses with a local sponsor, providing a no-minimum investment requirement for new businesses, and enabling businesses and investors the right to 100 percent ownership of companies in Oman. Our countries have worked closely to reap these and other benefits of this vital agreement.
Since the agreement came into effect, we have witnessed remarkable growth in bilateral trade. U.S. exports to Oman have increased significantly, benefiting a wide range of industries. Similarly, Omani exports to the United States have diversified, showcasing the dynamic nature of our trade relationship.
Trade growth: bilateral trade has exceeded $3 billion annually since 2021, and we are on track for more than $3 billion again this year. This is a clear indicator of the robust economic activity between our nations.
Job creation: the agreement has contributed to job creation and economic opportunities in both countries. For instance, major U.S. oil field service providers Baker Hughes, Halliburton, Weatherford, Petrotel Oman, and Schlumberger are all active in Oman. Oxy is the largest independent oil producer operating in Oman, and Oman is the focus of the company’s investments in the Middle East. These American companies have not only established operations in Oman but are creating jobs and fostering skills development.
Investment: there has also been a notable increase in investments, with U.S. Companies investing in Oman’s infrastructure, energy, and technology sectors. In fact, the United States was the second largest foreign direct investor in Oman, investing $13 billion in Q2 2024. These investments have not only driven economic growth but also facilitated the transfer of knowledge and expertise.
Our partnership extends beyond economic ties. The U.S.-Oman FTA has paved the way for greater collaboration in areas such as education and science and technology (or S&T), which strengthen our bonds and enhance the well-being of our citizens.
Education: exchange programs and educational partnerships have flourished, providing opportunities for students and professionals from both countries. The Fulbright program has enabled U.S. students and scholars to conduct research in Oman, fostering mutual understanding and cultural exchange. We similarly have the Fulbright program for Omani scholars to conduct research in the United States. This year, there are two Omani Fulbright scholars: one at the University of Houston researching plant genetics, and another at Pennsylvania state university researching artificial intelligence and education.
Science and technology: Oman is an active participant in the Science and Technology Adviser to the Secretary/Foreign Minister’s S&T advice network, linking science advisor-equivalents across countries. We hope to pursue Oman’s interest an embassy science fellow for aquaculture capacity building, and we continue to look for opportunities to expand our efforts together on science and technology under the science and technology cooperation agreement, signed in 2016, to make connections between our governments on fields of interest.
In fact, the close partnership between our two countries, underscored by the U.S.-Oman FTA, continues to grow, even today, as I’m delighted to announce the Port of Duqm’s participation in the inaugural sister ports program. This program will match the Port of Duqm with the U.S. Port of South Louisiana for a year-long exchange where each side can learn best practices from one another in areas such as smart ports, port governance, and building out an industrial ecosystem to support port operations. The Port of South Louisiana is a critical component to a much larger economic ecosystem along the Mississippi river with connections to U.S.
Agriculture, energy, and aquaculture industries. This sister ports collaboration will connect our two trade hubs to share important business and infrastructure opportunities between stakeholders.
As we look to the future, we are committed to building on the successes of the past fifteen years. We will continue to explore new avenues for cooperation and innovation as well as integrate new voices to ensure that our partnership remains robust and resilient.
To that end, I’m joined here in Muscat by a delegation of city, state, and county government officials from Michigan, members of the American Arab Chamber of Commerce, and representatives from Michigan-based companies. These individuals have traveled from the United States to spur greater economic cooperation with Oman through new avenues – at the subnational level and at the private sector level.
I see great opportunity for new actors to take a bigger role in expanding our countries’ economic and commercial relationship in the coming years. This includes working with the Omani government’s new commercial attaché office at their embassy in DC; American businesses developing new ventures in Oman, especially focused on priority sectors – information and communications technology services, semiconductors, and clean energy; as well as strengthening subnational connections, such as between Oman and Arizona with the new partnership through the department of defense national guard bureau state partnership program.
We’re here today to celebrate the past fifteen years and the successes of the U.S.-Oman Free Trade Agreement, but I want to challenge you – the companies and the local leaders – to step up even more and make the next fifteen years even better.
Let us celebrate the anniversary with this renewed commitment and vision. Together, all of us will continue to build a partnership that benefits both our nations and our people.
Thank you.
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