Oman-USA Underscore the Importance of Boosting Trade, Investments in Strategic Fields

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 United States of America.

In a joint statement, the two sides pointed out that the first Strategic Dialogue 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.

Additionally, the two sides signed a memorandum of understanding to the tune of RO 192 million ($500 million) to explore options for utilizing 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 United States and the Sultanate of Oman totaled $4.22 billion in 2022, the highest ever and up 30 percent 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 maximize 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 decarbonization, 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 catalyzing finance for clean energy as well as in research programmes and knowledge sharing for the decarbonization 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, D.C. by Sayyid Badr Al Busaidi, 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. – ONA

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.