Business Roundtable Applauds Senate Finance Committee Approval of Oman FTA

Washington, D.C. - Business Roundtable today applauded the bipartisan 10-3 vote by the Senate Finance Committee to approve the terms of the U.S.-Oman Free Trade Agreement (FTA). Business Roundtable, an association of 160 chief executive officers of leading U.S. companies, has consistently supported an expansion of international trade and investment opportunities as a way to ensure continued U.S. economic growth.

"The Oman FTA is an important trade agreement that will help the United States to solidify our ties with an important Middle East ally," said John J. Castellani, President, Business Roundtable. "Quick congressional approval of this FTA will demonstrate American commitment to our partnership with Oman and will pave the way for our expanding economic and political relationships in the region."

Under the terms of the agreement, all bilateral trade in consumer and industrial goods will immediately become duty-free upon implementation of the agreement. In addition, Oman will provide immediate duty-free access for U.S. agricultural exports in 87 percent of tariff lines, with the remainder phased-out over 10 years. The agreement also opens new markets for the U.S. services sector, with banking, insurance and securities services all seeing significant liberalization.

"We urge the full Senate to approve the Oman FTA as soon as possible," Castellani concluded.

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with over $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 billion in dividends to shareholders and the economy in 2005.

Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $86 billion in annual research and development spending - nearly half of the total private R&D spending in the U.S.

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