Business Roundtable Calls for House Approval of U.S.-Oman FTA

Washington, D.C. - Business Roundtable today called on the U.S. House of Representatives 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, and passage of the U.S.-Oman FTA is the next step in building a network of FTAs to help achieve that goal.

"The U.S.-Oman FTA is an important affirmation of the U.S. commitment to improved relations throughout the Middle East," said John J. Castellani, President of Business Roundtable. "We urge the House to approve the agreement this week."

In a letter delivered to all House members, Business Roundtable stated: "The U.S. business community strongly supports the U.S.-Oman FTA. Prompt implementation of this important agreement will demonstrate U.S. commitment to our relationship with Oman, while at the same time opening new markets for U.S. exports and the American jobs that depend on them. We urge quick congressional approval of the U.S.-Oman FTA."

The claims that the U.S.-Oman FTA would compromise U.S. national security are inaccurate, Castellani said, emphasizing that all U.S. negotiated free trade agreements - including Oman - have strong national security exceptions. "If the President decides that a foreign investment by an FTA partner threatens our national security, he can override the trade agreement," he continued. Castellani pointed to the Congressional Research Service (CRS) report released this week that confirms the U.S.-Oman FTA would not override existing national security safeguards, including the review process conducted by the Committee on Foreign Investment in the United States (CFIUS).

Under the terms of the U.S.-Oman FTA, 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.

Click here to view the letter to the U.S. House of Representatives.

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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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