Business Roundtable Applauds House Approval of U.S.-Oman FTA

House Vote Signals Growing Momentum for U.S. Trade Agenda

Washington, D.C. - Business Roundtable, an association of 160 chief executive officers of leading U.S. companies, today applauded the U.S. House of Representatives for voting to approve the U.S.-Oman Free Trade Agreement (FTA). The Roundtable has consistently supported an expansion of international trade and investment opportunities as a way to ensure continued U.S. economic growth.

"Today's approval of the U.S.-Oman FTA adds critical momentum to America's international trade agenda," said John J. Castellani, President of Business Roundtable. "International trade is an engine of growth for the U.S. economy. We are gratified that the House has approved the U.S.-Oman FTA, and see today's vote as proof that Congress is willing to support a positive, pro-growth trade agenda."

In addition to the U.S.-Oman FTA, Business Roundtable is actively encouraging immediate Congressional action on the U.S.-Peru Trade Promotion Agreement as well as approval of permanent normal trade relations (PNTR) with Vietnam.

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.

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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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