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May 9, 2006
TO ALL MEMBERS OF THE HOUSE OF REPRESENTATIVES:
We are writing to urge your support for the U.S. - Oman Free
Trade Agreement. This is an important vote that will help
solidify the strong ties that currently exist between the
United States and Oman, a key ally in the Middle East.
The agreement has met all of the U.S. negotiating objectives
set out by the Congress under Trade Promotion Authority. Indeed,
the U.S. - Oman FTA promises to greatly benefit U.S. agriculture,
manufacturing and services, and deserves the bipartisan support
of Congress.
Under the terms of the agreement, all bilateral trade in
consumer and industrial products will immediately become duty-free.
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 creates important new opportunities for
the U.S. services sector, with banking, insurance and securities
services all gaining access to an important new market. Other
services expected to benefit from the FTA include architecture,
computer services, construction, engineering, express delivery,
healthcare and telecommunications.
The U.S. business community is fully supportive of this agreement,
and we are happy to note that the U.S. - Oman Free Trade Agreement
has been endorsed by Ways and Means Committee leadership.
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 $98 billion
in dividends to shareholders and the economy in 2004.
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.
Thank you for your consideration and your support.
Sincerely,
Harold McGraw III Chairman, President and CEO, The McGraw-Hill
Companies
Chairman of Business Roundtable's International Trade & Investment
Task Force
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