Oman & US strike $500mn deal to promote bilateral trade & investment 

Oman & US strike $500mn deal to promote bilateral trade & investment 

The Sultanate of Oman and the US have signed a Memorandum of Understanding (MoU) of $500 million to explore options for utilizing the Export-Import Bank of the United States’ (EXIM) financing and to promote trade and investment.

Both sides discussed and outlined areas of cooperation within three working groups including, trade and investment, clean energy and education, culture and science. Both countries underscored the importance of boosting trade and investments in strategic fields.

In a joint statement, the two sides pointed out that the first Strategic Dialogue coincides with the 190th 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 US signed with an Arab country.

Oman, whose bilateral trade with the US topped $4.22 billion in 2022, the highest ever and up 30 percent from 2021, will see US collaboration in strategic sectors of its economy, ranging from renewable energy to manufacturing, it was decided at the start of the inaugural session of the Strategic Dialogue between the Sultanate of Oman and the United States of America.

In trade and investment, participants from both countries discussed activating a working mechanism to maximize the benefits of the