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Division
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PO Box 7970
Madison, WI 53707-7970
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Vol.
8 #3, January 2009
Free Trade Agreement News
The U.S.-Oman Free Trade Agreement (FTA) went into effect on January 1,
2009. According to U.S. Trade Representative, Susan C. Schwab,
100 percent of two-way trade in consumer and industrial products will
be duty free immediately. This will expand opportunities for
exports of machinery, automobiles, optic and medical instruments,
electrical machinery, and agricultural products such as vegetable oils,
sugars, sweeteners and beverage bases.
In addition, Oman will provide substantial market access across its
entire services regime, provide a secure, predictable legal framework
for U.S. investors operating in Oman, provide for effective enforcement
of labor and environmental laws, and enhance the protection of
intellectual property.
Implementing legislation for the U.S.-Oman FTA passed the U.S. Senate
in June 2006 and the House of Representatives in July 2006. It
was signed by the President in September 2006. Oman was
Wisconsin’s #66 export destination in 2007, with purchases of
$16.5 million, up 105.6 percent from 2006. During the first nine
months of 2008, Oman moved up to the #63 position with growth of 80.4
percent. Vehicles and industrial machinery are the leading
product categories.
Also on January 1, Costa Rica acceded to the U.S.-Central
America-Dominican Republic Free Trade Agreement (CAFTA-DR). At
the end of last month the U.S. Chamber of Commerce issued a report
highlighting the billions of dollars in new exports the accord is
already generating. It estimates that machinery exports alone to
Central America and the Dominican Republic sustain more than 100,000
American jobs.
"While critics said these economies are too small to matter, U.S.
companies today export more to these six countries than to Italy, a G7
economy that is one of the largest in the world,” said John
Murphy, the U.S. Chamber's vice president for International
Affairs. Since CAFTA-DR's implementation, the U.S. trade balance
with these countries went from a $1.2 billion deficit in 2005 to a
projected $5 billion surplus in 2008. “In today's hard
times, the success of CAFTA-DR is good news for American
workers,” said Mr. Murphy. “Since its implementation
began two years ago, the agreement has helped American companies of all
sizes boost their exports to the region by more than 50%.”
The full report on CAFTA-DR is available on the Chamber's website.
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