Muscat – H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, is on a visit to the United States covering four major states.

His trip aims to strengthen economic ties by engaging with industry leaders, government officials and potential investors, marking a new phase of collaboration between Oman and the US.

In Washington, H E Yousef met Jose W Fernandez, US Under Secretary of State for Economic Growth, Energy and the Environment. Their discussions centred around increasing trade, investment and cooperation in sectors such as clean energy, critical minerals and space.

Fernandez described the talks as “highly productive,” adding, “We had a fruitful conversation with Minister Qais al Yousef. There is still work to be done to enhance imports, exports and investments, but we are excited to expand efforts in clean energy, minerals, space and other sectors.”

Oman’s strong economic relationship with the US is bolstered by the Free Trade Agreement (FTA) between the two countries. Oman is one of only 20 nations worldwide that enjoys such an agreement, offering reduced tariffs and fewer trade barriers. This competitive advantage has significantly boosted Oman’s non-oil exports to the US, which reached RO433mn in 2023.

In 2022, US goods and services trade with Oman totalled an estimated US$5bn – US$2bn in exports and US$2.9bn in imports.

H E Yousef’s visit is expected to further consolidate these economic ties and open up new avenues for bilateral growth.