Oman, US sign FTA
The Sultanate of Oman and the United States signed a free-trade agreement, making the Gulf state the fifth Middle Eastern country to have negotiated an FTA with the US. The FTA was agreed upon in October 2005 after seven months of negotiations. It now goes to the US and Omani legislatures for ratification. It is worth noting that two-way trade between the United States and Oman was about US$1 billion in 2005.
Earlier this month, US President George Bush signed into effect the US-Bahrain Free Trade Agreement.