OFTA meaning in Business ?

The U.S.-Oman Free Trade Agreement is a trade pact between Oman and the United States. On November 15, 2004, the George W. Bush administration notified the U.S. Congress of its intent to sign a trade agreement with the Middle Eastern Sultanate of Oman. On January 19, 2006 the two countries signed the U.S.-Oman Free Trade Agreement (OFTA), which is part of the Bush administration's strategy to create a US - Middle East Free Trade Area (MEFTA) by 2013.

On June 29, 2006, the U.S. Senate passed OFTA by a vote of 60-34, the fewest "aye" votes in the Senate of any trade bill other than CAFTA. On July 20, 2006, the U.S. House of Representatives passed OFTA by a vote of 221-205, with 7 abstentions. For procedural reasons, the Senate took a second vote on September 19, 2006, and the bill's implementing bill was passed 62-32, with 6 abstentions. In all, the Senate approved the bill 63-37, since all senators voted either "aye" or "nay" in one of the two votes.

George W. Bush signed the bill into law on September 26, 2006.And on December 29, 2008 signed the proclamation to implement the agreement with effective date of January 1, 2009.