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Dr Al Nasser

Bahrain to boost US free trade agreement products

MANAMA, April 21, 2015

More services and products could soon be included in a Free Trade Agreement (FTA) between Bahrain and the US.

Information Affairs Minister Isa Al Hammadi said the FTA was being reviewed after the Cabinet yesterday (April 20) approved amendments, which will result in new articles involving the country of origin of products, reported the Gulf Daily News (GDN), our sister publication.

Meanwhile, Cabinet secretary-general Dr Yasser bin Essa Al Nasser said the necessary legislation would be prepared for the changes.

“We are looking to have more services and products added to the FTA and it is a procedure that we need as more trade between both countries is occurring,” Al Hammadi told a press conference after the weekly Cabinet session at Gudaibiya Palace.

“Bahraini products are getting huge business in the US since the FTA was signed, while there are several factories that have opened here whether by Bahraini, GCC or US investors - which has made us a strong exporter.”

The FTA was signed between both countries in 2004 and Dr Al Nasser revealed a forum involving the Industry and Commerce Ministry, its counterpart in the US and Bahraini businesses on developing necessary legislation would take place shortly in Bahrain.

The Cabinet also endorsed a plan to hold a seminar that would bring together specialists at the Industry and Commerce Ministry and their counterparts in the US Department of Commercial Law Development Programme.

According to a memo presented by the Industry and Commerce Minister, the event, to be attended by Bahraini traders, will discuss commercial laws and issues that would help develop the kindgom's economy.

The Cabinet also approved the second draft protocol on amending the agreement between Bahrain and the US on the establishment of a free trade zone.

The draft protocol, adding a new item on rules of origin, was referred to the competent sides to prepare the necessary draft law and take the required constitutional procedures.

Meanwhile, the Cabinet gave initial approval to easing trade under World Trade Organisation (WTO) commitments, but referred the issue for further study.

“There are 161 countries under the WTO and we are looking for added value from our membership that will see more business opportunities created for us and for other members,” said Al Hammadi.

“It is a top priority for us to enhance trade with countries of the world and to attract investment here. We are working accordingly as there are thousands of graduates from universities, private or government, besides those studying abroad, who want a place in the labour market.

“The door could be also open for Bahrainis in small and medium enterprises, even large depending on what will be on offer, whenever the concerned WTO protocols are approved.” - TradeArabia News Service




Tags: Bahrain | FTA | US | product | boost |

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