Bahrain AmCham studies ways to utilise FTA pact
Manama, July 3, 2014
American Chamber of Commerce Bahrain (AmCham Bahrain) held a meeting in Manama to discuss ways to fully utilise the US-Bahrain Free Trade Agreement (FTA).
The gathering allowed for introductions and a general discussion of ideas for projects and initiatives that the committee could undertake, reported the Gulf Daily News, our sister publication.
The meeting was attended by business leaders representing a wide diversity of industry sectors, multinational companies as well as small and medium enterprises.
Also, representatives from the Industry and Commerce Ministry, Bahrain Chamber of Commerce and Industry and Economic Development Board attended the session.
Discussions focused on organising FTA workshops and helping members overcome barriers impacting free trade and planning trade missions between the US and Bahrain.
AmCham Bahrain president Qays Hatim Zu'bi said in order to best leverage the US-Bahrain FTA, all members would have to become well versed in the agreement and its potential benefits.
"Then they may become ambassadors for this important but underutilised agreement.
"We are confident this meeting was a strong first step in helping to dispel misconceptions and offering suggestions on how businesses can capitalise on the FTA to further their development," he added.
The US-Bahrain Free Trade Agreement took effect on August 1, 2006.
Bilateral trade between the US and Bahrain has increased each year since the signing of the FTA, exceeding $1.9 billion in 2012.
US exports to Bahrain include machinery, aircraft, vehicles and agricultural products. US imports from Bahrain include fertilisers, aluminium, textiles, apparel, and organic chemicals.
Bahraini companies sold $701 million worth of goods to the US in 2012, primarily metals, chemicals, apparel and petroleum products.-TradeArabia News Service