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News & Events>> Minister of Finance and National Economy Announces the Successful Conclusion of Bahrain-US Free Trade Negotiations
27 May, 2004 Reads:3183
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The Minister of Finance & National Economy, H.E. Abdulla Hassan Saif, and the U.S. Trade Representative (AUSTR) Ambassador Robert B. Zoellick announced today in Washington D.C. the successful conclusion of the Bahrain-US Free Trade Agreement (FTA) negotiations.
“Our success is the result of a strong commitment by the political leadership in both countries to develop further the two nations’ strong relationships,” said H.E. Minister Saif. He stressed that the FTA provided the essential tools for enhancing co-operation between the two countries in all fields and on the basis of reciprocal interests. He also praised Bahrain’s position as a regional centre for financial, banking and business services which provides a trading access to the 1.3 billion people in the surrounding countries. The FTA will enhance exports to the U.S. market through both local and foreign investors.
H.E. Minister Saif added, “We are grateful to Ambassador Zoellick, lead negotiator Catherine Novelli and both negotiating teams for their leadership and dedication to this effort”.
The Bahrain-US Free Trade Agreement FTA has received overwhelming support both in Capitol Hill and from the business community in the United States. In March 2004 Minister Saif and Ambassador Zoellick participated in a Capitol Hill press conference launching the newly formed Bahrain Free Trade Caucus. U.S. Representatives Paul Ryan (R-WI) and Jim Turner (D-TX) serve as co-chairman of the group.
Business leaders have also joined together to support the deal, namely Mr. Lionel Johnson of Citigroup Inc. and Mr. William Rice of ALCOA. Both serve as co-chairmen of the Bahrain-US Free Trade Agreement Coalition. The coalition, organized through a secretariat comprised of the Business Council for International Understanding (BCIU), the National Foreign Trade Council (NFTC), and the National US-Arab Chamber of Commerce (NUSACC), consists of more than 50 companies, associations and firms.
Preparatory stages for Bahrain-US FTA go back to the year 1999. A Treaty between the two countries on the Encouragement and Reciprocal Protection of Investment was signed on 29th September 1999 and became effective on 30th May 2001.
One year later, an Agreement concerning the development of Trade and Investment Relations was signed between the two countries on 18th June 2002. The Trade and Investment Framework Agreement (TIFA) represented the prelude for the FTA negotiations.
The two sides had agreed on the importance of fostering an open and predictable environment for international trade, investment and economic co-operation. They also recognized the benefits resulting from increased international trade and investment, and the essential role of private investment, both domestic and foreign, in furthering growth, creating jobs, expanding trade, improving technology and enhancing economic development.
As part of the agreement, the “United States – Bahrain Council on Trade and Investment” was established. The main objectives of the Council are to identify opportunities for expanding trade and investment and to identify and work toward the removal of impediments to trade and investment flows.
The Council had met on October 3rd 2002 and April 10th 2003. Talks focused on co-operation in economic and financial fields as well as trade and joint investment. Also discussed were prospects for conducting business in the Kingdom of Bahrain, particularly in areas relating to financing and banking services, healthcare, training, tourism and insurance.
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