Bahrain-US FTA ’will spur competitiveness’
Gulf Daily News, Bahrain
Bahrain-US FTA ’will spur competitiveness’
By Tariq Khonji
4 December 2005
MANAMA: A free Trade Agreement (FTA) between the US and Bahrain will help remove regulatory barriers to trade in Bahrain’s markets, but it is up to the country to improve competitiveness, a new study found. The study of the agreement by global strategy and technology consulting firm Booz Allen Hamilton showed there were two types of barriers in Bahrain’s markets.
"There are regulatory barriers, which are restrictions to market access caused by laws and regulations such as competition laws, labour laws, health and safety standards or customs procedures," said Booz Allen programme manager and textiles expert Lori Brock.
"And then there are barriers to competitiveness - there is limited growth in a market which suffers from non-competitive practices like insufficient diversification of a sector, poor management and organisation or lack of education and skills in the workforce."
Ms Brock said that while the FTA will help break down much of the former, the barriers to competitiveness must be broken down by the Bahrain government and the private sector.
She was speaking at the opening of a five-day workshop on Maximising the Benefits of the US-Bahrain FTA in the Private Sector at the Sheraton Hotel yesterday.
It is being organised by the Economic Development Board (EDB) in co-operation with the Bahrain Chamber of Commerce and Industry (BCCI).
The event will cover various ways that the private sector can take advantage of the FTA, including how to increase exports and improve competitiveness.
It covers various sectors including law, services, textiles, information communication and technology, education and healthcare.
Speaking at the event, BCCI president Dr Essam Fakhro urged businessmen to grab hold of all the opportunities available to them.
"We will also be working with the EDB to organise a trip to the US for BCCI businessmen to promote investment opportunities in Bahrain and help to strengthen ties with the US private sector," he said.
EDB deputy chief executive officer Dr Zakariya Hejris also welcomed participants and said the FTA offers tremendous opportunities to boost Bahrain’s economy and create jobs.
