Bahrain-US free trade panel discusses future plans
Gulf Daily News
Bahrain-US free trade panel discusses future plans
6 September 2006
MANAMA: The Bahrain-US Free Trade Agreement (FTA) Implementation Committee yesterday held its first meeting since the international trade agreement was ratified on August 1.
The committee gathered to discuss progress and update members on investment and trade activity since the implementation of the FTA and to develop future plans to support the increase of investment between the two countries.
The meeting, held at the offices of the Economic Development Board, was presided over by committee chairman Dr Essam Fakhro and attended by 13 committee members from the public and private sectors.
"The committee today outlined and approved its action plan to ensure Bahraini businesses benefit from the ’first to market’ advantage provided by the FTA," said Dr Fakhro.
"We are working to boost trade and develop Bahrain as a regional hub in line with our logistical and legislative advantages, to enable the private sector to become the engine of growth for the Kingdom."
The committee was also updated on issues including the committee’s work plan and various elements of the informational infrastructure that are currently being built, including the development of an updated comprehensive investor and firms database.
Members also discussed a unified FTA website; a promotional campaign that comprises media activity plan to internationally promote the FTA and to spread awareness of the benefits of the FTA among Bahrainis and holding sector-specific seminars on the FTA to the various sectors.
The committee agreed to give its input to the ’Business Start-up’ initiative that is currently underway, with a focus on those business activities with ambiguous legal and licensing requirements.
In addition, the committee will also work on building a clear communication channel to support foreign investors accessing the local market, as well as to provide assistance to Bahraini companies that want to enter the US market.
The FTA Committee was established in December 2005 and is made up of 17 members including the chairman.
The goal is to maximise the benefits of the Bahrain-US FTA and to create more business opportunities. It is also responsible for promoting and enhancing the role of the private sector and ensuring that the FTA is smoothly implemented.
