HM issues orders to begin implementation of FTA
Bahrain News Agency, Bahrain
HM issues orders to begin implementation of FTA
28 July 2006
Manama, July 28, (BNA) HM King Hamad bin Isa Al Khalifa, on Friday, gave his royal orders to begin implementing the Bahrain US FTA as from August 1, 2006.
A Royal Court statement welcomed the implementation of the FTA as it reinforces Bahrain’s international economic status and establishes a unique example of trade relations and new opportunities in trade and service exchange between Bahrain and the United States.
On his part, Minister of Commerce and Industry, Dr. Hassan Abdulla Fakhro, welcomed the decision, affirming that the Kingdom of Bahrain, government, people and businessmen welcome the Bahrain-US FTA for its expected positive impact on national economy in terms of benefits and trade legislation, laws and systems. Bahrain has been able to meet all FTA ambitious requirements in record time reinforcing its position of a state of law, he said, adding that the Kingdom was eager for the beginning of FTA implementation as from August 1, as the Royal order stated. He added that BCCI extends congratulations to the Bahraini officials and to US President and concerned bodies for the achievement which augurs well for Bahrain’s economy in cooperation with its friendly countries and regional partners in the developed and developing worlds. The FTA liberates the trade of goods as around 69 types of Bahraini agricultural and industrial types are to be exempted from custom fees in the US markets while textile and garment sectors are to be exempted from these fees as soon as the FTA is put into effect. The FTA also organizes bilateral cooperation in financial, banking, communications, e-trade, insurance, government purchases and intellectual rights. The FTA is expected to create new job opportunities and attracting new investment ventures. The private sector is expected to be a key player in the FTA by entering into partnership with the US companies operating in the kingdom in the domains of goods and services to enhance domestic production, attract investment, boost the competence of national products in the US market and reinforce Bahrain’s position in re-export of goods.
