With FTA Boost, Bahrain-U.S. Trade Soars to $1.3B
May 18, 2009
Manama, Bahrain
Under the Free Trade Agreement (FTA), total trade between Bahrain and the U.S. exceeded $1.34 billion last year, this despite the economic downturn.
At the opening of a two-day FTA conference on "Maximizing Trade with the United States,” Industry and Commerce Minister Dr. Hassan Fakhro urged Bahrain's private and public sectors to actively seek out and do more business with the U.S. The Industry and Commerce Ministry, which is responsible for implementing the FTA, organized the conference in coordination with the International Executive Service Corps (IESC) through the U.S. Department of State's Middle East Partnership Initiative. U.S. Embassy charge d'affaires Christopher Henzel also spoke at the opening session. Henzel attributed the increase—24 percent in just three years—not only to the FTA, but to wise choices by Bahrain’s leaders in building a friendly legal and regulatory framework to attract investors.
H.E. Houda Nonoo, Ambassador of the Kingdom of Bahrain to the United States, commented, “Bahrain is pleased that, by organizing the conference in the Kingdom, the U.S. State Department chose Bahrain as a model to show the benefits of forging bilateral partnerships and free trade pacts, evident even in difficult global financial conditions.” Ambassador Nonoo also praised the Industry and Commerce Ministry for its instrumental role in conceptualizing and organizing the FTA Actualization for Bahrain (FAB) program, noting, “The FAB is set to play a valuable part in the U.S. and Bahraini government efforts to support and expand the FTA, stimulating private sector activity towards the U.S. market through technical assistance, export marketing, and with promotional assistance to small and medium enterprises. Its efforts will ensure the continued success of the Bahrain-U.S. trade partnership.”
For more information, please contact the Office of the Economic Representative via e-mail info@bahraingateway.org or by telephone at (202) 537-7810.
