Bahrain FTA a Model for 8 Other Nations
Bahrain will serve as model for at least eight Middle Eastern countries earmarked for Free Trade Agreements (FTAs) with the US, according to Congressman Paul Ryan (R-WI). Bahrain is one of nine Middle East countries with existing Trade Investment Framework Agreements (TIFAs) with the US, but it's the first to negotiate a full Free Trade Agreement. The FTA will generate direct investment from the US and increase trade between the two countries, which neared $1 billion last year.
"Trade equals jobs. Trade and expanded trade between our two countries is mutually beneficial. That is the fundamental premise of why we want to expand trade," said Rep. Ryan, adding that Bahrain will become a "gateway" for American firms looking to do business in the Middle East. "When President Bush outlined the Middle East FTA initiative he outlined a plan to extend free trade with most of the Middle East. That is a big and difficult undertaking. The key to it is Bahrain - especially in the Gulf. [Bahrain] is ahead of the rest of the crowd - it is the trend-setting nation on trade with the U.S. It is the building block on which trade with the rest of the region will occur."
Ryan expects the USBFTA to be finalized before year's end.
For more information, visit:
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Dr. Naser M. Y. Al BelooshiEconomic Representative of the Kingdom of Bahrain
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Schumacher Wins Inaugural Bahrain Grand Prix
Six-time Grand Prix world champion, Michael Schumacher, took first place at the inaugural Gulf Air Bahrain Grand Prix, held April 2-4, 2004. Hosted at the brand-new Bahrain Racing Circuit at Sakhir, the race was the first ever FIA Formula One World Championship event held in the Middle East. The racecourse was underwritten by the Government of Bahrain with an eye toward future racing events that will spur economic growth and employment opportunities for Bahrainis as well as international corporations doing business in Bahrain.
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http://www.bahraingateway.org/index.cfm?fuseaction=document.home&id=33US Congressman Ryan Visits Bahrain
US Congressman Paul Ryan, member of the Joint Economic Committee, recently visited The Bahrain Prime Minister, Shaikh Khalifa bin Salman Al Khalifa, The Premier hailed US-Bahraini economic co-operation and highlighted the US-Bahrain Free Trade Agreement which, he said, will play an important role in strengthening economic ties.
For more information, visit:
http:www.bahraingateway.org/index.cfm?fuseaction=document.home&id=35