The US-Bahrain Free Trade Agreement truly is a significant accomplishment that holds great promise for the people of both countries, according to a senior US official.
The FTA represents the US “seal of approval” for Bahrain’s economy. This generates confidence for foreign investors, and will assist Bahrain in truly developing into the “Gateway to the Gulf”, said Steven Bondy, political/economic section chief at the US Embassy.
“Our focus during the coming period is to ensure that Americans and Bahrainis realise that promise and benefit from improved market access and full transparency in commercial dealings,” he said at a workshop on FTA organized by KPMG.
“Bahrain is the model country in the Gulf region. It is the first country in the Gulf to have an FTA with us, and only the third in the Arab world, after Jordan and Morocco.”
American interest in doing business in Bahrain is expected to grow after the ratification of the FTA, particularly in the services sector, he said. The focus areas are likely to be banking and finance, insurance, education and training, and health care.
“I know there has been some press play about the implications of the FTA for GCC trade. I am not in a position to comment on internal GCC trade, but as it relates to the United States, we look forward to working with all the GCC countries on expanding and improving bilateral trade. For some, like the UAE and Oman, this means preparing for FTA negotiations. For others, it means working together to prepare to join the World Trade Organisation or negotiating bilateral investment treaties and trade and investment framework agreements. Our goal is expanding the circle of rules-based trade, and we welcome any and all countries to work with us on this,’’ said Bondy.
The FTA opens the door to expanded economic relations, and that door will remain open indefinitely. But those who move quickly will benefit the most. It is imperative to strike those business deals while the agreement is still fresh in people’s minds and is a top priority for the two governments, he said.
