FTA with US Key to Bahrain's Trade Success MANAMA, Bahrain, June 19
MANAMA, Bahrain, June 19 /PRNewswire/ -- Bahrain's position as a regional
leader in international free trade was confirmed today by the World Economic
Forum's Enabling Trade Index. The Index -- which rates a total of 118
countries worldwide on how well they facilitate the free flow of goods across
borders -- ranked Bahrain's economy the second most open in the Gulf.
Bahrain -- which has a reputation of driving economic openness within the
region -- was rated above fellow GCC states of Qatar, Oman, Saudi Arabia and
Kuwait by the report that placed the Kingdom 37th in the worldwide rankings.
Crucial to Bahrain's recent success in this sphere has been the Free Trade
Agreement (FTA) with the USA which was signed in 2006. The FTA -- which
resulted from long established commercial and diplomatic relations with the
United States -- was the first of its kind between Washington DC and any GCC
state. The deal was fast tracked in record time -- only taking two and a half
years from start to finish.
The FTA not only reaffirms Bahrain's open market policies by liberalising
trade in goods and services, it also gives companies investing in Bahrain a
competitive advantage. This is shown by the 46.5% increase in Bahrain's
exports to the USA in 2006 following the agreement coming into effect.
Under the FTA the Bahraini economy exports a vast range for products to
the US -- the top five being methanol, aluminium, garments, textiles and
clothing. Major corporations such as the Bahrain Petroleum Company, Alba
Aluminium Bahrain and Manama Textile Mills are already feeling the benefits of
the agreement.
In addition to the FTA with the USA, Bahrain, as part of the GCC, has
signed FTAs with Singapore, Switzerland, Norway and Iceland in 2008 and are
currently in negotiations with major economic players including the EU, China,
Japan, India, Brazil and Australia.
Underpinning Bahrain's free economy is a well developed regulation system.
The Central Bank of Bahrain -- recognised as the region's foremost regulator -
- offers business friendly regulations to international standards. Corporate
accounting also follows International Accounting Standards and all the major
international firms are represented in the Kingdom.
Shaikh Mohammed bin Essa Al-Khalifa, CEO of the Economic Development Board
of Bahrain said:
"I am proud that the World Economic Forum has recognised the Bahraini
economy's leadership in and commitment to free trade. The recent FTA with the
United States is vital to Bahrain's future economic growth -- US corporations
are recognising Bahrain as a gateway to the Gulf region while companies
seeking to trade with the US can see the benefits of locating in the Kingdom.
"The Government of Bahrain is strongly committed to promoting free trade,
whilst simultaneously maintaining a strong regulatory system that is
attractive to corporations from across the world. Together this will see
Bahrain increasingly become the location of choice in the Gulf."
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic Government
agency with an overall responsibility for formulating and overseeing the
economic development strategy of Bahrain, and for creating the right climate
to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the
Kingdom's shareholders through a unified vision, and to develop key strategies
for growth. The Bahrain EDB also acts as a facilitator, helping all of
Bahrain's stakeholders to understand and adopt the changes necessary for
progress. In addition, the Bahrain EDB provides sound project management to
ensure that all agreed reform initiatives are implemented in an effective and
timely manner.
The Bahrain EDB is also responsible for attracting inward investment into
Bahrain, and is focusing on six target economic sectors in which the Kingdom
offers significant strengths. These are financial services, downstream
industries, tourism, business services, logistics and health, education and
training. More information on the Bahrain EDB is available on the Bahrain's
EDB's website on www.bahrainedb.com
About The Global Information Technology Report
The Global Information Technology Report is recognised as the 'gold
standard' for benchmarking the networked readiness and technological
competitiveness of the world's economies. INSEAD's eLab, a management
knowledge and thought leadership initiative focusing on the digital economy,
plays a vital role towards the development of this report. Its recent
establishment in Abu Dhabi will further boost ICT knowledge dissemination in
the region.
The report benchmarks each economy on three dimensions - market
environment, the political and regulatory framework and the quality of
available infrastructure.
Media Contacts:
Weber Shandwick PR for the EDB
Priti Patel, Director
Telephone: +44 (0)20 7067 0709
Email: ppatel@webershandwick.com
Georgia Dempsey, Account Manager
Telephone: +44 (0)20 7067 0749
Email: gdempsey@webershandwick.com
James Stewart, Senior Account Executive
Telephone: +44 (0)20 7067 0320
Email: jstewart@webershandwick.com
SOURCE The Bahrain Economic Development Board
