FTA with US Key to Bahrain's Trade Success
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 http://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
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Related links:
http://www.bahrainedb.com
CONTACT:
Priti Patel, Director, +44-(0)20-7067-0709,
ppatel@webershandwick.com, or Georgia Dempsey, Account Manager,
+44-(0)20-7067-0749, gdempsey@webershandwick.com, or James
Stewart, Senior Account Executive, +44-(0)20-7067-0320,
jstewart@webershandwick.com, all of Weber Shandwick PR for the
EDB
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