DUBAI: The Bahraini Ministry of Industry, Commerce, and Tourism and the US Department of Commerce on Tuesday signed a memorandum of understanding (MoU) to promote bilateral business by establishing an American trade zone in Bahrain.
The new zone is aimed at boosting economic, commercial, and industrial cooperation between the two countries, the Bahrain News Agency (BNA) reported.
Under the terms of the MoU, the US and Bahrain will promote the zone as a regional hub for trade, manufacturing, logistics, and distribution among American companies in Bahrain, the GCC, and beyond.
The inking of the MoU will further reinforce the partnership between the two nations, which have a long history of solid economic and security cooperation.
The volume of merchandise traded between the US and Bahrain reached $2.45 million in 2019, with an additional $1.5 billion in services, according to 2020 statistics.
Bahraini Minister of Industry, Commerce, and Tourism Zayed bin Rashid Al-Zayani, said: “The availability of economic opportunities in our region is an ideal opportunity for American companies to invest and expand their business by establishing the US trade zone in Bahrain.”
He noted that the deal would usher in wider horizons for strengthening joint trade relations, in accordance with the advantages of a free trade agreement between the two countries.
US Secretary of Commerce Wilbur Ross highlighted the importance of Bahrain as a strategic and commercial partner of the US and said that the platform would maintain stability and ensure the progress of American trade in the Gulf region.
“The signing of this MoU comes to reinforce this common commitment and the close relationship between the two countries,” he added.