MANAMA: Against the backdrop of the global trade slump, the Bahrain-US trade registered a steady growth of 12.5 percent increase, rising to $1.34 billion at the end of 2008, a senior official at the US Chamber of Commerce disclosed yesterday.
“Bahrain is the first GCC (Gulf Cooperation Council) nation to have an operational free trade agreement with the US, showing the importance of trade and commercial ties between the two sides,” said retired Gen. Daniel W. Christman, senior vice president for International Affairs at the US Chamber of Commerce.
“Despite an increase in the bilateral trade last year, the trade is not reflective of the existing potential between the two sides as private sectors of both sides should realize the importance and benefits of this unique trade treaty between the two sides. There is a huge potential trade, investment and other sectors and it is high time for both sides to take advantage of the existing opportunities,” he said.
Christman, along with the chairman of US-Bahrain Business Council James Godec and other board members, held talks with the Crown Prince and the Chairman of the Economic Development Board Sheikh Salman bin Hamad Al-Khalifa. The visiting US delegation also held talks with Minister of Industry and Commerce Hassan Abdulla Fakhro, Minister of Finance Sheikh Ahmed bin Mohammed Al-Khalifa and the Central Bank of Bahrain Gov. Rasheed Al-Maraj.
Highlighting the importance of the current visit, he said it was in line with the new US president’s vision to improve and strengthen ties with the Islamic countries.
He said the Crown Prince Sheikh Salman shared similar view on forging new ties with Bahrain and all other friendly countries as part of long-term strategy. “We are seeking new ties for joint ventures for the US companies in Bahrain as I am taking back this strong message for the US companies to come forward and seize the existing opportunities in all vital sectors,” he said.
“The FTA (free trade agreement) also has great potential for increased trade in the services sector, particularly in the joint ventures and financial sectors,” he said. “There was no limit to the positive impact the agreement could have on trade relationships between both the nations,” he added. Fakhro highlighted the efforts played by the US Bahrain Business Council and US Chamber of Commerce in reviving and activating commercial cooperation between Bahrain and the US and their efforts to organize joint economic activities.
The minister also noted the need to educate all sectors in particular the private sector of FTA terms of the best economic way in order to enable the private sector to enter the US markets.
