Bahrain’s Cabinet Approves Key Economic Agreements and Legislative Initiatives
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Email: ashen@newsobahrain.com
His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, chaired the weekly Cabinet Meeting at Gudaibiya Palace, where key economic and legislative matters were discussed and approved.
During the meeting, the Cabinet approved a memorandum from the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance that focuses on negotiations for a free trade agreement between the GCC countries and the United Kingdom. This move is expected to enhance economic collaboration and trade relations between the two regions.
The Cabinet also reviewed the quarterly economic report for the first half of 2024, which indicated a 2.3% annual GDP growth at constant prices. This growth was driven by a notable 3.1% increase in non-oil activities. However, there was a reported 2.1% decrease in the number of non-Bahraini workers in the private sector.
Additionally, a memorandum from the Minister of Finance and National Economy, along with the Minister of Industry and Commerce, addressed a resolution by the GCC Standing Committee for Combating Harmful Practices in International Trade. This resolution proposes the imposition of anti-dumping duties on several imports within the GCC, aimed at protecting local markets.
The Cabinet also reviewed a memorandum from the Minister of Industry and Commerce regarding two draft resolutions aimed at enhancing commercial registration procedures to streamline business operations in the kingdom.
In terms of legislative matters, the Ministerial Committee for Legal and Legislative Affairs presented three proposals and two laws from the Council of Representatives for the Cabinet's consideration.
Furthermore, the Minister of Labour and Chairman of the Board of Directors of the Labour Market Regulatory Authority (LMRA) provided an update on the Labour Registration Program. Since its launch, there has been a significant 63% reduction in the number of irregular workers, decreasing from 95,721 to 35,640. The program has also seen a remarkable 98% increase in compliant establishments, alongside 93,154 inspections conducted.
Lastly, the Minister of Housing and Urban Planning reported on the developments concerning the Government Land Development Rights Program, emphasizing the government's commitment to effective land management and urban planning in Bahrain.
Through these discussions and approvals, the Cabinet continues to focus on enhancing Bahrain’s economic landscape and legislative framework, reinforcing its commitment to sustainable growth and development.
Related Posts