‘US-Bahrain free trade deal strong’

Manama : “FTAs do not expire,” said AmCham Bahrain President yesterday, while clarifying that US-Bahrain Free Trade Agreement is strong and is being actively used by businesses in most industries and there is still great potential for growth. 

Qays H. Zu’bi was speaking at a roundtable discussion on the US-Bahrain Free Trade Agreement (FTA) hosted by the American Chamber of Commerce – Bahrain (AmCham Bahrain) at the Capital Club yesterday.

“The purpose of today’s  Roundtable is to correct the misconception that the US-Bahrain FTA has expired,” he added. 

US Ambassador William V Roebuck, Bahrain Economic Development Board (EDB) Chief Economic Advisor Dr. Jarmo Kotilaine, MOICT Director of Foreign Trade Shaikh Hamad bin Salman Alkhalifa and FinMark Communications Managing Director Zahraa
Taher were present on the occasion.

Qays H. Zu’bi also confirmed that larger Bahraini companies have been able to take greater advantage of the FTA. However, SMEs have had more challenges leveraging the advantages of the FTA, though there were success stories. 

Zu’bi assured that in order to help SMEs overcome some of the trade challenges they face, AmCham will host a series of seminars on how to export to the US by trade experts for specific Bahraini industries. Targeted industries that could benefit would include jewellery and luxury goods manufacturers.

In 2015, $2.2 billion of goods were traded between Bahrain and US. Bahrain exported $902 million worth of goods to the US and imported $1.3 billion worth of goods from the US, he pointed out 

“Importantly, Bahrain exports to the US are up 109pc from 2005, before the FTA was signed. And Bahrain imports from the US are up 263pc from 2005, before the FTA was signed. This means bilateral trade between the US and Bahrain has more than doubled since the FTA went into force. This is good news.

“The FTA has been an effective tool for helping diversify Bahrain’s economy and create good jobs. However, there is still great potential for SMEs to better use the agreement and AmCham is committed to working with partners in Bahrain to help all businesses and especially SMEs understand and use the FTA,” Zu’bi stressed.