Bahrain, Israel free trade deal ‘expected by year end’

TDT | Manama                

The Daily Tribune – www.newsofbahrain.com

Staff Reporter

Israel and Bahrain hope to seal a free trade agreement before the end of the year, officials from both countries were quoted by Reuters yesterday.

“We’re optimistic and hopeful that we will close the deal by the end of the year,” Bahraini Minister of Industry and Commerce Zayed Al Zayani said during a visit to a leading Israeli venture capital firm, Jerusalem Venture Partners (JVP).

Mr Al Zayani, who discussed future cooperation with JVP founder Erel Margalit, said another round of free trade talks was expected in mid-November. Israel’s Economy Ministry told Reuters it would send a delegation to Manama for the next round “in order to conclude the negotiations as soon as possible, and hopefully no later than the end of the year.”

In May, Israel forged a free trade deal with the UAE, its first with an Arab country, that officials estimate will increase trade from $1.2 billion to $10 billion over the next five years. The Daily Tribune, earlier, interviewed Israel Economy Minister Orna Barbivai, who said the Free Trade Agreement (FTA) between the Kingdom of Bahrain and the State of Israel is going to be a reality soon.

She said the relations between both nations have been scaling new heights “since the signing of Abraham Accords almost two years ago”. “The biggest change happened two years ago with the signing of Abraham Accords. We are set to celebrate two years of signing the historic accord this month. And the experience has proved that it is possible to improve political and economic relations between nations in the region.”

Ms Barbivai said the Negev Summit was another significant development. “The summit and subsequent follow-up meetings have been highly successful. The growing relations can definitely deliver economic benefits for both nations.

“But more than economic goals, it is the people-to-people relations that we are aiming to further boost. We want to contribute to the greater human story by connecting the peoples of both nations,” the Israeli minister pointed out.