Bahrain, Israel expand trade ties and cooperation

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Reported by Mahir Haneef

The US-brokered Abraham Accords for normalisation of ties between Israel and Arab countries got a boost yesterday as they neared their third anniversary, with Bahrain and Israel agreeing to boost trade relations and mutual cooperation.

Israel also opened a new embassy in Bahrain the same day, replacing its first embassy since 2021. It was on September 15, 2020, that the Abraham Accords was ratified in Washington, with Bahrain, Israel, the United Arab Emirates, Sudan, and Morocco being the signatories.

Bahrain’s Minister of Foreign Affairs, Dr. Abdullatif bin Rashid Al-Zayani, and Israel’s Minister of Foreign Affairs, Eli Cohen, signed two memoranda of understanding (MoUs) to develop cultural cooperation between the two countries on the basis of equity, reciprocity, and mutual benefit.

Further, the ministers also signed two joint declarations for an internship programme and for cooperation in youth affairs. Speaking at the event, Dr. Al-Zayani said HRH the Deputy King and Crown Prince of Bahrain, Prince Salman bin Hamad Al Khalifa, had received Mr. Cohen, where the HRH stressed the approach of the Kingdom of Bahrain under the leadership of HM King Hamad bin Isa Al Khalifa to promoting security and prosperity and consolidating peace for the benefit of all.

After visiting the Deputy King, Cohen, who is on his first visit to Bahrain, said, "We look forward to expanding the circle of peace and normalization to other states in the area. Signing the MoUs and the declarations at a separate event held in Manama on Monday, the Foreign Affairs ministers said the first declaration relates to the establishment of an internship programme to promote cooperation and mutual benefit by establishing the ‘Bahrain-Israel Internship Programme in the fields of software, engineering, science, and other related fields.

The second declaration relates to joint cooperation in the field of youth and is aimed at promoting activities for youth and communication between the two people, the ministers revealed.

In addition to the two MoUs and declarations, Dr. Al-Zayani also signed an MoU on banking and financial cooperation between the two countries. The MoU was signed with the Deputy Director of the Israel Securities Authority, Ron Klein. It aims to provide a framework for cooperation between the two authorities on issues related to capital markets, financial technology, and innovation.

The ministers expressed hope that the MoUs and the declarations would be a new impetus to promote mutual cooperation between the two countries and that bilateral relations would serve mutual interests.

After signing the MoUs, the Israeli minister, who is on his first visit to Bahrain, said it has been decided to work on increasing the number of direct flights between the two countries as well as increasing trade volume and investment.

In Bahrain, Cohen also visited the US Navy’s Fifth Fleet base and discussed maritime security cooperation with US Naval Forces Central Command (NAVCENT) Commander Vice Admiral Brad Cooper.