Bahrain and Egypt vow to expand trade cooperation

TDT | Manama                                                   

The Daily Tribune – www.newsofbahrain.com

The Kingdom of Bahrain and Egypt have agreed on collaboration to broaden cooperation and increasing opportunities for bilateral trade exchange by working to eliminate all obstacles restricting access to markets in their countries.

This came as Finance and National Economy Minister, His Excellency Shaikh Salman bin Khalifa Al Khalifa and his Egyptian counterpart, Mohammed Maait, co-chaired the first meeting of the Bahraini-Egyptian Governmental Committee for Trade, Economic, Scientific and Technological Cooperation, held in Cairo.

A joint statement said the meeting aims to launch a new phase of further developing bilateral ties to consolidate developmental partnership between the two the countries, supported by His Majesty King Hamad bin Isa Al Khalifa and President Abdel Fattah El Sisi, and with the follow up of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, and Prime Minister Moustafa Madbouly.

The committee announced that ministries, agencies and public companies in both countries have agreed on 15 cooperation initiatives and preparing 13 memoranda of understanding to be signed.

Investment and trade

The committee will work on encouraging cooperation between Bahraini and Egyptian business communities to mobilise investment and trade and increase visits of business delegations to specialised events.

A Bahraini-Egyptian commercial centre will be launched and an agreement will be signed between customs in both countries on mutual recognition of the authorised economic operator (AEO), the statement said.

Other facets of cooperation include protection of competition, preventing monopoly, integrated industrial partnership to achieve sustainable economic development and regional and Arab integration, and strengthening cooperation in all areas.