Bahrain-US business board to speed up FTA implementation
Bahrain Tribune, 04 March 2006
Bahrain-US business board to speed up FTA implementation
By Mehmood Rafique Business Correspondent
A joint Bahrain-US business board is being set up as part of a major initiative to speed up the implementation of the Bahrain-US Free Trade Agreement (FTA) as well as enhance the scope of benefits for both sides.
The proposal was discussed by the Bahrain FTA Implementation Committee in its second meeting to set up an influential joint business board between Bahrain and the US. The proposal is aimed at speeding up the implementation of the FTA.
The committee members agreed on establishing points of contacts with the key related organisations, including the commercial section of the US embassy in Bahrain, and to deploy a permanent EDB staff at the Bahrain Investors Centre to be a point of contact for investors to Bahrain.
The committee has set the first half of March a time for its delegation’s visit to Jordan and Singapore to examine these countries’ experiences after signing the FTA with the United States. The visit will be made by committee representatives from the EDB and Chamber of Commerce and Industry, and the delegation will meet public and private sector organisations in both countries.
At the meeting, each of the three task forces presented their preliminary plans and strategies, for marketing and promotion, private sector development and business environment preparedness. The committee discussed these plans and agreed to consolidate them into one main business plan which would show the responsibilities and target dates for each initiative.
Bahrain’s Ambassador to the United States, Dr Naser Al Belooshi, who attended the meeting, presented and discussed the efforts of the economic representative office in Washington D.C. since the start of the negotiations until their successful conclusion. The ambassador has also suggested that the proposed joint business board between the two states should group big companies and banks, to empower the board and greatly push for a speedy implementation to the FTA.
During the meeting, BCCI Chairman Dr Esam Fakhro praised the positive results of the "Free Trade in the Middle East" conference, organised by the committee last week in cooperation with the US Department of Commerce under the patronage of Industry and Commerce Minister Dr Hassan Fakhro. The US Secretary of Commerce Carlos M. Gutierrez led a Government delegation to the conference and delivered a key address on international trade.
The chairman thanked the organising team for their efforts in holding a successful conference which was attended by around 500 companies and businessmen.
The committee will hold its next monthly meeting at the end of March, in which the main business plan will be presented and discussed.
