Impact of FTA on economy probed
Gulf Daily News, Bahrain
Impact of FTA on economy probed
23 February 2005
MANAMA: The economic importance of the Bahrain-US Free Trade Agreement (FTA) and its potential impact on the economy and the private sector was discussed in a meeting yesterday at the Bahrain Chamber of Commerce and Industry (BCCI).
The meeting was held between the BCCI FTA Committee, headed by first deputy chairman Dr Tawfeeq Almoayed and a delegation representing officials from the technical bureau and specific committees at the US Congress.
Dr Almoayed explained the role played by BCCI in supporting the government’s efforts to successfully implement the FTA and in enabling companies and businessmen to get the most benefits from it.
He also discussed investment opportunities, as well as exchange of trade and services, not only between Bahrain and the US, but also by making the kingdom an attractive centre for foreign investments and industries who wish to penetrate the US market.
It is also aimed to make Bahrain a transit gateway for American products to go to other countries in the region.
The BCCI is a member of the FTA Supreme Committee and has nominated its representatives in the five emanating sub-committees, namely: services, industrial, textile, legislative and promotion subcommittees.
It is also planning to send a delegation consisting of chamber members and the Bahraini businessmen to the US in the very near future.
The BCCI is awaiting the outcome of the Booze-Allen-Hamilton study - assigned by the Finance Ministry, on the areas where Bahrain’s private sector could leverage the opportunities created by the FTA.
Dr Almoayed said the chamber had put forward a comprehensive plan, consisting of a number of initiatives, to ensure maximum advantages are gained from the FTA.
The first initiative relates to launching awareness campaigns for disseminating relevant information to the private sector about the components and the importance of the FTA and its impacts on the national economy.
These campaigns include conducting a series of conferences and seminars, issuing a series of informational booklets in both Arabic and English, and creating a dedicated website for the chamber on FTA related issues, which will offer online services and provide answers to queries raised by the private sector.
The other initiative of the plan concerns qualifying the private sector for the benefits of the technical and professional issues of the agreement. The BCCI has submitted a proposal for the Supreme Committee to establish a dedicated FTA unit in the chamber.
It hopes to get the assistance of the Supreme Committee by bringing a specialist to train the staff of the unit. The unit staff will have the role of making awareness and disseminating information to all companies in the private sector and highlighting trade and investment opportunities to be obtained from the FTA.
They will also be entrusted with the task of organising seminars, workshops, holding specialised FTA forums, conducting field studies and surveys pertaining to strengthening the potential for national goods and services and supporting promotional and marketing campaigns in coordination with the government.
Additionally, they will work on linking the activities and programmes of business people, sectors and any associated institutions in Bahrain, US and other targeted countries.
Further they will feed government bodies with the necessary reports and information on the effectiveness of the policies and procedures related to the agreement, which are being implemented and also evaluate their implications on the national economy.
