'Free Trade in the Middle East' conference begins

Over three hundred Bahraini and U.S. companies convened for the first time on Monday, February 27th, at the "Free Trade in the Middle East" Conference, to discuss ways of maximizing benefits from the U.S.-Bahraini FTA between the two countries. The event was held under the patronage of HE Dr. Hassan Fakhro, Bahrain's Industry and Commerce Minister.

The conference gathered key figures representing the private and public sectors from the United States, Bahrain, and throughout the region, to discuss the benefits and business opportunities arising from free trade with the United States.

The conference was organized by the Bahrain FTA Implementation Committee, and has marked the practical launch of the FTA preparations, following the ratification of the two countries' legislative authorities last year. The pact is the first between the United States and a Gulf Arab state. Over 150 U.S. businesspeople representing various sectors took part in the event.

HE The Industry and Commerce Minister Dr. Hassan Fakhro addressed the conference on the economic role played by Bahrain in the region, and shed more lights on the increasing economic and commercial ties with the United States under the umbrella of the FTA. The U.S. Secretary of Commerce Carlos M. Gutierrez lead a U.S. Government delegation and delivered a key address on international trade.

"Our FTA negotiations were focused and determined, and the whole process was concluded within a period of 6 months, and promotes a liberalized, non discriminatory trade environment, enhances intellectual property rights protection and our commitments ensure transparency of laws, regulations and efficiency it customs administration. In short, the process of making our legal and institutional structure FTA compliant has helped us to improve our commercial environment, and be better equipped to take advantage of opportunities, and deal with potential competition."

"We, in the Government will do all we can to provide the environment and the supporting mechanisms to make this FTA work, and the Government has established a national FTA implementation team, headed by the Chairman of the Bahrain Chamber of Commerce & Industry, and with the public and private sector participation, to help in this respect, but moreover we have every confidence that our private sector is more than up to the challenge," Dr Fakhro said.

The conference is a timely opportunity for the private sector to maximize benefits of the FTA, and can be a gateway to lure investments to the Kingdom, facilitating the country as an attractive destination for the local and international investments.

Bahrain hope the FTA will widen trade exchanges with the United States, create new job opportunities to the citizens of Bahrain, and increase the economic growth. The Kingdom eyes to be a platform for U.S. investments in the region.

The Chairman of the Committee, who is also the head of Bahrain Chamber of Commerce and Industry Dr. Esam Fakhro, spoke in the conference on the strategies of the committee, its mission, and work mechanisms. Mr. Jawad Habib represented the private sector to talk about the opportunities of setting up new businesses in Bahrain and the role of the private sector in the development process.

Parallel break-out sessions were held between participants from sectors of the Communications and Information Technology, the Financial Services, the Energy and Industry, the Tourism Infrastructure, and the Healthcare Services. Bahraini and U.S. stakeholders will discuss mutual investment opportunities during these sessions.

The EDB's participation concentrated on its role as a facilitator for investments to the kingdom, while the Bahrain Investors Centre delegated representatives to answer any questions that may arise from the U.S. participants on setting up businesses in Bahrain.

EDB's Chief Executive Shaikh Mohammed Bin Essa Al-Khalifa explained the core role of the board in attracting foreign investments, and facilitating for businesses in the kingdom. Shaikh Mohammed also said the FTA would create more jobs, activate the economy, and help attract the technology and the know-how to Bahrain, which would achieve further growth. He also expected that the FTA would lure more U.S. businesses that are wishing to expand their businesses in the region.

Stakeholders from the regional countries that are involved in talks with Washington for similar economic agreements also took part in the "Free Trade in the Middle East" Conference.

The EDB, in cooperation with the BCCI, had organized FTA workshops during the first week of December 2005 that were attended by private agencies involved in textiles, medical services, engineering, education and ICT. Representatives from the consulting company Booze Allen Hamilton had spoken in the workshops on the mechanisms of joining the American market.