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FTA with US boosts bilateral trade in 2006
22 Feb '07
2 min read
U.S. trade with Bahrain grew dramatically in 2006, with two-way trade exceeding USD 1.1 billion, U.S. Ambassador William T. Monroe announced February 14.
Citing statistics just released by the U.S. Department of Commerce, Ambassador Monroe reported that Bahrain's exports to the United States grew 46.5 percent to USD 632.3 million in 2006.
U.S. exports to Bahrain during the same period jumped 51 percent to USD 470.7 million. The total figure of USD 1.103 billion marked the first time that bilateral trade exceed USD 1 billion, the Ambassador noted.
Monroe attributed the big jump in trade to the positive commercial climate in the region overall as well as the incentives offered by the U.S.-Bahrain Free Trade Agreement, which went into effect on August 1.
Ambassador Monroe said that he has been pleased with the increase in U.S. interest in the Bahrain market since the implementation of the FTA, and that he expects trade and investment to continue to grow.
He stressed the importance of continuing to promote trade and the FTA in order to attract more interest in the Bahrain market, and noted that the private sector has an important role to play in this.
To that end, he hailed the trade mission currently being organized by the American Chamber of Commerce in Bahrain, in conjunction with the Bahraini government, which will visit Chicago and Houston in early March.
The participation of His Highness Crown Prince Shaikh Salman bin Hamad Al-Khalifa at the Chicago stop will give a big boost to the mission's success, the Ambassador noted.
He added that the State Department will host a Middle East Free Trade Agreement and Investment Conference in London on March 29, which will include business leaders from the U.S. and four countries that have signed FTAs with the U.S. (Bahrain, Morocco, Jordan and Oman), and this will offer another excellent opportunity to promote trade with Bahrain.
Citing statistics just released by the U.S. Department of Commerce, Ambassador Monroe reported that Bahrain's exports to the United States grew 46.5 percent to USD 632.3 million in 2006.
U.S. exports to Bahrain during the same period jumped 51 percent to USD 470.7 million. The total figure of USD 1.103 billion marked the first time that bilateral trade exceed USD 1 billion, the Ambassador noted.
Monroe attributed the big jump in trade to the positive commercial climate in the region overall as well as the incentives offered by the U.S.-Bahrain Free Trade Agreement, which went into effect on August 1.
Ambassador Monroe said that he has been pleased with the increase in U.S. interest in the Bahrain market since the implementation of the FTA, and that he expects trade and investment to continue to grow.
He stressed the importance of continuing to promote trade and the FTA in order to attract more interest in the Bahrain market, and noted that the private sector has an important role to play in this.
To that end, he hailed the trade mission currently being organized by the American Chamber of Commerce in Bahrain, in conjunction with the Bahraini government, which will visit Chicago and Houston in early March.
The participation of His Highness Crown Prince Shaikh Salman bin Hamad Al-Khalifa at the Chicago stop will give a big boost to the mission's success, the Ambassador noted.
He added that the State Department will host a Middle East Free Trade Agreement and Investment Conference in London on March 29, which will include business leaders from the U.S. and four countries that have signed FTAs with the U.S. (Bahrain, Morocco, Jordan and Oman), and this will offer another excellent opportunity to promote trade with Bahrain.
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