American Trade Zone to be set up in Bahrain
INDUSTRIAL NEWS
Bahrain's Ministry of Industry, Commerce and Tourism has signed a memorandum of understanding, establishing an American Trade Zone in the kingdom.
Industry, Commerce and Tourism Minister Zayed bin Rashid Alzayani sealed the deal yesterday with US Secretary for Trade Wilbur Ross, said a Wam news agency report.
“The availability of economic opportunities in our region is an ideal opportunity for American companies to invest and expand their business by establishing in the Kingdom of Bahrain,'' said Alzayani.
He said that the deal would usher in wider horizons for strengthening the joint trade relations in accordance with the advantages of the Free Trade Agreement binding Bahrain and the USA.
Ross stressed the importance of Bahrain as a strategic and commercial partner of the USA, adding that the platform would maintain the stability and ensure the progress of the American trade in the Gulf region.
“The signing of this memorandum comes to reinforce this common commitment and the close relationship between the two countries”, he added, affirming the commitment of the Department of International Trade at the US Department of Commerce, to work with Bahrain to achieve the American Trade Zone.
The establishment of the zone is expected to contribute to enhancing economic, commercial and industrial cooperation and pushing the bilateral trade between the two countries to further horizons, the report said.
The US and Bahrain will promote the American Trade Zone as a regional centre for trade, manufacturing, logistics and distribution among American companies in the Kingdom, the Gulf Cooperation Council (GCC) markets and beyond.
The American Trade Zone in Bahrain will allow US companies to operate in an area equipped for goods exchange activities and comprehensive logistical solutions, in addition to facilitating export operations through Khalifa Bin Salman Port, Bahrain International Airport and King Fahd Causeway or through any other ports to be established in the future in the Kingdom via specialised customs solutions, the report added.
