The need for stepping up two-way trade between Bahrain and United Kingdom easing existing regulations was underscored yesterday by the representative body of the Kingdom's business community, Bahrain Chamber of Commerce and Industry (BCCI).
The recent Bahrain-UK Double Taxation Agreement (BAH-UK-DTA) was poised to further enhance financial and economic cooperation between the two countries encouraging greater trade.
The agreement ensures the elimination of double taxation on income and capital gains for enterprises operating in both countries and joins 27 existing signed agreements on the avoidance of double taxation and the already signed Treaty of Friendship, Agreement for the Promotion and Protection of Investments and memorandum of understanding on economic and technical co-operation.
Eleven more agreements were in the pipeline, which were concluded by the Ministry of Finance and awaiting the final nod, as a part of the continued efforts by the two countries to extend their economic treaty network.
"Bahrain and UK have a long standing and strong trade relationship in many sectors, which we are keen to foster further. The private sector in Bahrain is the engine of economic development and the BCCI plays a crucial role in supporting specific areas that will benefit from closer ties between the business communities of the two countries," said Dr. Essam Fakhro, Chairman of the BCCI, yesterday.
He was speaking at a luncheon meeting of the Bahrain British Business Forum (BBBF) and the Bahrain Chamber of Commerce and Industry (BCCI).
"The latest agreement will help to create a platform for foreign investment in the Bahrain economy and for Bahrain companies to benefit from the opportunity to expand into overseas markets."
Dr. Fakhro said BCCI would be in the forefront with initiatives aimed at advancing economic ties between Bahrain and the United Kingdom, contributing to overall business success and sustainability. He said such efforts were critical for creating an ideal environment and opening new channels for investment and business relations between the two nations.
The BBBF and BCCI had signed a memorandum of understanding in May to improve cooperation between the two groups in attracting investments and strengthening the relationships between the flourishing private sectors in the Kingdom and the United Kingdom.
"Our partnership aims to facilitate networking between companies based in Bahrain and assist companies coming from the UK to gain a better understanding of how they can benefit from the strong ties between our two business communities," said Khalid Zayani, Chairman of BBBF.
By Senior Business Reporter
© Bahrain Tribune 2010
