MANAMA: The Industry, Commerce and Tourism Ministry last night signed a memorandum of understanding, establishing an American trade zone in Bahrain.

Industry, Commerce and Tourism Minister Zayed Alzayani sealed the deal with US Secretary for Trade Wilbur Ross.“

The availability of economic opportunities in our region is ideal for American companies to invest and expand their business by establishing in Bahrain,” said Mr Alzayani.

He said that the deal would usher in wider horizons for strengthening joint trade relations in accordance with the Free Trade Agreement.

Mr Ross stressed the importance of Bahrain as a strategic and commercial partner of the US, adding that the platform would maintain stability and ensure progress of 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 American trade zone in Bahrain is expected to contribute to enhancing economic, commercial and industrial co-operation and pushing the bilateral trade between the two countries to new horizons.

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, GCC markets and beyond.

It 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 Fahad Causeway or through any other ports to be established in the future in the kingdom via specialised customs solutions.

The signing of the agreement will further reinforce the long-standing partnership between the US and Bahrain, which have a long history of solid economic and security co-operation.

The volume of trade between the two countries reached $2.45 million in 2019, with an additional $1.5 billion of trade in services, according to statistics released last year.

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