Manama, Bahrain - The American Chamber of Commerce Bahrain (AmCham Bahrain) today announced the hosting of its first Free Trade Agreement (FTA) Committee meeting, where members discussed ways to more fully utilize the agreement in order to increase bilateral trade and commerce. This first gathering allowed for introductions and a general discussion of ideas for projects and initiatives that the Committee could undertake.
The meeting, which was held on Tuesday, 24 June 2014, was attended by business leaders representing a wide diversity of industry sectors, multinational companies as well as SMEs. Also, representatives from The Ministry of Information and Commerce (MOIC), Bahrain Chamber of Commerce & Industry (BCCI), Economic Development Board (EDB) attended the session. Discussions focused on organising FTA workshops and helping members overcome barriers impacting free trade and planning trade missions between the US and Bahrain.
Mr. Qays Hatim Zu'bi, President of AmCham Bahrain, said, "We are pleased to gather this diversity group together to discuss how best to leverage the US-Bahrain FTA. It is a goal that all members become well versed in the FTA and its potential benefits so they may become ambassadors for this important but underutilized agreement. We are confident this meeting was a strong first step in helping to dispel misconceptions and offering suggestions on how businesses can capitalize on the FTA to further their business development."
The US-Bahrain Free Trade Agreement took effect on 1 August 2006. Bilateral trade between the US and Bahrain has increased each year since the signing of the FTA, exceeding USD 1.9 billion in 2012. US exports to Bahrain include machinery, aircraft, vehicles, and agricultural products. US imports from Bahrain include fertilizers, aluminum, textiles, apparel, and organic chemicals. Bahraini companies sold USD 701 million worth of goods to the US in 2012, primarily metals, chemicals, apparel and petroleum products.
-Ends-
About AmCham Bahrain
The American Chamber of Commerce in Bahrain (AmCham Bahrain), an independent, private, non-profit, non-political business association, was formed in 2006 to capitalize on the newly implemented Free Trade Agreement between the US and Bahrain with the purpose to help companies take advantage of the new markets and benefits that came from this significant agreement. Our members range from Fortune 500 corporations to small and medium sized companies to not-for-profit organizations to individual business leaders and entrepreneurs.
AmCham Bahrain is a member of the US Chamber of Commerce and part of the global network of American Chambers of Commerce which includes AmCham MENA, MECACC (Middle East Council of American Chambers of Commerce), and the US-Bahrain Business Council. The US Chamber of Commerce, based in Washington DC, is a powerhouse and is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state, local and industry associations. MECCAC, the regional network of AmChams, works to foster increased collaboration amongst the members and works on promoting greater business opportunities between the US and the Gulf region.
Through these affiliations, AmCham helps its members succeed by providing a wide range of networking opportunities, unparalleled government advocacy, valuable business information and intelligence, and comprehensive business support services.
For media enquiries, please contact:
Zahraa Taher | FinMark Communications
Managing Director
T: +973 17749759 | M: +973 39630997 | E : ztaher@finmarkcoms.com
© Press Release 2014
