Embassy: Growing bilateral trade, investments prove strength of Bahrain-US ties

Manama, Oct. 24 (BNA): The US Embassy in Bahrain has stressed the importance of the Free Trade Agreement (FTA) between the US and Bahrain, noting that "The United States shares a Free Trade Agreement (FTA) with Bahrain – one of only two such agreements between the U.S. and a GCC country."  The embassy asserted that "this positive trajectory of bilateral trade and the vast amount of investment are testaments to the strong and increasing commercial ties between the United States and Bahrain. In a statement issued today, the embassy pointed out that the purpose of FTA with Bahrain is to "increase trade, economic opportunity, and prosperity for both the United States and Bahrain. The FTA came into force in January 2006; since it began, Bahrain exports to the U.S. and U.S. exports to Bahrain have increased nearly three-fold.  In 2017, the top commodities the U.S. exported to Bahrain under the FTA included machinery, appliances, vehicles, sound and television equipment, and optical and medical instruments, among others.  In the same period, the top commodities that Bahrain exported to the U.S. included aluminum, oil, textiles, iron and steel, and plastics."   The embassy stressed that the "commercial ties between Bahrain and the United States are strong.  It is this significant pillar of our relationship that we are highlighting during Discover America Week." "Bilateral trade has risen from $782 million in 2005 to $1.9 billion in 2017.  Moreover, this trade is growing.  In the first seven months of 2018 alone, two-way trade increased by 54 percent to $1.678 billion from $1.085 billion during the same period in 2017," the statement also said. "The United States and Bahrain also share a Bilateral Investment Treaty (BIT), which came into effect in May 2001.  The BIT supports corporate investments in our two countries, resulting in technology transfers and job creation in both economies.  In fact, over 200 U.S. firms have an established presence in Bahrain.  In 2016, U.S. foreign direct investment in Bahrain totaled $548 million.  The United States welcomes Bahraini investment, as well.  Bahraini foreign direct investment in the U.S. in 2016 was $1.056 billion," the embassy added. SelectUSA is the official U.S. Government-wide programme, led by the U.S. Department of Commerce, which provides information to potential investors about the benefits of opening locations in the United States.  Visit www.selectusa.gov for more details.  Those interested can also find information about doing business with the U.S. on the U.S. Embassy website: https://bh.usembassy.gov/business/.