US-Bahrain Free Trade Pact To Be Ratified In Early 2005
Speaking to Gulf News on Thursday, deputy speaker of Bahrain's Council of Representatives,
Abdul Hadi Marhoun suggested that Parliament may "speed up" the ratification
of the country's free trade agreement (FTA) with the United States, despite
the controversy that the planned pact has caused within the Gulf Cooperation
Council (GCC). "I understand the Cabinet will refer the FTA as soon as possible,"
he told the regional news service, continuing: "The majority of the MPs
believe it will have a speedy process when it comes to ratification." Objections have been expressed by fellow member states such as Saudi Arabia
because the GCC's customs union agreement imposes a 5% duty on all goods entering
GCC countries from overseas, but the bilateral agreement between Bahrain and
the US grants the latter duty free access to consumer and industrial products. Under the terms of the planned FTA, signed in September, 90% of Bahraini products
will have duty-free access to the US market, whilst 100% of consumer and industrial
products and 81% of agricultural products from the United States will be duty-free
in Bahrain. .
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