Bush Signs Bahrain Free Trade Agreement Into Law

by Glen Shapiro, LawAndTax-News.com, New York

13 January 2006

US President George W. Bush on Wednesday signed into law the Free Trade Agreement with Bahrain.

Under the terms of the agreement, the Gulf state must remove tariffs on US consumer and industrial products, and the majority of agricultural goods. In return, the United States will remove its own tariffs on goods from Bahrain.

Bahrain must additionally increase IP protections, and open up its financial services sector to US banks.

The White House announced this week that:

"The Agreement reflects the President's commitment to opening markets and expanding opportunities for American workers, farmers, ranchers, and businesses. As the Agreement opens Bahrain's market for US manufactured goods, agricultural products, and services, it will also support economic reform and growth for Bahrain."

"Leaders in Bahrain support the pursuit of social and economic reforms in the region, encouraging foreign investment connected to broad-based development, and providing better protection for women and workers."

"The Agreement is also a significant step in furthering the President's goal of creating a Middle East Free Trade Area (MEFTA) by 2013. Through MEFTA, the United States seeks to expand trade with and investment in Middle East countries to further their domestic reforms and the rule of law, protect intellectual property, and create a foundation for economic growth and prosperity."

"Since the President announced MEFTA in May 2003, the United States has completed free trade agreements with Bahrain, Morocco, and Oman; initiated FTA talks with the United Arab Emirates; assisted in the accession of Saudi Arabia to the WTO; and signed six Trade and Investment Framework Agreements with Middle East countries, among other initiatives."

Commenting on the signing into law of the FTA, US Trade Representative, Rob Portman confirmed that:

"This accord is an important step in advancing President Bush's proposal to establish a Middle East Free Trade Area by 2013."

Recommended