U.s.-Bahrain Free Trade Agreement

Free trade agreements (FTAs) are international agreements that encourage trade in imports and exports between countries. In general, free trade agreements remove barriers between countries, so that participants can comply with agreed laws and be treated as foreign citizens in trade transactions. The U.S. Senate approved the legislation by vote on December 13, 2005. On January 11, 2006, President George W. Bush signed the USBFTA Implementation Act (Pub.L. 109-169 (text) (pdf)). [2] [3] The free trade agreement was implemented on 1 August 2006 and will remove some barriers to trade between the two countries. [4] The U.S.-Bahrain Free Trade Agreement, which came into force on January 11, 2006, creates export opportunities for the United States and creates jobs for U.S. farmers and workers. The agreement also supports Bahrain`s economic and political reforms and strengthens trade relations with an economic leader in the Arab Gulf. On the first day of the agreement`s entry into force, 100% of the two-way trade in industrial goods and consumer goods began to flow duty-free. As a result of the free trade agreement, U.S.

farmers have significantly increased their agricultural exports to Bahrain. In addition, Bahrain has opened its services market more widely than any former FTA partner and has created significant new opportunities for U.S. financial service providers and companies providing telecommunications, audiovisual, express, distribution, healthcare, architecture and engineering services. The gcc economic agreement was adopted by the GCC Higher Council in December 2001. It provides national treatment to all GCC businesses and all citizens of any other CCG country. This will remove all barriers to transnational investment and trade. In 2019, the agreement exported more than $4.2 billion and $2.1 billion in imports. The CCG-Singapore Federal Trade Agreement (GSFTA) allows CCG to access the Singapore market duty-free.

These include trade in goods, customs procedures, rules of origin, trade in services and public procurement. In 2019, Bahrain`s exports to Singapore totaled more than $79 million and imports $113 million. The U.S.-Bahrain Free Trade Agreement (USBFTA) is a free trade agreement between the United States and Bahrain on September 14, 2004. December 2005 ratified by the U.S. House of Representatives with 327:95. [1] Manufacturing companies can face major financial and logistical challenges, but Bahrain is making the decision easier.

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