Export Bahrain, Amcham organise workshop

Export Bahrain in collaboration with AmCham in the Kingdom of Bahrain yesterday organised a workshop on “Better Access to US Markets Using the FTA” at Arcapita headquarter in Bahrain Bay in the presence of Zayed bin Rashid Al Zayani, Minister of Industry, Commerce and Tourism, and Head of the Ministry’s SMEs Development Board and Justin Siberell, U. S. Ambassador to Bahrain. At the opening of the event, Al-Zayani praised the strong relationship between Kingdom of Bahrain and the United States pointing out that this workshop is looking at various ways to benefit from FTA and enhancing the bilateral trade between the two countries. U.S. Ambassador to Bahrain Justin Siberell remarked at the event: “Bahraini and U.S. firms have greatly benefitted from the FTA. Since its signing 12 years ago, two-way merchandise trade has more than tripled. Along the way, the FTA has not only expanded bilateral trade, but it has also created investment and good jobs for people in both of our countries.” Dr. Nasser Qaedi, Chief Executive of Export Bahrain stated that “Our partnership with AmCham will definitely benefit Bahraini exporters as well as manufacturing companies and will represent a significant step towards boosting the growth of our national economy through diversifying our sources ofincome. Hethen shed light on the unique solutions provided by Export Bahrain and available opportunities that aims to strengthen the private sector’s role and encourage Bahraini SMEs, to expand globally and export their products and services to the U.S. market. Mr. Khalil Muhanna, Head of International Organisations at Ministry of Industry, Commerce and Tourism pointed out on how tariffs are determined,demonstrated the FTA eligible products and explained how the 35% value added rule of origin for manufactured products is calculated in addition to the available opportunities on re-exporting FTA products from Bahrain to GCC countries. Followed by the General Director of Wires International, Mr. Mohamed Al-Ali, who presented his export experience by taking advantage of the opportunities and benefits offered by the FTA. At the end of the workshop, Ms. Mary McGinnis, Executive Director of AmCham Bahrain stated “AmCham is pleased to partner with Export Bahrain to bring useful information to the business community SMEs, entrepreneurs and manufacturing companies interested in expanding their market to the U.S. by using the FTA. This event is part of AmCham’s ongoing efforts to support business growth and development in the Kingdom.” Arecord of $3 billion of goods were traded between Bahrain and U.S. in 2018. In 2018, Bahrain exported $991 million (or almost one billion dollars) worth of goods to the U.S. and imported $2 billion worth of goods from the U.S. Two-way trade is up by approximately 380% from $782 million in 2005 to $3 billion in 2018. This means bilateral trade between the US and Bahrain has more than tripled since the FTA went into force. Importantly, Bahrain exports to the U.S. are up 229% from 2005, before the FTA was signed. In addition, Bahrain and the United States exchanged an additional $1.3 billion in services in 2017 (the latest year for which figures are available). The event was attended by many Bahraini SMEs, entrepreneurs and manufacturing companies interested in expanding their market in the U.S. through using the FTA.