WASHINGTON - U.S. Trade Representative Robert B. Zoellick and Bahraini Minister of Finance and National Economy Abdallah Saif today signed an agreement that provides a forum for Bahrain and the United States to examine ways to expand bilateral trade and investment.
After the signing, they discussed possibilities to increase trade and investment between the two countries.
"This agreement will promote trade between Bahrain and the United States and is part of our effort to promote economic development in the region," said Zoellick. "Bahrain has been a strong supporter of the United States in our fight against terrorism, and I look forward to exploring ways to deepen our economic relationship. Americans want to improve their access to Bahrain's markets, and increased trade will help Bahrain grow economically while laying the foundation for a greater diversification of its economy."
The new Trade and Investment Framework Agreement (TIFA) establishes a United States-Bahrain Council on Trade and Investment, comprised of representatives from each country and chaired by the Office of the United States Trade Representative and the Bahrain Ministry of Finance and National Economy. The Council will establish a permanent dialogue with the expectation of expanding trade and investment between the United States and Bahrain.
In 2001, the United States exported $398 million worth of goods to Bahrain and imported goods valued at $424 million from Bahrain.