Us Bahrain Free Trade Agreement
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 free trade agreement between the GCC and EFTA states was signed in June 2009 and includes 93 articles and 16 annexes on merchandise trade, trade in services, competition and more. The first phases of free trade negotiations between Bahrain and the United States date back to 1999, with the signing of a bilateral investment agreement (ILO) that came into force on 31 May 2001. This is the first treaty of its kind signed between the United States and a gcc member and aims to stimulate the flow of private investment between the two countries. Both sides agreed that a stable investment framework would maximize the efficient use of economic resources and improve living standards. A year later, a Framework Agreement on Trade and Investment (TIFA) was signed on 18 June 2002, a prelude to the free trade negotiations. TIFA was conceived as a forum for an ongoing bilateral dialogue on economic reforms and trade liberalization.
The agreement provides specific rules of origin for both imports and exports. The U.S.-Bahrain Free Trade Agreement (FTA), which came into force on January 11, 2006, was intended to create export opportunities for the United States and create jobs for American 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. 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 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] The U.S. Senate approved the bill 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] Bahrain is the first member of the Gulf Cooperation Council and a third Arab country to have a free trade agreement with the United States. In 2019, imports amounted to USD 836 million and exports from this agreement to USD 792 million. The Bahrain Free Trade Agreement (BHFTA) came into force on 1 August 2006. Under the agreement, most Bahraini products arrive in the United States duty-free and Processing Fee (MPF) and virtually all are imported free of charge to the United States until January 1, 2015.