Bahrain, US sign treaty
Bahrain-USA, Economics, 10/1/1999

Bahrain and the United States on Wednesday signed a Bilateral Investment Treaty (BIT). Bahraini Minister of Finance and National Economy Abdallah Hasan al-Saif and United States Trade Representative Charlene Barshefsky each signed for their states.

A US statement said the agreement "guarantees the right to invest on terms no less favorable than those accorded domestic or third-country investors, in most sectors. It also guarantees the free transfer of capital, profits and royalties, freedom from performance requirements that distort trade and investment flows, access to international arbitration, and internationally recognized standards for expropriation and compensation."

It added, "In addition, the Treaty obligations ensure maximum transparency in investment. Bahrain has also reaffirmed its commitment to implement all obligations related to the World Trade Organization (WTO) Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS) by January 1,2000."

Barshefsky said bilateral trade between the two states is nearly $500 million annually. She added, "The U.S.-Bahrain Bilateral Investment Treaty will help us build a still stronger economic relationship, and therefore a broader partnership for the decades ahead. For Americans, these measures will offer additional confidence in Bahrain as a center of business and trade in the Gulf. Our hope is that it will be the first in a series of steps that strengthen and diversify America's commercial relationship with the entire Gulf region."

The Gulf News Agency said a U.S. Department of Commerce report indicated that bilateral trade was up by $170.5 million in January - July 1999 as compared to the same period of last year, adding that there has been a $38.8 million increase in US exports to Bahrain and a $31.7 million increase in Bahrain's exports to the US.

Previous Stories:
  Bahrain hosts a conference concerning investment in the Gulf   (9/17/1999)
  Fair for Turkish exports in Bahrain   (9/14/1999)
  Sea travel resumed between Bahrain, Iraq   (9/10/1999)
  Bahrain - US sign aviation agreement   (5/25/1999)

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