Bahrain seeks US extension in TPL for 10 years

MANAMA: With US Tariff Preference Level (TPL) for textiles in the framework of the free trade agreement (FTA) with Bahrain due to expire on July 31, 2016, Bahrain seeks yet another extension of 10 years, according to the Minister.

Minister of Industry and Commerce, Zayed R. Alzayani, reviewed Ministry’s efforts and its tireless efforts to extend the work level of the ministry sought with a number of stakeholders in Bahrain and the United States to extend it for another ten years.

“This subject is being coordinated with all factories operating in the Kingdom of Bahrain in this important sector which represent about 22% of Bahrain’s export to the USA with value export of $200 million per year,” the Minister added.

This came during the 22nd Joint Economic Committee between the Ministry of Industry and Commerce and Bahrain Chamber of Commerce and Industry in presence of BCCI Chairman Khalid Al Moayyed and members from both sides.

Both sides reviewed points of the National Committee to follow up implementation of National Model for Mainstreaming Women’s Needs in the Government Work Plan and put motivational initiatives for the private sector to adopt supportive policies and methodologies of equal opportunities.

The Minister affirmed the importance of periodic joint meetings between MOIC and BCCI in enhancing investment movement in the Kingdom of Bahrain.

Alzayani reaffirmed Government’s support to Bahrain Chamber of Commerce and Industry (BCCI) as being a partner and major contributor in achieving economic trends and developing economic plans of the Kingdom of Bahrain.

The Minister pointed Chamber’s role over decades in consolidating business reputation of the country and highlight the kingdom as destination and suitable environment investment for all commercial, industrial and service projects.

During the meeting, they reviewed a number of common topics between the two sides and viewed the latest developments of Export Development Center project where the Ministry in collaboration with other stakeholders prepares to launch temporary in the coming period.

They also discussed the latest development of small and medium enterprises (SME toolkit) as well as Business Licensing Integrated System (BLIS) which was inaugurated by the Minister of Industry and Commerce on May 20, 2015.

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