Historic Free Trade Agreement Luncheon in New York City

WASHINGTON, DC – On Wednesday September 22nd the celebration of the historic signing of the U.S.-Bahrain Free Trade Agreement (USBFTA) will take place at the New York Palace Hotel with an elaborate luncheon in the Villard Room from 11:30 – 2:30pm.

In attendance will be envoys from the United States Trade Representative, dignitaries from the Kingdom of Bahrain, top executives of several Fortune 100 corporations and the media.

This Free Trade Agreement comes three years after 9/11 and will help, "promote the President's initiative to advance economic reforms and openness in the Middle East and the Persian Gulf moving us closer to the creation of a Middle East Free Trade Area,' according to Robert Zoellick, U.S. Trade Representative who signed the agreement at a formal ceremony earlier this week in Washington.

"The celebratory day—September 22, 2004—will be an opportunity for corporations from both countries to solidify—or, in some cases, establish—their presence as leaders of a new era of business between Bahrain and the United States,' added Dr. Naser Al Belooshi, Economic Representative of the Kingdom of Bahrain.

The private sector has also shown its support for this agreement with Citigroup, Alcoa, HP, ExxonMobil and others sponsoring the luncheon event.

The U.S. Bahrain Free Trade Agreement, upon ratification by Congress, will result in an immediate lifting of duties on 100 percent of U.S. consumer and industrial products and 81 percent of U.S. agricultural exports. U.S. exports to Bahrain totaled more than half a billion dollars last year. Bahrain will receive duty-free access for 96 percent of its industrial and agricultural exports to the U.S. and will enjoy Most Favored Nation treatment. Total U.S.-Bahrain trade was $887 million in 2003.

The agreement will result in the creation of new jobs and will expand opportunities for US exports of "aircraft, machinery, vehicles, pharmaceutical and agricultural products.' It also covers key service and financial sectors as well as intellectual property rights protections. Notably, Bahrain will open its services market wider than any previous Free Trade Agreement partner.

The deal is the "result of a strong commitment by the political leadership in both countries to further develop the two nations' close relations,' said Bahrain's National Economy Minister Abdulla Saif. He went on to say that this agreement, "will benefit the people of America and Bahrain.'

The history of Bahraini-U.S. friendship extends back more than one hundred years. Americans founded the first hospital in Bahrain in 1893 and established the first American school there in 1911. Today, the two countries cooperate closely in economic, financial, political, defense and security matters. Bahrain is widely known as the "Gateway to the Gulf' due to its strategic location and status as the financial center of the Middle East.

To reserve a seat please RSVP at:
http://www.bahraingateway.org/rsvp

To download the event program visit:
http://www.bahraingateway.org/view/resources/program.pdf