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Israel and Bahrain to Sign Economic Cooperation Agreement

2021-07-28 - 2:51 p

Bahrain Mirror: An Israeli newspaper revealed that work is ongoing to reach an economic agreement between the occupying entity and Bahrain in the framework of economic cooperation between both sides to be submitted for government approval.

"The agreement deals with developing economic relations and encouraging free movement of goods and services between the countries. It also states that they intend to encourage private sector cooperation, cooperate in matters of standardization and regulation, encourage joint R&D projects, hold joint business and professional seminars and exchange expertise and knowledge in diverse fields," the Jerusalem Post newspaper said.

It added that the agreement will also establish a joint economic committee to promote the implementation of the agreement and examine ways to remove trade barriers and increase the volume of trade between the two countries.

"The geographical location of Bahrain, as well as the geopolitical importance of the kingdom, put this agreement on par with other agreements recently signed with Bahrain's neighbors in the Gulf region," said Economy Minister Orna Barbivay.

"The Economy and Industry Ministry will continue to cooperate with the Foreign Affairs Ministry to promote the economic interests of the State of Israel, to increase Israeli exports to the Bahraini market, to attract investment from Bahrain to Israel and to strengthen economic cooperation, in order to enable more and more Israeli companies to break into the Arab Gulf markets in particular and the international space in general."

An analysis conducted by the Economy and Industry Ministry's Foreign Trade Administration found that Bahrain's financial services sector may serve as an accessible gateway for Israeli companies to promote their businesses in the Persian Gulf region.

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