In January 2006, President George W. Bush signed the U.S.-Bahrain Free Trade Agreement Implemenation Act, making Bahrain the first Gulf Cooperation Council (GCC) nation to achieve that distinction.  Being first in the region has given Bahrain some comparative and competitive advantages over its neighbors, and Bahrain's leadership has been quick to exploit those opportunities.  In part because of the FTA and the confidence that an FTA engenders, U.S. exports to Bahrain jumped nearly 40 percent in 2006 to half a billion dollars.

In November 2006, NUSACC signed a Memorandum of Understanding (MoU) with Bahrain's FTA Implementation Committee, under the auspices of the Economic Development Board (EDB), to promote closer commercial relations with America's private sector.

Bahrain has few natural resources, so the archipelago depends heavily on its ability to provide services.  Banking is key to this effort, and Bahrain's bid to serve as the region's hub for banking and financial services received a boost in 2006.  By the third quarter of 2006, the consolidated balance sheet of Bahrain's banking system had increased by $5.5 billion (3.4 percent) to reach $168.4 billion.  According to the Central Bank of Bahrain, this represents an increase of 26.3 percent over 2005.  Offshore banking units (OBUs) represented 82 percent of the consolidated balance sheet, while total domestic assets amounted to $26.6 billion in September 2006.

Links

Bahrain Chamber of Commerce and Industry
Country Commercial Guide
CIA Factbook
World Bank
Embassy in the U.S.
U.S. Embassy in Bahrain