The United States and Bahrain signed an agreement allowing Washington to establish a trade zone in the Persian Gulf kingdom, the Commerce Department said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 13th January, 2021) The United States and Bahrain signed an agreement allowing Washington to establish a trade zone in the Persian Gulf kingdom, the Commerce Department said on Wednesday.
"Yesterday, the US Department of Commerce and the Ministry of Industry, Commerce and Tourism of the Kingdom of Bahrain signed... a Memorandum of Understanding (MoU) to Enhance US-Bahrain Trade through the Establishment of a US Trade Zone (USTZ) in the Kingdom of Bahrain," the department said in a statement.
The USTZ will allow US businesses multimodal access to the region, including port, airport or any future customs posts created by the Kingdom of Bahrain, the statement said.
The new trade zone will foster economic engagement and industrial cooperation while boosting bilateral trade, the release added.
Commerce Secretary Wilbur Ross in the release said Bahrain as a strategic US partner helps maintain stability and ensure the free flow of commerce in the Gulf.
