London, November 2 (BNA) The Minister of Industry and Trade, Zayed Rashid Al-Zayani, stressed the depth of the historical relations and the close strategic partnership between the Kingdom of Bahrain and the United Kingdom, noting the importance of continued development. Bilateral relations between the two countries at various levels, the most important of which are the economy and investments, and pushing joint cooperation towards the prospects of providing promising sectors that contribute to promoting economic growth and support all development paths towards achieving the desired results, in the interest of both countries.
The minister was speaking during his participation in the opening session of the second Arab-British Economic Summit 2022, which was held at the Queen Elizabeth II Center in London under the slogan “Forming a common vision” and organized by the Arab British Chamber of Commerce. With the participation of the Kingdom’s Ambassador to the United Kingdom Sheikh Fawaz bin Mohammed Al Khalifa, in addition to government officials, senior executives, leaders and decision makers from across the United Kingdom and the Arab world.
The event discussed diverse business and investment opportunities, particularly those that keep pace with emerging technology-based industries.
In his speech, Al-Zayani indicated that Bahrain and the United Kingdom have deep-rooted relations dating back 200 years, which resulted in the growth of trade between the two countries, in addition to signing various cooperation agreements and memoranda of understanding. It will enhance bilateral trade and increase the volume of investments.
He also expressed the Kingdom of Bahrain’s keenness to raise the levels of global trade exchange and support the foundations and advantages provided by the free trade agreement between Britain and the Gulf Cooperation Council countries, which contribute to raising the levels of trade, investment and development exchange between the two sides.
Al-Zayani added that the FTA is an ambitious, comprehensive and modern agreement that fits into the twenty-first century, and will support economic growth and provide more opportunities by promoting trade in goods and services, as well as innovative new areas and emerging technologies for subscribers. It benefits all parties.
He noted that Dr. Nayef Falah Mubarak Al-Hajraf, Secretary-General of the Gulf Cooperation Council, and the British Secretary of State for International Trade, Anne-Marie Trevelyan, signed the launch of the negotiations for a free trade agreement between the Gulf Cooperation Council and the Arab Gulf states. The United Kingdom and Northern Ireland on June 22, 2022 at the headquarters of the General Secretariat in Riyadh, in the presence of Their Excellencies the Ministers of Commerce of the Gulf Cooperation Council countries, in a plan to move forward towards strengthening strategic relations.
The minister explained that the first round of negotiations aims to get acquainted with the views of the Gulf and British sides on the topics of the negotiations’ terms of reference, in preparation for the drafting of the legal texts of the agreement and the start of discussions. The first round was held from 22 to 25 August 2022, chaired by His Excellency Mr. / HE Ahmed Al Dosari, Undersecretary of the Ministry of Industry and Trade and Acting Head of the Gulf Negotiations Group.
In its second edition, the Arab-British Economic Summit dealt with many important topics, including highlighting important issues, most notably the Free Trade Agreement, ways to enhance Arab-British trade and investment, renewable energy, investment in health technology, the technological revolution in the education sector, financial technology and the promotion of digital cooperation. And other important topics.
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