© Reuters. FILE PHOTO: The flags of Israel and Bahrain flutter along a road in Netanya, Israel September 14, 2020. REUTERS/Nir Elias
JERUSALEM (Reuters) – Israel and Bahrain hope to seal a free trade agreement before the end of the year, officials from both countries said on Monday.
Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under U.S. sponsorship. While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind.
“We’re optimistic and hopeful that we will close the deal by the end of the year,” Bahraini Minister of Industry and Commerce Zayed Alzayani said during a visit to a leading Israeli venture capital firm, Jerusalem Venture Partners (JVP).
Alzayani, who discussed future cooperation with JVP founder Erel Margalit, said another round of free trade talks was expected in mid-November.
Israel’s Economy Ministry told Reuters it would send a delegation to Manama for the next round “in order to conclude the negotiations as soon as possible, and hopefully no later than the end of the year.”
In May, Israel forged a free trade deal with the UAE, its first with an Arab country, that officials estimate will increase trade from $1.2 billion to $10 billion over the next five years.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
