The Jerusalem Post revealed that Israel and Bahrain are working on reaching out an agreement to consolidate economic cooperation between the two countries.
“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.
The newspaper said that the agreement is expected to establish a joint committee to promote the normalization deal and improve economic ties and remove the trade barriers with Israel.
“The geographical location of Bahrain, as well as the geopolitical importance of the kingdom, but this agreement on par with other agreements recently signed with Bahrain’s neighbours 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, to enable more and more Israeli companies to break into the Arab Gulf markets in particular and the international space in general.”
Economic and Industry Ministry researched to conclude that Bahrain’s financial services sector might serve as a gateway for Israeli goods in the Persian Gulf region.
A study conducted by the Israeli Ministry of Trade found significant Israeli export potential in health and medical equipment, agricultural technology, water technology, communications, construction technology, and cybersecurity.
The study also found that Bahrain’s financial services sector can serve as an accessible gateway for Israeli companies to grow their businesses in the Gulf region.
The agreement, which was signed by the ministry director-general several months ago, will enter into force once it is approved.