Bahrain-US BIT to Take Effect in May
A Bahrain-US investment treaty aimed at enhancing and promoting investments between the two countries will come into effect later this month, said the Gulf Daily on Tuesday.
"This has been facilitated by an exchange yesterday of signed documents of the Bahrain-US Bilateral Investment Treaty (BIT)," an official at the economy ministry told the paper.
The Bahrain-US BIT was first signed on Sept. 29, 1999 in Washington by Finance and National Economy Minister Abdulla Saif and former US Trade Representative Charlene Barshefsky.
It was ratified by Bahrain in November of the same year.
However, it was only approved by the US Senate in October of last year, said the paper.
The agreement, the first of its kind to be signed by the US with a GCC state, is aimed at stimulating and encouraging bilateral investment, the official said - Albawaba.com