Presentation on the U.S.-Bahrain Free Trade Agreement

Date: Tuesday, June 9, 2009

City: Philadelphia, PA

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Event Details

Signed in 2004, the US-Bahrain Free Trade Agreement was the culmination of a one hundred year old friendship between the two nations. The US and Bahrain are partners in the United Nations, the WTO, and other political and economic forums aimed at promoting peace and prosperity throughout the world. The FTA further facilitates a trade relationship that grew 46% from 1999 to 2003 and saw $509 million in American merchandise exported to Bahrain in 2003.

Historically, the two countries have cooperated closely in economic, financial, political, defense and security matters.
Economically speaking, Bahrain is one of the most forward-looking Gulf countries whose long-term goals include continual economic diversification to reduce dependence on oil revenues. In fact, Bahrain has reduced its dependency on oil revenue from 80% in 1970 to just 20% today by consolidating economic activities, encouraging private sector oil development and providing incentives to diversification. Many times, it has been American technology and expertise that have enabled Bahrain to succeed in this diversification. As an important financial center in the Gulf region, Bahrain has the benefit of serving as a hub for international business activity. So well-regarded is the Bahraini business environment that the Heritage Foundation/Wall Street Journal ranked Bahrain’s economy the “most free” in all the Middle East; sixteenth most-free in the world.

Speaker Bios

H.E. Houda Ezra Nonoo

Born in Bahrain on September 7, 1964, Ambassador Nonoo received her MBA in Business Administration from the International University of Europe in Watford, UK, in addition to a Bachelor of Arts Degree in Accounting from the City of London University. Her career has included positions as the Financial Director of both Gourmet and Jetflair International in the United Kingdom. Since 1993 she has served as the Managing Director of Gulf Computer Services in the Kingdom of Bahrain. In 2006, Ambassador Nonoo was appointed by His Majesty the King, Shaikh Hamad Bin Salman Al Khalifa to the Shura Council; serving on the Committee for Finance and Economic Affairs. Ambassador Nonoo is one of the founding members of Bahrain Human Rights Watch Society (BHRWS) established in November, 2004 and elected General Secretary in September, 2005. On October 10th 2008 Ambassador Nonoo was officially welcomed as an honorary member of the Board of Directors of the U.S.-Bahrain Business Council. With her involvement in the organizations of various campaigns, Ambassador Nonoo has worked to improve working conditions in factories, raise awareness of the rights of women and children, campaigned for family and domestic law, and raised awareness of the plight of domestic workers.