Signing of Bahrain Globalization Programme
The second phase of the joint UNDP and Ministry of Industry and Commerce Globalization Programme entitled: ‘Support to Enhancing Institutional Capacity for Global Economic Environment and Governance’. The Programme Document was signed by H.E. Dr. Hassan Fakhro, Minister of Industry and Commerce and Mr. Sayed Aqa, UN Resident Coordinator and UNDP Resident Representative at a ceremony held at the Ministry’s premises.
The Kingdom of Bahrain's economy is well equipped and competitive in several respects, including low taxation, openness to global trade, well regulated financial market meeting global industry standards, and convenient high quality living conditions , explained Sayed Aqa, the UN Resident Coordinator. The government has focused on diversifying the economy in non-oil sectors, and the country is currently leading trade negotiations in the Gulf Cooperation Council (GCC) states to increase levels of freedom in business, monetary and financial areas.
This Programme builds upon the achievements in Phase I of the Project, in which existing processes, procedures, legislations and regulations were reviewed and procedures were put in place to promote effective functioning of relevant Directorates of the Ministry of Industry and Commerce (MoIC), added Mr. Aqa
This four-year Programme aims to enhance the institutional and technical capacities in order to improve the governance system and its efficiency, targeting the primary stakeholder, the Ministry of Industry and Commerce, the private sector and other line institutions. The activities will support the creation of adequate national capacities for effective trade policy administration. These results are expected to support the national capacities in effectively handling WTO negotiation rounds and FTA agreements, therefore increasing the integration of Bahrain in the global economy. This will support Bahrain’s participation in global decision-making, in order to attract further international economic activity.
In his statement at the signing ceremony, Dr. Hassan Fakhro, Minister of Industry and Commerce, said “The Directorate of Foreign Trade (DFT) is the focal point for WTO trade negotiations and this project also aims to enhance the capability of the DFT in the negotiation, application and implementation of WTO DDA, FTA and TPR outcomes, maximising the benefits to the private sector and the national economy.”
Under this Project, the Directorate of Industrial Property (DIP) will receive support in re-engineering its structure to enable it better to enforce international legislation that regulates IP, as well as to establish systems of registration for IP under WTO TRIPS with national objectives and international requirements. In addition the Bahrain Standards and Metrology Directorate (BSMD), will be strengthened to enforce ‘good regulatory practices’.