May 23, 2014 | Industry Insights
Bahrain Implements ATA Carnet System
Bahrain Implements ATA Carnet System
The Kingdom of Bahrain is joining the ATA Carnet system! A much anticipated trading partner of the U.S. will begin operating under the ATA Carnet system on June 1, 2014. This will simplify the temporary export process for U.S. businesses exhibiting at trade shows in Bahrain.
Bahrain is the 74th country and the second Gulf Cooperation Council member state to implement the ATA Carnet system, according to the International Chamber of Commerce (ICC). The ICC’s World Chambers Federation ATA Carnet manager anticipates more countries in the region, notably Saudi Arabia and Qatar, will join in the near future.
The United States already has a very strong trade relationship with Bahrain since the implementation of the U.S.-Bahrain Free Trade Agreement that went into force in 2006. “Though the FTA has nurtured the relationship between Bahrain and the United States, there is still room for additional growth, and the ATA Carnet will only encourage that growth,” according to Cynthia Duncan, U.S. Council for International Business’ (USCIB) senior vice president for Carnet and trade services.
Bahrain’s participation in the ATA Carnet system will in fact allow for not only duty free but also import tax free temporary entry into Bahrain. U.S. exported over $1 billion in goods to Bahrain in 2013 making the new ATA Carnet member our 78th largest export market. This is an opportunity for U.S. exporters to cost effectively find buyers in the booming economies of the Persian Gulf, where innovation in aerospace, machinery and vehicles is sort after.
The ATA Carnet system provides companies looking to export to Bahrain a cost-effective means for moving products to this new market by removing exporters’ need to provide customs authorities with some form of financial guarantee typically required by Bahrain Customs at time of import. ATA Carnets work like a passport for commercial merchandise as they allow duty and tax-free temporary entry into 100 countries and their customs territories. ATA Carnets are used by manufacturers, clothing companies, jewelers, touring musicians, television networks, universities, trade show exhibitors and many other businesses and nonprofits who need to temporarily bring goods into foreign countries.
Roanoke Trade was appointed the first service provider for ATA Carnets in the United States by the USCIB. Roanoke Trade has provided insurance solutions for the trade and transportation industry since 1935. Whether you are transporting display items, professional equipment, medical devices, exhibition booths, sporting equipment, commercial road vehicles, or even live animals or rare art, Roanoke is ready to assist you with your ATA Carnet and related products needs.
Our specialists can provide you more information by phone at 1-800-CARNETS, or you can apply online. We make it simple by allowing you to copy similar/repeat shipments to avoid rekeying the general list, and we make it easy to reorder certificates and track your ATA Carnet status.
We look forward to helping you the next time you need to temporarily move items abroad under the ATA Carnet system. Financial protection for your goods, a required guarantee for the USCIB, and a cost-effective and efficient system to avoid customs red tape—Roanoke has the international shipping solutions your business needs.
We invite you to learn more about us, our experienced talent in this highly specialized area, our creative solutions, and the value we will bring to you and your clients.
Sources: International Chamber of Commerce, U.S. Department of Commerce, Office of the U.S. Trade Representative, U.S. Council for International Business