mr. speaker , the house of representatives is today considering a proposed free trade agreement between the united states and bahrain . 
i support this agreement , and will vote in favor of the required implementing legislation . 
i also anticipate this agreement will enjoy strong bipartisan support in congress . 
in general , i have advocated free trade and open markets because i believe that american businesses and workers can compete and win in the global economy . 
furthermore , i believe that increasing global interdependence presents our nation with an opportunity to promote democratic reform , the rule of law and respect for basic human rights . 
the agreement provides that all bilateral trade in consumer and industrial products will become duty-free immediately , as will 98 percent of u.s. agricultural exports , with the remaining tariffs phased out over 10 years . 
textiles and apparel trade will also become duty free immediately for products that contain american or bahraini yarn . 
key u.s. service sectors that will benefit under the agreement include audiovisual , express delivery , telecommunications , computer and related services , distribution , healthcare , services incidental to mining , construction , architecture and engineering . 
furthermore , on the issue of intellectual property rights , the agreement requires each government to criminalize end-user piracy , providing strong deterrence against piracy and counterfeiting . 
beyond the economic benefits that will accrue to the united states , this agreement is an important opportunity to bring increased development , prosperity and stability to a key ally and strategic partner in the region . 
not only has bahrain supported and participated in operations enduring freedom and iraqi freedom , as well as the first persian gulf war in 1991 , the country has also served as the host to u.s. naval forces in the middle east for more than 50 years . 
this free trade agreement will further strengthen the already close us.-bahrain relationship . 
i have and will continue to support free trade agreements that strike the balance of expanding markets for american companies , while also providing a level playing field for american workers and improved living and working conditions for foreign workers by guaranteeing fair wages and basic workplace protections abroad . 
i am confident that these goals will be met with respect to bahrain , in part thanks to a number of labor reforms that have been recently implemented by the government . 
i will consider future trade agreements one at a time , taking into consideration the specific labor and environmental conditions that exist in the countries we seek to trade with , as well as the provisions included in the agreements to protect workers -- both here and in the other countries -- and environmental concerns . 
i will determine my position as those agreements are finalized . 
mr. crowley , mr. speaker , i rise today in strong support of the united states bahrain free trade agreement . 
as the co chair of the caucus on bahrain with my good friend from wisconsin mr. ryan , we have worked closely to make today reality . 
bahrain has been a close friend of the united states for over 100 years and this agreement is taking us to a new level in our friendship . 
this friendship is built on trust and respect for each other , so much so that the us navy 's fifth fleet operates in bahrain , a friendly and secure environment for the fleet that watches over a dangerous region . 
bahrain continues to lead all gulf nations in political and economic reforms . 
they have taken the bold step by rescinding its economic boycott of israel . 
this lays the foundation for an economic relationship with israel that will help develop both bahrain and the entire gulf region . 
bahrain conducted its first national legislative elections in over 25 years , electing 40 members to the representatives council . 
women were not only allowed to vote , they also became the first women in the gulf to run as candidates in national elections . 
bahrain is making the necessary changes by amending all provisions of its labor laws that so they are fully compliant with the international labor organization ( ilo ) . 
i would like to commend ambassador naser al belooshi for the fine work he has done to iron out some of the labor issues that had held this agreement up . 
the ambassador working with the finance minister showed great poise and determination to meet the labor requirements that democrats pushed for before we would support this agreement . 
the strong labor provisions that bahrain has agreed to will help u.s. business thrive in bahrain this agreement provides market access for u.s. industrial , agricultural , and consumer products . 
the agreement will greatly benefit the services sector and provide u.s. companies with the highest degree of access to service markets of any u.s. fta to date . 
financial service companies will have the right to establish subsidiaries , branches , and joint ventures in bahrain . 
health and life insurance companies will have market access once this agreement is enacted . 
this agreement is the first step in the political and economic reforms for the middle east and i strongly believe the u.s. should continue to work with moderate arab nations such as bahrain to help balance out some of the more extreme elements in today 's middle east . 
mr. speaker , i support this agreement and urge all of my colleagues to vote for this bill . 
mr. oxley , mr. speaker , i rise in support of the free trade agreement between the united states and bahrain , a country which is and seeks to increase its stature as the 3leading financial center for the middle east . 
as chairman of the financial services committee , i want to focus on the benefits to american financial services and economic interests from this agreement . 
mr. speaker , as you know , the united states runs a large and growing trade surplus in the services sector . 
it was $ 55.9 billion in 2002 and $ 96.1 billion in 2003 . 
as the most innovative and competitive country in the world , the united states has a strategic interest in fostering greater opportunities for our financial firms , consultants , accountants , and other high-end service professionals to export their services and products worldwide . 
this is not a zero-sum game . 
the knowledge transfer from increased american exports of financial and other related services will help people in other countries develop more efficient and economically valuable capabilities , fostering economic growth abroad as well as an increased customer base for american goods and services . 
the multiplier effect associated with increased access to capital for foreign firms is also significant . 
to the extent that capital formation abroad also encourages growth of stock and bond markets , free trade in financial services can provide good working experience for how decisions can be taken through transparent decision-making processes which are the hallmarks of democracy . 
this free trade agreement with the leading financial center in the middle east will substantially open financial services markets in the region for american firms . 
at a time when high oil prices are generating large pools of capital in the middle east , we have a strategic interest in making it easier for american financial firms to provide their intermediation services in the region . 
we also have a strategic interest in making it easier for middle east investors to become more integrated into the global economy . 
bahrain is also a valued ally in our fight against terrorist financing . 
it has demonstrated a strong commitment to cooperate with the u.s. on these issues . 
bahrain 's anti-money laundering law , passed in 2001 , makes money laundering an extraditable offense . 
it has a `` know-your-customer '' standard and requires all financial institution employees to take a course annually on how to implement this law . 
in addition , bahrain hosts the newly created middle east and north africa financial action task force , which is the key multilateral group that creates standards throughout the region to fight terrorist financing and money laundering . 
