GLOBAL VIEW by U.S. Ambassador Tatiana Gfoeller-Volkoff The currency of trust: Why a covenant forged in peace matters most in crisis In my years of diplomatic service, I have learned that our most enduring international alliances are built on a bedrock of shared strategic interests, mutual respect, and economic freedom. As we watch the unsettling news of strikes recently targeting our allies across the Gulf, our focus remains resolutely on the partnerships established this past February in Manama. Through the 2026 ACE Global Bridges Strategic Forum, a rare and profoundly effective form of independent privatesector diplomacy took place—one that reaffirmed the essential role of principled global business leaders in securing stability. When our delegation of investors and global executives from the ACE Global Leaders of Excellence Network (AGLEN) sat down with the architects of Bahrain’s economic future, the conversation intentionally bypassed standard corporate metrics. They were not there merely to discuss tax incentives or yield percentages. They were there to forge a covenant between trusted partners. The duty of leadership This profound sense of diplomatic duty is not accidental; it is foundational to our network. AGLEN was co-founded by Pooja Chandra Pama and her dear friend and colleague, the late Ambassador Ruth A. Davis, the 23rd Director General of the U.S. Foreign Service and the Director General of the U.S. Foreign Service Institute. Ambassador Davis was a trailblazer who firmly believed that true international statecraft extended beyond governments to the actions of principled private-sector leaders. Honoring that legacy, Pama, Chairwoman of the ACE Health Foundation and Co-Chair of AGLEN, stood before the assembly at the Bahrain Chamber of Commerce and Industry. Looking out at industry titans and government officials, she anchored the delegation’s presence in a philosophy she and Ambassador Davis championed—a core value deeply shared by our Bahraini hosts: the belief that success and economic liberty carry a profound civic duty. To make this diplomatic promise tangible, she presented the Kingdom’s leadership—including H.E. Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, and H.E. Mr. Sameer Abdulla Nass, Chairman of the Bahrain Chamber— along with every participant in the room, with the ACE Gold Coin. “Please look at this gold coin,” she told the room as the heavy tokens were placed into their hands. “Note that on one side is the word Privilege and on the other side the word Responsibility. These words, taken together, remind us of the universal principle that unites us all today: that with the privilege of our success comes the mutual responsibility to drive broader economic opportunity.” From a strategic perspective, the gravity of this gesture is immense. It reframed “privilege” not as a flaw, but as the exceptional opportunity afforded by free enterprise—an opportunity that demands stewardship. By sharing this coin, our independent delegation and our Bahraini counterparts recognized a shared strategic vision, making a mutual promise to stand shoulder-to-shoulder. It is a promise that feels incredibly urgent today as the region navigates emboldened physical threats. An alliance of shared values The power of the ACE Global Bridges forum was rooted in a highly intentional convergence of forces. The ACE Health Foundation brought a network of leaders committed to responsible enterprise and the stewardship of their communities, operating entirely independent of partisan politics to build genuine global bridges. The Bahrain Chamber provided robust infrastructure and 85 years of commercial legacy. Completing the alliance was UNIDO-ITPO, providing the necessary framework to ensure that capital investments foster self-reliance and empower local economies. This commitment was cemented during the World Entrepreneurs Investment Forum (WEIF) in Bahrain. Recognizing our independent diplomatic efforts, UNIDO—representing 170 member countries—served as the essential catalyst, uniting ACE Global Bridges with the Union of Arab Chambers. Alongside H.E. Dr. Khalid Hanafi, Secretary General of the Union of Arab Chambers, and Dr. Hashim Hussein, Head of UNIDO ITPO Bahrain, we signed a historic Memorandum of Understanding. This landmark agreement builds a cooperative economic bridge to the 22 nations of the Arab Chamber network, leveraging UNIDO’s global reach to scale our impact far beyond the Gulf. From its rich trading history to its modern, thriving economy, Bahrain has always been a beacon of opportunity and a stalwart global partner. Our delegation was enterprising Women 111
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