Regional countries urged to implement EPA article 238

The Bahamas wants regional countries to implement article 238 of the Economic Partnership Agreement (EPA) with the European Union (EU) that would allow for the same trade concession when trading between Caribbean Forum (CARIFORM) countries.

Director of Trade and Industry, Brickell Pinder, has told a visiting Jamaica Manufacturers Exporters Association (JMEA) trade mission, that the regional private sector should advocate for the implementation of EPA article, indicating that Nassau is taking steps to activate the measure in order to allow the ease of goods trading within the region.

“… That agreement not only establish a framework for trade between CARIFORUM countries and the EU, but article 238 provided a framework for trade within the (Caribbean) countries. And that regional preference has not been started.

“The Bahamas has indicated that it would extend that preference to other CARIFORUM states, but I think as business people in here, as we move towards integration, it’s really important that we press our governments to implement article 238 of that trade agreement so the same preferences that we apply to the European Union, we also apply to each other,” he added.

Deputy Chairman of the Bahamas Trade Commission, Barry Griffin, also called for greater collaboration among regional businesses.

“Those of us throughout government and the private sector are taking up that clarion call to do what is necessary to facilitate this trade and business,” said Griffin, adding “with the advent of the COVID pandemic, the increasing cost of oil and gas, transportation and logistics, we all now see that this must be the way forward for small, vulnerable economies in an uncertain trading environment.

“We must trade closer to home and become less reliant on the outside world. We as Caribbean people, now more than ever, must be our brothers peoples and our brothers business partners. Caribbean integration, regional trade, and the promotion of Caribbean business as a whole must be what we base our future prosperity on.”

The JMEA ends its trade mission here on Friday and Bahamas’ Ambassador to the Food and Agriculture Organization (FAO) Winston Pinnock, said the Phllip Davis government has initiated a project that would allow companies within and outside the region to establish a presence here and manufacture goods primarily for export to North America and for local consumption

“The government of The Bahamas through the Prime Minister’s Office has initiated the North Abaco project. The North Abaco project is essentially one where the government has decided to invite manufacturers within the region and then take it outside the region to set up manufacturing plants, primarily those companies exporting to the US market.

“It is our view that the policies of the government of The Bahamas are very favorable to encouraging food manufacturing by way of its tax incentives. We did a study and found that in the region, we certainly seem to be the most favorable country to import raw materials inputs and have no restrictions on importing raw materials and being an area that is tax-free, no corporate tax, and the rest,” Pinnok said.

Source-CMC