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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Bahamas Financial Services Ministry Proposes Trade Information Service to Facilitate International Trade
By Llonella Gilbert
Apr 16, 2015 - 4:40:55 PM
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 Nassau, Bahamas - The Bahamas Government wants to redirect the focus of Bahamian businesses towards exploring the vast opportunities existing for new trading partners regionally and internationally, Minister of Financial Services the Hon. Hope Strachan said.
“Traditionally, many Bahamian businesses have looked inwardly or close to home to build their businesses, Minister Strachan explained at the 2nd Conclave of Chambers of Commerce in The Bahamas held at Meliá Nassau Beach Resort, Wednesday, April 15, 2015.
As a result, the Ministry of Financial Services is currently exploring options to establish a Trade Information Service to provide support to local businesses to enable them to access regional markets, establish greater regional bonds and expand their trade potential, the Minister said.
“To that end the Ministry in conjunction with The Bahamas Chamber of Commerce, seeks to create a Trade Information Service to bridge the technical capacity of the Ministry with the Business Promotion capabilities of the Chamber of Commerce.”
She explained that such a service would create a centralised mechanism to provide Trade Information to local small and medium enterprises, to support them in expanding their businesses into other markets.
The Minister said the goal is to continue building a public-service partnership to support trade by creating a service which provides business support to companies interested in exporting to other countries in the region and globally.
“This system we believe can also provide global stakeholders with the necessary access to do business with local firms and in the process create business opportunities.
“Additionally,” Minister Strachan said, “the establishment of a Trade Information Service provides a mechanism to facilitate international trade by providing market intelligence to local firms, delivering transparency to a platform in which foreign stakeholders can establish business relations with local firms and improve the ease of doing business in The Bahamas.”
She said this possibility is a step closer to becoming a reality with the successful approval of grant funding of US$275,220 from technical assistance received by way of the Economic Partnership Agreement (EPA).
The Minister explained that the Ministry of Financial Services has an ambitious mandate, and is actively engaged in developing mechanisms to further the Government’s international trade agenda and in doing so increase the export capacity of The Bahamas.
She reminded the businesspersons in attendance that the EPA was signed by The Bahamas in October 2008, which is a preferential trade agreement in which CARIFORUM States are engaged in reciprocal, albeit asymmetrical trade liberalisation with Member States of the European Union.
“Implementation of the EPA remains the key to open trade doors with Europe and CARIFORUM Member States, providing new opportunities for businesses to have global clients at their fingertips and to position The Bahamas as the preeminent trade hub in this hemisphere.”
Minister Strachan said this can be realised by advancing a value added trade strategy, where one seeks to increase the value of a product at each stage in production process in different jurisdictions, utilising both trade in goods and trade in services.
“The Government believes that The Bahamas has the necessary logistical arrangements to make such a strategy realistic. Where there may be challenges or shortcomings, we are putting in place all that we believe is necessary to making it happen.”
© Copyright 2015 by thebahamasweekly.com
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