|
|
|
|
Last Updated: Feb 13, 2017 - 1:45:37 AM |
OPENING REMARKS BY
HON. L. RYAN PINDER
MINISTER OF FINANCIAL SERVICES
SIXTH CARICOM UNITED STATES TRADE AND INVESTMENT COUNCIL MEETING
28TH OCTOBER 2014
NASSAU, BAHAMAS
Co Chair of the Sixth CARICOM United States Trade and Investment Council Meeting, Ms. Fran Huegel, Director for the Caribbean, Chile, Paraguay, Peru and Uruguay, Office of the United States Trade Representative and Co Chair, The Honourable E.P. Chet Greene, Minister of Trade, Industry and Commerce of Antigua and Barbuda, Senior Government Officials from CARICOM Member States, Members of the US Delegation, Members of the CARICOM Secretariat, Good morning and welcome to The Bahamas.
The Bahamas is honoured and pleased to be hosting the Sixth meeting of the Trade and Investment Council. This TIC meeting is an important meeting for the Region as it provides an opportunity for CARICOM Member States to discuss trade related issues with the Region’s largest trading partner.
The topics which will guide the discussions today are important ones, given their potential impact on the economies and the lives of so many of our citizenry. This meeting provides an opportunity for Senior Officials from both sides to provide updates on these issues and continue the dialogue in face to face discussions.
Updates on the approach by the region to The US Foreign Account Tax Compliance Act (FATCA) will be discussed. While most CARICOM Member States have signaled their intention to sign reciprocal Inter Governmental Agreements with the United States, The Bahamas has opted to sign a non reciprocal Inter Governmental Agreement. However, the high costs associated with compliance with the US Foreign Account Tax Compliance Act which aims to combat tax evasion by US persons with non US accounts, threatens to undermine the financial services industry within many member states. All Member States must undertake legislative amendments, institutional reform and human resource retraining to comply with the Act. Technical assistance to address these concerns need to be explored.
I note from the Agenda that there will also be discussions on the status of the applications of some Member States seeking to receive beneficiary status under the Caribbean Basin Partnership Trade Agreement (CBTPA). The Agreement expands the items that can receive preferential treatment under the Caribbean Basin Economic Recovery Act, and provides CBI beneficiary countries with the possibility for increased market access into the US market. However, as beneficiary status under the CBTPA is not automatic but must be approved, The Bahamas and five other CARICOM Member States have applied to receive beneficiary status.
However, we note that those discussions are being tied to US concerns about the lack of protection of intellectual Property Rights in some member states and the unauthorized retransmission of US produced programming and unauthorized and uncompensated use of music. While The Bahamas has addressed US concerns in this area, the issue remains an unresolved concern by both sides. The meeting today provides an opportunity for the two sides to continue dialogue on these important issues.
The Bahamas would also wish to express its concerns about initiatives in the United States to Designate Queen Conch as an endangered species. We note that the National Oceanic and Atmospheric Administration (NOAA) will be delivering its ruling on this matter on 3rd November 2014. The Bahamas wishes to note that the Queen conch has been harvested in many member states including The Bahamas for centuries and many depend on its harvesting for their livelihood.
I note from the experts that CARICOM States together are the main suppliers of queen conch on the international market and that 80% of all queen conch meat is imported into the United States. Attempts to have the Queen Conch listed as threatened or endangered under the US Endangered Species Act (ESA) would cause significant social and economic hardship for thousands of fishermen in the Caribbean including The Bahamas and has the potential to undermine the peace and stability of communities that depend on fishing this resource for income and their livelihoods. This is especially true here in the Bahamas. We have an annual export quota on conch from the Bahamas. Many small commercial fishermen depend on the small conch exports to support their famillies and businesses. We support sustainable and well regulated harvest and export of conch.
Similarly the threat to the competiveness of Caribbean rum in the US market as a result of the subsidies provided by the Governments of the US Virgin Islands and Puerto Rico to rum producers in those territories and its negative impact on the economies of the region and the livelihood of many, needs to also be addressed. We have re-commited our pressence in the rum producing industry with John Watllings Distillery who have significant interest in the export market. This is a ripe issue for the Bahamas and we look forward to meaningful progress.
The issues I have highlighted are only a few of the items Senior Officials will discuss today. However, they are viewed as important ones by both sides. Hopefully the updates which will be shared will facilitate movement on some subjects which have remained unresolved for some time including the resolution of the ongoing WTO dispute between the Government of the United States of America and the Government of Antigua and Barbuda.
© Copyright 2014 by thebahamasweekly.com
Top of Page
|
|
|
|
