Civil Society Organizations are concerned about Bahamians having a proper understanding of the EPA and its beneficial impact.
Bahamas’ Minister of Financial Services is this week aiming to encourage three of the largest Swiss private banks to domicile “new business units” in the Bahamas, under the auspices of a new deal under the EU EPA.
Caribbean companies will have access to European programs designed to support innovation among small and medium-sized enterprises (SMEs) under the Economic Partnership Agreement (EPA), according to a CARICOM trade specialist, who yesterday urged that Bahamian businesses should look to offer products or services "with a unique advantage that people are willing to pay a premium price for".
Stakeholders from the financial services, legal and accountancy professions yesterday expressed concern about a lack of access to information on how the Bahamian private sector can take advantage of opportunities arising from the Economic Partnership Agreement (EPA) with Europe.
A CARICOM trade specialist warned yesterday that the revenue losses the Bahamas will suffer from signing on to the Economic Partnership Agreement (EPA) with Europe will be little compared to the "much more significant impact" that will be felt from new free trade deals with the US and Canada.
The Bahamas "did not yield in areas that would cause the population some unease" in its Economic Partnership Agreement (EPA) services offer, a government minister telling Tribune Business that the ’watering down’ of this nation’s initial position that European Union (EU) firms joint venture with Bahamian companies in numerous sectors had done "no harm".
More than one year after The Bahamas signed onto the Economic Partnership Agreement (EPA), the European Commission has accepted this country’s services offer, according to Minister of State for Finance Zhivargo Laing.
As Bahamas Prime Minister Hubert Ingraham and members of his Cabinet walked across Rawson Square to the House of Assembly on Wednesday morning they were greeted by angry citizens protesting against the Economic Partnership Agreement (EPA).
Telecommunications and real estate in The Bahamas are two sectors that are, for now, off limits for negotiations under the proposed Economic Partnership Agreement between the European Community and CARIFORUM, State Minister for Finance Zhivargo Laing reported yesterday.
"We feel that the EPA only asks that we re-colonize the Bahamas," said Fayne Thompson of Bahamians Agitating for a Referendum on the Free Trade Area of the Americas (BARF).
Schisms have begun to show in the united front CARIFORUM leaders showed after signing the Economic Partnership Agreement (EPA) with Europe before the December 31 deadline last year.
The Bahamas stands to lose just under ten percent of tariff revenue as a result of the complete trade liberalization with the hemisphere and the United States, according to a report on Caribbean development in the 21st century compiled by the Caribbean Country Management Unit of the World Bank.
Grand Bahama Chamber of Commerce President Christopher Lowe is calling on the Government to seriously consider signing on to the CARIFORUM-EPA -EU trade agreement, claiming that failure to do so could result in the loss of jobs for two major industries on Grand Bahama.