ENHANCING commercial and technical cooperation, and increasing trade between the Bahamas and Brazil, topped the discussions between minister of financial services, Ryan Pinder, and his Brazilian counterpart yesterday.

Brazil’s minister of external relations, Chancellor Antonio de Aguiar Patriota, indicated his country’s support for the Bahamas’ accession to the World Trade Organisation (WTO), noting that the Bahamas’ accession would have significant symbolic importance aas this nation remains the only country in the Western Hemisphere that is not a full member.

Mr Pinder stressed the comparative advantages and opportunities available to Brazilian businesses when they establish a commercial presence in the Bahamas, particularly those seeking to conduct business in Europe and CARIFORUM countries, as the Bahamas is a signatory to the Economic Partnership Agreement (EPA). 

He also highlighted the trade and industry benefits of Grand Bahama, including the existence of Freeport as a Free Trade Zone and the related logistical advantages of the Container Port and oil transshipment and storage facilities on the island.

Coming from the ministerial meeting will be further dialogue with members of the Brazilian private sector, and the potential for a business-to-business trade mission. 

The Bahamas also anticipates hosting Brazilian officials on commercial matters in the near future. 

Mr Pinder’s meeting with his counterpart minister was part of his wider commercial mission to Brazil, including visits to three cities - Brasilia, Sao Paulo and Rio de Janeiro - during which emphasis has been placed on the further strengthening of the Bahamas’ position as a leading international financial centre, particularly on wealth management.

Accompanying Mr Pinder was the acting director of trade in the Ministry of Financial Services, Viana Gardiner, and head of the economic division in the Ministry of Foreign Affairs, Chet Neymour.