By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

THE United Kingdom’s Economic Partnership Agreement with The Bahamas is under review due to the impact of climate change and COVID-19 challenges.

Elsworth Johnson, Minister for Financial Services, Trade and Industry and Immigration, addressing a webinar yesterday said that his ministry is undertaking a review of the performance of the United Kingdom/CARIFORUM EPA based on the significant issues involving climate change and now the global COVID-19 pandemic.

Mr Johnson said: “We believe that an onward looking innovative trade strategy, as alluded to in the report of the economic recovery committee can contribute to inclusive and sustainable job growth. The United Kingdom remains an important trading partner as The Bahamas seeks to expand its trade exports. As part of the CARIFORUM group, The Bahamas is undertaking a review of the performance of its trade agreement.”

He noted that while the country is one of the “highest recipients” of UK and European Union (EU) investment out of the CARIFORUM grouping, the results are showing there is a need for improved performance in regulatory and institutional reforms.

Mr Johnson said: “This review is also highlighting the opportunities that have yet been realised but exist particularly in the fastest growing era of service trade and the need to provide trade assistance and support to micro, small and medium enterprises. My ministry understands that an important element to the success of the CARIFORUM/UK EPA is to remain engaged with our stakeholders continue to educate the public and address any information gaps as it relates to various trade opportunities in traditional and non traditional sectors.

“... The question is all too often asked: Where are the opportunities for The Bahamas in international trade for goods and services?

“We believe that there are opportunities to export professional services such as engineering, architectural, legal, accounting, medical services, financial services, arbitration training and education, information technology and computing, computing or ICT (Information Communication Technology) and Digital Services Research, management and consulting services, maritime health and wellness, cultural and sporting services service in the entertainment or orange economy such as fine arts, music, literature, film, dance and drama, food and beverage goods, painting and handicrafts, manufactured products resort and launch wearing fisheries and green products.”

The UK-EPA was signed by The Bahamas in November, 2019 as a response to the UK leaving the EU as a consequence of Brexit. Since that time the UK has been working with trade partners bilaterally to secure the same agreements it enjoyed as a member of the EU under that umbrella union. This has meant re-engagement with former colonies across the Caribbean, Africa and parts of Asia.

Sarah Dickson, British High Commissioner to The Bahamas, said: “The five benefits of this agreement are as follows:

“The first is that the agreement gives duty free, quota free access to the UK market for all CARIFORUM goods. The second benefit of the agreement is asymmetric, and what that means is there’s more benefit for the CARIFORUM countries.

“The third point that I think is a benefit of the agreement is crucial, really for both our countries, because the agreement is not just about goods. It provides generous UK market access on services. The fourth benefit that I see from this agreement is that The Bahamas and other CARIFORUM states have additional protections on imports.”

“Lastly the UK-EPA has in it provisions to have the agreement reviewed between the UK and The Bahamas as an institutional strengthening exercise.”