Chairman of the Bahamas Trade Commission Barry Griffin encouraged Bahamian businesses yesterday to see their brand as not something that is local, but international.
Griffin, speaking yesterday at the CARIFORUM-UK Economic Partnership Agreement workshop held yesterday at Breezes Resort, said: “We at the trade commission believe that there’s more demand that can open up. Our compliance professionals, we think can go to the UK and beyond, our HR professionals and the like can go to the UK and beyond.
“So we want Bahamians to begin seeing their talent and expertise not as something that has to stay local, but that’s something that’s exportable. The world is changing and trade is just no longer about goods. It’s about services, it’s about technology, it’s about talent, and it’s about partnerships.
“And in a shifting global landscape, it is more important than ever that countries like ours work closely together within frameworks like the Commonwealth and the UK-Bahamas Economic Partnership Agreement to remain competitive, resilient and connected, and so that is why the CARIFORUM-UK Economic Partnership Agreement is so important.”
The agreement increases access to UK markets for Bahamian products by eliminating tariffs. The CARIFORUM-UK EPA was signed in 2019 between CARIFORUM states and the UK. In the agreement, the UK commits to providing immediate duty-free, quota-free access to goods exported from the CARIFORUM states. In exchange, CARIFORUM states commit to gradual tariff liberalization of specified goods. The Bahamas, as a member state of CARICOM, is signatory to this agreement.
Griffin also said: “As the Bahamas Trade Commission, we have developed a strong and productive relationship with the UK High Commission, one grounded in action. Over the many years, you would have seen many of the initiatives we’ve done jointly with the High Commission. So together, we are actively shaping this new era of modern bilateral partnership between both our countries, where we all benefit from access that flows both ways, and where Bahamian businesses are positioned to compete globally for The Bahamas.
“We are looking beyond traditional exports. Yes, our world-class rum, specialty foods and niche products have strong potential, but equally and perhaps even more powerfully, we are also positioning ourselves to export professional services, digital services and creative services. Areas where Bahamians are already exceling, and areas where the UK market offers real demand and real potential.
“At the same time, we also welcome deeper UK investment in The Bahamas into infrastructure, logistics, innovation and new industries. We also see tremendous opportunity to strengthen both of our financial services sectors through strategic and symbiotic collaboration.”
