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The Government of The Bahamas (GOBH) has begun talks with the British government to establish a new economic partnership agreement (EPA) between the two nations.
Why is this important? https://twitter.com/JoeyGaskinsJr/status/1288544417033465858
The Government of The Bahamas (GOBH) has begun talks with the British government to establish a new economic partnership agreement (EPA) between the two nations.
Why is this important? https://twitter.com/JoeyGaskinsJr/status/1288544417033465858
Nations trade goods and services across their borders and EPAs can help to make trade easier by getting everyone to agree on the details of those trade arrangements, including favorable trade taxes.
In this instance, The Bahamas, as a part of CARIFORUM (15 Caribbean states that worked together to negotiate with the European Union) had a EPA with the UK because the UK was still in the EU. This made trade easier for businesses from both blocs to gain access to their markets.
. @JonChrisMiller can tell you how that went.
In any case, Britain is leaving the EU and that means the favorable arrangements we negotiated in the EU EPA will expire and could ultimately mean that Bahamian business exporting to the UK could see their exports taxed higher.
In any case, Britain is leaving the EU and that means the favorable arrangements we negotiated in the EU EPA will expire and could ultimately mean that Bahamian business exporting to the UK could see their exports taxed higher.
Higher taxes on Bahamian goods and services could cause increased prices making them less attractive to British consumers.
This isn't a small deal-- the UK is the 4th largest market for Bahamian export in the world.
This isn't a small deal-- the UK is the 4th largest market for Bahamian export in the world.
Now is especially not a good time for that to happen.
We can't rely on tourism as we have in the past, Bahamian business can't rely on our small Bahamian market and we need foreign currency inflows.
We can't rely on tourism as we have in the past, Bahamian business can't rely on our small Bahamian market and we need foreign currency inflows.
And, by renegotiating this EPA with the UK, The Bahamas can engage current exporters and well as those of you who may want to eventual export to the UK to find out what terms and resources will make this easier for you.
Thankfully, the Ministry just hired a new Director of Trade to help make all of this happen and to give this some focus.
And, she (a woman btw!!!) is especially interested in how Bahamians can export creative/conceptual services abroad, opening up new opportunities.
And, she (a woman btw!!!) is especially interested in how Bahamians can export creative/conceptual services abroad, opening up new opportunities.
If you're a small business with something to export, you definitely want to keep an eye on this and participate in the virtual events they're proposing.
In the meantime, don't forget there's a whole trade portal to help Bahamians export goods: https://www.bahamastradeinfo.gov.bs/
In the meantime, don't forget there's a whole trade portal to help Bahamians export goods: https://www.bahamastradeinfo.gov.bs/
The portal is an online one-stop-shop to provide easy access to essential international business & trade data and to foster insight on foreign market opportunities for Bahamian entrepreneurs.
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...here you go @lifeofnaye!
