This article highlights different trade agreements the Bahamas signed with many countries

CARIFORUM – EU EPA

The CARIFORUM-EU Economic Partnership Agreement was signed in October 2008 by Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, Trinidad and Tobago, and the Dominican Republic.

Haiti signed the agreement in December 2009 but has yet to implement it because it has not been ratified.

The Economic Partnership Agreement (EPA):

1. assists the two regions in investing in and trading with one another.
2. ensures that these countries have predictable access to EU markets.
3. The EU market for services, including the creative and entertainment industries, would be gradually opened.
4. Enables all items to enter the EU market duty-free and quota-free.
5. Over 25 years, EU exports of sensitive products will be gradually liberalized.
6. Allows CARIFORUM enterprises to establish a commercial presence in the EU.

The countries of the CARIFORUM have been integrating more closely. The EPA assists by making it easier to export goods and services between the following countries:

1. all of CARIFORUM’s member countries;
2. 17 Caribbean territories having direct EU ties (four French ‘outermost areas’ and 13 overseas territories – six British, six Dutch, and one French)

In December 2008, the CARIFORUM-EU EPA was granted provisional approval. Every five years, the agreement is re-evaluated.

So far, two impartial ex-post evaluations have been completed, the most recent of which took place in 2019-2020.

CARICOM Council for Trade and Economic Development (Coted)

As a member of CARICOM, the Bahamas participates in the Council for Trade and Economic Development (COTED). The COTED is in charge of promoting the Caribbean Community’s trade and economic growth.

While the COTED’s mandate includes overseeing issues arising under the CARICOM Single Market and Economy (CSME), of which The Bahamas is not a member, and the application of the CSME’s Common External Tariff, which The Bahamas does not apply, the COTED is also in charge of promoting and developing, in collaboration with the Council for Foreign and Community Relations (COFCOR), co-ordinated policies for the enhancement of the CSME’s external economic and trade relations.

US – Bahamas

The Bahamas has a strong connection with the United States of America, with the United States accounting for a large portion of its imports. The Bahamas continues to actively engage in CARICOM-US Trade and Investment Council (TIC) meetings, which are aimed at promoting positive trade relations between CARICOM countries and the United States of America, due to its proximity to the US.

The Sixth CARICOM-United States Trade and Investment Council (TIC) Meeting was held in October 2014 at the Ministry of Financial Services.

CARICOM Canada Trade and Development Agreement

The Bahamas has also been actively involved in negotiations with Canada on a free trade agreement to replace the CARIBCAN unilateral preference pact, along with the other CARICOM Member States.

CARIBCAN is the Commonwealth Caribbean Countries and Territories Economic, Trade, and Development Assistance Program, which authorized Canada to unilaterally extend duty-free access to the Canadian market for most goods originating in Commonwealth Caribbean countries.

WTO

The Bahamas established a Mission in Geneva in September 2015, which is accredited by the United Nations and other international organizations. The Bahamas Trade Commission is responsible for informing the Bahamian public and business community about the effects of trade liberalization on the Bahamian economy, the full implications of trade agreements, and making recommendations and/or developing a plan to integrate trade agreements into everyday business activity in The Bahamas, has been reconstituted by the Bahamas Government.

The Bahamas’ government has set a deadline for completing WTO accession discussions of late 2019 or early 2020, to coincide with the 12th WTO Ministerial Conference.