Published On:Thursday, September 02, 2010

By NEIL HARTNELL

Tribune Business Editor

BAHAMIAN businesses are "still not fully utilising" the various trade cooperation agreements being signed by the Bahamas Chamber of Commerce, the organisation's president told Tribune Business yesterday, as it prepares to sign another such deal with the China Foreign Trade Centre (CFTC) next week. A similar agreement with Cuba's Chamber of Commerce is being targeted before year-end 2010.

Pointing out that the Bahamas Chamber of Commerce had signed several co-operation/exchange of information agreements with other Chinese bodies during a 2007 visit, Mr Rolle explained that next week's signing with the CFTC was also intended to "realise opportunities" for the private sectors in both countries, be it the facilitation of trade, export markets, foreign investment, joint ventures or setting up a business in the other's market.

"I believe all of them are valuable," Mr Rolle said of previous such agreements signed by the Chamber. "It's just now our members need to take advantage of them.

"We go ahead and present these opportunities, and by and large some people take advantage of them. But, in many instances, they are still not fully utilised by the Bahamas and, in some instances, by the countries we sign them with.

"It requires a lot of communication, discussions and reconciliation of what the opportunities are, and how Bahamian firms can partner with relevant businesses in these countries, and how they can partner with relevant businesses in the Bahamas."

Focusing on the CFTC agreement, which is due to be signed on Monday, September 6 at the Sheraton Nassau Beach resort, Mr Rolle added: "Essentially, what it is, is that it's one of these agreements we typically sign with different countries to link their private sector with our private sector, and exchange information on opportunities to participate internationally."

Philip Simon, the Bahamas Chamber of Commerce's outgoing executive director, told Tribune Business that the trade agreement signing with the CFTC was significant in the sense that it organised China's largest business fair, the China Import and Export Fair, which is held every spring and autumn.

"Primarily speaking, there are the ones responsible for the majority of trade conferences and shows that happen in China, chiefly the Canton Fair in Guangzhou, which is China's largest and biggest trade show," Mr Simon told Tribune Business.

"Generally, it [the signing of trade cooperation agreements] speaks to the fact we have two trade promotional organisations exchanging Memorandums of Understanding (MoUs) for the exchange of information, co-operation and assistance.

"It's something we have done with the Federation of Chambers of Commerce and Industry of India, FIICI, that we have done with the Colombian and Panamanian Chambers, and are hoping to do the same thing with the Cuba Chamber of Commerce in November when they have their trade fair.

"It's something trade promotional organisations do between themselves - MoUs - to promote the exchange of each other's information and assistance where possible," Mr Simon added. "It allows for lines of communication, and in this instance [the CFTC], it's with a grouping that has very far-reaching influence and authority within the Chinese business environment."

Next week's signing, Mr Simon said, would allow the Bahamas Chamber of Commerce to act as a "bridge" between the Bahamian private sector and China/the CFTC, giving the former an avenue through which all questions on doing business in the Far Eastern country could be answered.

"We did exactly the same thing with the Trade Development Bureau of the Ministry of Foreign Affairs," said Mr Simon, recalling the previous Chinese trade co-operation agreement the Bahamas Chamber of Commerce had signed with the Far East nation.