More than 40 private and public sector representatives have viewed the Bahamas’ draft National Economic Partnership Agreement (EPA) Implementation Plan at a Validation Meeting last week in Nassau.
In addition to the consultant retained to develop the Implementation Plan, staff of the Caribbean Community (CARICOM) Secretariat-based EPA Implementation Unit and Bahamian counterparts also attended.
The discussions, led by the consultant, centred on the actions to be taken to achieve compliance, in addition to resources required for implementation and strategies for meeting resource gaps. Some participants undertook to provide further feedback, following the meeting, for incorporation into the document.
The final Bahamas National EPA Implementation Plan is to be submitted to the Government next month. The Government has signalled its intention to move forward with the establishment of an EPA Implementation Unit within the Ministry of Financial Services.
In his address to the Validation Meeting, Ryan Pinder, minister of financial services, reaffirmed his support for the development of the National EPA Implementation Plan, and underscored the “tremendous potential” for the Bahamas in leveraging global value chains and the opportunities the EPA presents for the country to realise that potential.
“We are strategically located in major shipping lanes, and the Freeport Container Port is capable of handling the largest container vessels, which is important, considering efforts to expand the Panama Canal,” Mr Pinder said. “Indeed, Freeport is one of the largest man-made harbours in the world, and the deepest in the region.
“The Bahamas is planning for opportunities associated with global value chains, and in this regard is actively positioning itself to capitalise on the strengths I have identified.
“We are creating a new, progressive business model in keeping with our globalised world, in order for us to take full advantage of outbound opportunities, as opposed to fixating on supposed in-bound threats.”
The team from the regional EPA Implementation Unit and their Bahamian counterparts las week met with representatives of associations representing engineers, accountants and architects.
These consultations discussed licensing, registration and the negotiation of Mutual Recognition Agreements (MRAs), following which a more wide-ranging consultation is scheduled with representatives of civil society.
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