The Tribune

A Cabinet Minister has urged the Caribbean and Central America to view the Bahamas as the hemisphere’s pre-emminent trade hub.

Ryan Pinder, minister of financial services, spoke as trade ministers and chief executives from CARICOM and Central America charted a way forward for increased business and trade. The public-private sector deliberations took place in Guatemala City on Saturday.

The discussions were co-chaired by the Organisation of American States (OAS) and the Ministry of Economy of Guatemala.

The delegates identified hindrances to business and trade between countries in CARICOM and Central America. They noted that though the respective countries were geographical neighbours, there was a lack of connectivity; the cost of doing business across borders was prohibitively high; and there was no facilitation of the movement of businesspersons between the countries.

Mr Pinder urged the region to consider a trade model based on the

value-chain production. He argued that there were considerable benefits if countries focused on a specific step in the production chain, with a trade hub being used to export the final product globally.

Mr Pinder said the Bahamas was strategically positioned, and equipped with the necessary trade logistics infrastructure, incentive regime and preferential trading network to serve as the preeminent trading hub of the Western Hemisphere.

Delegates concluded, through the OAS, that they would propose to governments that a concrete private-sector-driven agreement on trade facilitation be concluded within one year.

The primary objective is to increase the ease of doing business between the CARICOM and Central American countries. The measures would expedite Customs procedures; visas for businesspersons; air and maritime transportation; and provide for a permanent consultative forum between the private sector.

The Director of Trade and Industry, Viana Gardiner, accompanied Mr Pinder to the meeting.