The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The UK’s top diplomat in The Bahamas says it is “just not true” that US goods and services are automatically cheaper due to the tariff-eliminating trade agreement between London and Nassau.

Tom Hartley, British High Commissioner to this nation, said that through the Economic Partnership Agreement (EPA) between The Bahamas and the UK there are zero percent tariffs on many goods which causes them to be price competitive with US rivals. He also asserted that British-made goods are of a higher quality.

“I really understand that The Bahamas’ close proximity to the US makes people feel like the US is going to be cheaper,” Mr Hartley added. “It’s just not true. The Bahamas has a trade agreement with the UK, which means lots of tariffs for buying from the UK have gone. There are 0 percent tariffs on lots of things. But there’s still tariffs on the US, so it’s actually cheaper here.

“And the way that shipping works. It doesn’t matter whether you’re bringing a shipping container from the UK or Japan or Miami; [they] are normally about the same price. So actually, there’s really good opportunity, and you know what I think as well, British quality is much better than American quality.”

Speaking as the first UK trade mission to The Bahamas for 20 years arrived this week, he added: “I think what’s particularly unique, or particularly great about British companies, is that they invest ethically. They hire locally. They want to be sustainable, and companies are already investing in things like scholarships. They’re not just to invest and make profit and go. They’re here for the long run, and they’re here for a positive relationship.”

Chris Bennett, managing director of the Caribbean Council, said many UK companies are seeking new markets following the country’s exit from the European Union (EU). And The Bahamas is seeing ‘tremendous growth and appetite” after the COVID-19 pandemic and Hurricane Dorian, making it the perfect time to embark on this trade mission.

“We could really see coming out of COVID some of the challenges that The Bahamas been through; the double whammy of Dorian and the COVID pandemic, but also the tremendous growth and appetite for doing things differently and trying a new approach that this government was bringing to the partners,” he added.

“We could also see an appetite in the UK from companies that were looking for new markets to work in, to invest in, because of Brexit. They were starting to think differently about the world. And The Bahamas, we could, see was a place where there was a ‘let’s get business done’ kind of attitude.

“It’s English-speaking, it has the same common law that we have. There were an awful lot of commonalities. The new trade agreement has been signed between CARIFORUM and the UK, which provides two-way reductions in tariffs. It also means that it’s cheaper and better for Bahamians to buy UK products.”