A private sector team from CARICOM member states is in town to meet with key members of the business community on trade liberalization matters and the benefits that could come if The Bahamas joins the Caribbean Single Market and Economy.
CSME is a form of economic integration under which all CARICOM countries would be considered one market.
Comprised of six industry leaders and a team of CARICOM Secretariat staff, the group will also seek to better inform the private sector of the advantages involved in becoming a full participatory member of CARICOM.
“This meeting would promote a new dimension for sharing elements of CARICOM’s best practices,” Foreign Affairs Minister Fred Mitchell told reporters yesterday.
At the same time, the Bahamas Trade Commission is also putting together a report to advise the government on trade liberalization and globalization matters.
The Commission is geared at expanding the potential of The Bahamas to earn foreign exchange from the provision of internationally competitive goods and services.
Second Vice President of the Chamber of Commerce, Keith Glinton, who has also chaired a Trade Liberalization task force within the organization, said local businesspersons should welcome the willingness of CARICOM representatives, as it is an opportunity to exchange ideas on issues affecting the economic growth of the region.
“This particular mission is very important, as it gives our business sector representatives an opportunity to speak with some of their counterparts in the Caribbean,” Mr. Glinton said. “I think it is the only way to get the information we need to make a good decision, as to whether or not the next stage for The Bahamas would be a multi-country trade arrangement. So it’s an excellent opportunity for every business to take advantage of.”
CARICOM’s private sector mission, which coincidentally occurs during the 33rd annual Chamber of Commerce Week, follows a two-day visit from the organization’s Secretary General Edwin Carrington in March.
During his three-day visit, Mr. Carrington held discussions regarding the implications of The Bahamas becoming a member of the CSME.
On several occasions, however, Prime Minister Perry Christie has indicated his non-committal stance to the issue of formally joining the CSME, noting that the government will make a definitive decision later this year during the CARICOM Heads of Government meeting.
In an earlier interview with the Bahama Journal, Bahamas High Commissioner to CARICOM, A. Leonard Archer said close ties with the Caribbean Community could be “immediately severed” should The Bahamas opt not to join the CSME, as it would be left to negotiate on its own ‘all’ international areas.
However, he further pointed out why The Bahamas would have reservations about the idea, considering the large number of foreign nationals already living in The Bahamas.
At the same time, there is also the issue of CARICOM member states possibly adopting a single currency, which would not be done in the immediate future, and the added concern of solidarity in working with other CARICOM members.
The Private Sector Mission will participate in a series of meetings with the local private sector May 14-16.
A general meeting is scheduled at the College of the Bahamas auditorium at 7:30pm tomorrow.
By Macushla Pinder, The Bahama Journal
