The Bahamas is “lagging behind” in terms of participating in trade agreements, according to former State Minister of Finance James Smith, who said the country may not be fully prepared to be a consistent global player.
Smith told Guardian Business that The Bahamas is not moving at the same pace as other Caribbean countries in the area of trade agreements, referencing the different route taken to become a member of the World Trade Organization (WTO).
“Basically we have been lagging behind others in the region and around the world in terms of participating in trade agreements,” Smith said.” In terms of the WTO, The Bahamas is one of the last [countries] to the table. Generally speaking, with all other countries, they [joined the] WTO first and then [joined] these other regional agreements. We’re doing it the other way around.”
Unlike its other regional counterparts, The Bahamas is not a member of the CARICOM Single Market and Economy(CSME), preventing any trading opportunities with Caribbean nations through that avenue. However, the country is a part of the Economic Partnership Agreements (EPA), which provides a free trade area between many countries around the world.
