The Minister of Financial Services has proposed the establishment of a Business Council, comprising members of the private sector of The Bahamas and of the Dominic Republic, to foster greater trade between both countries.
Minister of Financial Services Ryan Pinder said that the framework of a Memorandum of Understanding towards this venture is expected to be completed by the end of November.
He made the announcement during a press conference Wednesday, November 7, 2012, at which Minister of Foreign Affairs and Immigration the Hon. Fred Mitchell and Minister of Agriculture, Marine Resources and Local Government V. Alfred Gray also shed light on bilateral meetings held with the Dominican Republic Government regarding poaching in Bahamian waters.
The discussions, held October 30-31, 2012, in Santo Domingo, also focused on agricultural, trade and economic joint ventures between both countries.
While there, Minister Pinder held trade meetings with Secretary of State and Executive Director of the Export and Investments Centre Jean Alain-Rodriguez and Minister of Commerce Jose Del Castillo.
“The Bahamas recognizes the demand for seafood in the Dominican Republic and discussed that, in light of the increasing issues and challenges with illegal poaching in our waters, a process should be undertaken to regularize the trade of seafood, Minister Pinder said.
“The possibility of legitimising trade in fisheries – in particular lobster, stone crabs and scale fish – would be beneficial to both countries,” he added.
Minister Pinder said he also raised the point that The Bahamas has a lot of products and services s to offer the Dominican Republic and is committed to ensuring that the manufacturing industry is equipped to facilitate the trade demands.
“Our Government is committed to ensuring economic development for our country and our people under the EPA (the European Union Economic Partnership Agreement ) commitments,” he said.
On the possibility of creating the Business Council and The Bahamas hosting a trade fair, Minister Pinder said the Dominican Republic was open to these ventures.
“We see the Dominican Republic as a key market for the council to pursue,” he said.
The Dominican Republic has also undertaken to meet the standards of the United States Department of Agriculture, which would provide a competitive edge to the goods the country has to offer and is willing to provide technical assistance to The Bahamas in this regard, Minister Pinder said.
By Lindsay Thompson
Bahamas Information Services
