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EPA: Key to The Bahamas' Value Added Trade Strategy

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Monday, 10 June 2013

EPA: Key to The Bahamas' Value Added Trade Strategy

The Bahamas authorities want to more intensively position the country as a hub in global value chains, and the Economic Partnership Agreement (EPA) with the EU figures prominently in this regard, Minister of Financial Services of The Bahamas, Ryan Pinder, said during the opening on May 29 of a Validation Meeting in Nassau, at which the non-state stakeholders met with national authorities to discuss the last details for national implementation plan for the Agreement.
In his address, Minister Pinder underscored the “tremendous potential” for The Bahamas in leveraging global value chains and the opportunities the EPA presents for the country to realize that potential.
In this context, minister Pinder pointed to several strengths The Bahamas has, such as the fact that the country has long been one of the world's principal international financial centers, or the country's free trade zone potential – the free, Grand Bahama,  a 230-square-mile free trade zone that serves as an important hub for international business.  
“The Bahamas is planning for opportunities associated with global value chains, and in this regard is actively positioning itself to capitalize on the strengths I have identified,” Minister Pinder concluded.
Global value chains have risen to prominence over the last ten-plus years, and refer to the international organization of production (including post-production marketing and distribution) that is increasingly dispersed across countries. One important effect of the segmentation of the production process across countries has been specialization, within given countries, in process-related upstream and/or downstream activities.