Bahamas EPA Implementation: still taking baby steps?

By Linda Hanna

Published on June 4 2012

Recent conversations with individuals involved in the cultural and

creative industries in The Bahamas revealed their concerns about

the lack of a local market and high costs of identifying and

exporting to overseas markets.

Poor business skills were identified as a major impediment to

accessing local funding. There were also fears that foreign

competitors could benefit from their creativity by copying and

mass producing their designs.

The EPA addresses these concerns! One person had heard about

the EPA but was unaware of how it could benefit his business.

Considering that the cultural and creative industries have the

ability to diversify economies, promote micro and small

enterprises and expand tourism, it is surprising that most

stakeholders in The Bahamas appear oblivious to the opportunities

presented by the Agreement and the regional changes gathering

apace.

The period September 2008 through June 2010 saw CARIFORUM

States benefiting from €2,653,792 in grants from the 9th

European

Development Fund (EDF). Only four of these grants, out of the 197

awarded, went to two beneficiaries in The Bahamas. Jamaica led with

73 grants, followed by Barbados (33), Trinidad (18) and Grenada (16).

With over 45% of grants going to professional services, creative

industries, tourism, ICT and business support organisations, it is

surprising that Bahamian businesses from these sectors were missing.

The two beneficiaries from The Bahamas were in the Health and

Wellness Sector.

But the EPA is about so much more than providing funding. The

provisions on services mean that there will be unprecedented

opportunities for Bahamians to enter the EU and stay temporarily for

business purposes. With 29 sectors committed to contractual service

suppliers and 11 sectors to independent professionals many businesses

and professionals will be able to look to countries such as the UK to

increase their markets.

A few Bahamian enterprises participated in the recent Break Point

competition, aimed at helping Caribbean businesses take advantage

of the EPA. However, Bahamian stakeholders lag well behind their

CARIFORUM counterparts who are powering ahead with EPA

implementation and taking advantage of market access and

development benefits.

In December 2010, a local newspaper reported that Bahamian

attendees at a technical workshop on the EPA felt they lacked

sufficient information to take advantage of the opportunities

presented by the Agreement. Little appears to have changed and

the following commentary on the state of play at the end of 2010

remains relevant.

TOO LATE FOR BABY STEPS…TIME TO

SPRINT

The December 2010 technical workshop on the EPA highlighted

the need for stakeholders in The Bahamas to become better

informed in order to meet the challenges and benefit from the

opportunities the Agreement affords.

Unlike counterparts in other CARIFORUM states, private sector

bodies in The Bahamas have failed to take advantage of funding

provided by the EU for capacity development.

If stakeholders in The Bahamas know about the objectives of the EPA

and its development element they can take advantage of concessions,

training and other EU assistance available to help improve private

sector capacity and competitiveness. More importantly, they need to be

aware of their responsibilities under the EPA. It is a legally enforceable

agreement and failure to comply could result in unforeseen and

unwelcome costs.

The EU has already set up the institutions required by the EPA and

some CARIFORUM states have also begun the implementation

process. Recently, Antigua and Barbuda secured funding from

CARTFund to set up an Implementation Unit.

The Bahamas cannot risk being left behind! The private sector in The

Bahamas must become more aware of what the

EPA is about if they are to meet the challenges

and take advantage of the opportunities the EPA

brings.

It’s too late for baby steps...time to

sprint!