Bahamian firms decry absence of EPA information
Bahamas Tribune
Bahamian firms decry absence of EPA information
By Alison Lowe, Business Reporter
10 December 2010
Stakeholders from the financial services, legal and accountancy professions yesterday expressed concern about a lack of access to information on how the Bahamian private sector can take advantage of opportunities arising from the Economic Partnership Agreement (EPA) with Europe.
This includes information on funds and technical assistance being made available via the European Union (EU) and organisations in the region to upgrade Caribbean firms’ competitiveness when it comes to trading in a global trading environment, and any steps necessary to enter into European markets to begin selling services there.
At a technical workshop on the EPA organised jointly by the Bahamas Chamber of Commerce, Caribbean Export Development Agency (CEDA) and the Caricom EPA Implementation Unit, the message from CEDA and Caricom representatives was that there are many opportunities for Bahamian firms and institutions under the EPA - such as direct access for Bahamian national institutions to EU development funds, and European-funded technical assistance and grants to help boost an individual firm’s competitiveness in various areas. They were told to move as soon as possible to benefit from them.
"Under the Development Cooperation provisions of the EPA, member states can draw on EU funds for a number of national and regional initiatives. Each member state has its own funding envelope," said Sacha Silva, an economist with Caricom’s Office of Trade Negotiations.
"I encourage people to get on that train as soon as possible because the Europeans want to start disbursing that money as soon as possible, and there’s a finite timeframe for it."
Carlos Wharton, senior trade policy advisor for the Caribbean Export Development Agency (CEDA), told attendees how the organisation has accessed tens of millions of dollars through the ninth European Development Fund, which it has been using to fund the ’Caribbean Trade and Private Sector Development Program’. One Bahamian firm participated in the most recent program, said Mr Wharton, whose major objective was to help Caribbean firms increase their competitiveness and likelihood of success in the global trading environment.
The 10th EDF is set to be disbursed in early 2011, and Mr Wharton said CEDA was hoping that more Bahamian firms "will be able to benefit from this facility".
Allyson Francis, a services and investment specialist from the Caricom EPA Implementation Unit, charged that the EPA agreement "is not just for governments, but for you as the private sector, and you have to take the initiative and be proactive" to adapt to and benefit from its provisions.
"The EPA will define the new trade and investment relations for the long-term on a permanent basis," she added.
Mrs Francis said organisations such as CEDA and the Caricom EPA Implementation Unit need more feedback from the Bahamas private sector about the kind of assistance they would find helpful from these organisations.
In this regard, private sector stakeholders were admonished to educate themselves on the EPA’s provisions. Without this, firms would be unable to identify what areas they may need assistance in.
"We need to get a lot of information from you, but we can’t get that information if you don’t understand where we’re coming from," said Ms Francis.
"What we need to get from you and the Government is some specifics. We need to know what you need to meet the regulations and standards to comply with the EPA."
However, private sector stakeholders - such as Wendy Warren, chief executive of the Bahamas Financial Services Board; law firm Graham, Thompson and Co’s managing partner, Judy Whitehead; and Bahamas Institute of Architects executive officer, Tanya Rahming, were unanimous in their plea for more communication and resources. This, they said, would allow them to educate themselves and those they represent on the opportunities and challenges the EPA offers before this can happen.
Ms Warren and Mrs Rahming both suggested that the Bahamas may need special attention from CEDA and the EPA Implementation Unit in CARICOM if it is to begin to move ahead with adaptation.
Ms Warren said CEDA needs to "think about (the Bahamas) as a separate part of the Caribbean that’s not engaged with this sufficiently".
"It’s not that we aren’t interested, but you have people here who are not familiar with the whole scheme of thing,s so we need a bit more of a lead in," she said. Ms Warren added that while the BFSB can see that the EPA with Europe "allows access to that market, the question is: How do you penetrate that market?".
Mrs Rahming added of the development programmes that CEDA administers to the private sector: "If we knew more about what was out there we would be able to utilise the resources more. We want to get involved. I think with the Bahamas you need to take baby steps..."
Meanwhile, Mrs Whitehead suggested that her firm has "tremendous interest" in the EPA’s implications for the Bahamas and she would like to see more resources made available for Bahamian companies to update themselves on what it involves, and what programs may be accessible in the region for Bahamian companies to benefit from as it relates to taking advantage of the EPA’s provisions.
"The presentations are very interesting, but I feel that unless I have you on speed dial at all times I won’t know what’s going on. Can you give us resources?" she said.
Ms Warren proposed that the BFSB or Bahamas Chamber of Commerce should create a new webpage specifically geared towards highlighting opportunities that may be available in the region, in order to get financial or technical assistance relating to the EPA and the key provisions of the agreement itself.
Mr Wharton said CEDA’s entire staff is "at (The Bahamas’) service", and added that CEDA will be making a greater effort to reach out to the Bahamas and "step up our public relations" as it moves ahead with administering the next phase of the European Development Fund, which is set to come on stream in spring 2011.
He suggested Bahamian entities interested in getting more involved with projects run by CEDA should contact the Bahamas’ representative on CEDA’s Board of Directors, Donna Lee Bowe of the Bahamas Agricultural and Industrial Corporation (BAIC).
