The Tribune

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CARICOM has yet to decide whether to allow member states in agreement with the new Canada trade deal to sign-on, a Cabinet Minister said, with the Bahamas ready to do just that.

Ryan Pinder, minister of financial services, told Tribune Business: “The technical working groups on the CARICOM/Canada trade agreement are still meeting. We had a working group a few weeks ago, in which we were looking at options for those countries who do not have an objection to the agreement in principle on the table.

“They wanted to be able to go and advance that position and sign the agreement, while those who still remain with objections to the agreement can continue to try and work through the agreement.”

The Bahamas and its exporters have enjoyed duty-free access to Canada under the CARIBCAN agreement that expired on December 31. 2013.

This agreement saw all trade preferences flow one way - in favour of the Caribbean.

Such ‘one-way’ trade preferences agreements have, however, now been effectively outlawed by the World Trade Organisation (WTO), which is pressing for their elimination and replacement by ‘two-way’ preference agreements, as has happened with the Economic Partnership Agreement (EPA) with the European Union.

As a result, Canada and CARICOM have been negotiating a CARIBCAN replacement as far back as 2007. Data produced by the Canadian government’s Statistics Canada showed the Bahamas exported $146.56 million worth of goods to Canada in 2012, and imported some $504.282 million.

Mr Pinder added: “Certainly, the Bahamas is one of those countries which has no objections and is prepared to sign the agreement.

“CARICOM as a body is looking at that request, and so we have had no change in our trade relationship with Canada, but certainly we want to get this finalised and we support CARICOM making a decision to allow those countries who have no objection to the agreement to go ahead and proceed with it.

“I think the Canadian government would be OK with that proposal.”