The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FOREIGN Affairs and Immigration Minister Fred Mitchell said yesterday the ninth UK Caribbean Forum taking place in Grand Bahama from tomorrow will provide the opportunity for discussions with high-level UK delegates, on important issues on financial services and the difficulties confronted by Caribbean banks of having relationships with those in developed country markets.

Last night, Mr Mitchell noted that the foreign secretary of the UK is heading a delegation of 150 to Freeport for the two-day forum at Grand Lucaya Resort. He said that 22 delegates from the Caribbean will be headed by the high commissioners or their ministers of foreign affairs.

According to Mr Mitchell, this is the second time that the forum has been held in The Bahamas, the first was held in Nassau in 1998. Delegates have already started arriving in Freeport.

“This is the return for The Bahamas. The last one was held two years ago in London,” said Mr Mitchell. “I wanted the people coming here (to The Bahamas) to see the City of Freeport and what we have to offer and I hope they will enjoy their visit.”

Mr Mitchell said it is important that nations of the region come together to exchange their views with the British government about their interests in the world and concerns in the Caribbean sub region. “We expect an exhaustive set of discussions over the two days ranging from energy, security to education, questions of the expanded opportunity in employment and development, and to exchange views on foreign policy.”

He indicated that there are two specific issues that delegates will be addressing. “Financial Services is front and centre of our concerns given the Panama Papers and what is happening in the UK,” he said. The second, he said, is the issue of “de-risking” which has become an important issue for Caribbean countries where local banks are now having difficulties having correspondent banking relationships in the developed country market.

“It is imperiling the ability of the banks to be able to survive and trade overseas with foreign currency so I expect those to be two central issues apart from those other issues we spoke about,” Mr Mitchell said.

A representative of Turks and Caicos is expected to attend and engage in discussions.

“We find it is a useful forum for us to get together with our British friends,” Mr Mitchell said. “Prior to 1973, the British had administration responsibility for The Bahamas and much of the Caribbean and that changed significantly since the Second World War.” He said the British themselves had undergone major changes from a world power to a power that now exists within the context of the European Union (EU).

“We are watching events closely with the British about what’s happening in the EU and their having a referendum on June 23 to decide whether that is where they are going to remain. For The Bahamas, the point will be made that we believe that even though we have responsibility and sovereignty for our country, that in order for countries to move and progress they have to do so in the context of inter-dependent relationship and that is why The Bahamas acts most often in foreign policy in context of Caricom or Cariforum, and when expanded to the wider Dominican Republic. The UK acts within the context of EU.”

Minister for Grand Bahama Dr Michael Darville said he fully supports the forum, which will provide a significant boost to the Grand Bahama economy.