The Economic Partnership Agreement (EPA) opens up and enhances trade between Europe and CARIFORUM by providing market access to a wide range of products and services. This improves the way products and services are imported and exported to and from The Bahamas and facilitates ease of doing business.
Bahamian benefits under the EPA
In October 2008, The Bahamas signed onto the EPA, under the CARIFORUM. It is the first and only reciprocal agreement that The Bahamas has signed. It benefits Bahamian businesses in the following ways:
- CARIFORUM progressively reduces tariff duty rates on imports from the European Union (EU) over a 25 year period;
- The EU reduces tariff duties on exports from CARIFORUM to zero over a 25 year period.
- CARIFORUM and the EU provide greater market access to countries signed onto the EPA.
What this means for your business
Under the EPA, your business may:
- Access high quality European goods and services at lower prices while reducing costs.
- Expand employment and business opportunities.
- Develop exports in services and a wide range of goods to optimize your geographic footprint and increase your profitability.
- Leverage opportunities to invest in technology, process improvements and innovation through resource optimization.
- Drive consistency and best practices across business operational models through application of quality and standards as a part of EPA requirements.
- Deliver strong financial results and remain financially sound.
- Operate to the highest standards of business ethics while remaining compliant with all laws including, and not limited to Intellectual Property legislation.
- The Trade & Industry Unit within the Ministry of Financial Services serves as the National EPA Implementation Unit. Please contact us for additional information.
- Contact the regional EPA Implementation Unit within CARIFORUM
- Access ‘Trading with the Caribbean’ on the EU website to learn more about the EPA
Review the Factsheet: How the EU is putting the EPA into practice (PDF)