CSME In Bahamas' Economic Interests Says Owen Arthur

by Amanda Banks, Tax-News.com, London

24 July 2003

The Prime Minister of Barbados, Owen Arthur has urged the Bahamas to join the CSME (Caribbean Single Market and Economy) saying the removal of trade barriers in the region will increase the country's chances of future economic expansion.

Mr Arthur spoke at a lunch organised by the Bahamas Chamber of Commerce attended by politicians, business people, union leaders and church representatives, where he told delegates: "The Caribbean Market and Single Economy will for the first time facilitate free trade in our region, the free trade of services and the unimpeded flow of capital."

He continued: "The Bahamas enjoys special advantages in both of these spheres relative to other Caribbean countries and could benefit significantly by becoming the major service provider and the major financial centre for all Caribbean economies."

"In so far as it would function in a new regional economy, which for the first time it features the removal of regional restrictions on the very things that The Bahamas can do best and that The Bahamas can do better than other Caribbean economy, that is to produce essential services and to function as a major financial market," the Barbadian Prime Minister added according to the Nassua Guardian, which reported on the event.

The Bahamas' leadership has been at best lukewarm towards the prospect of regional economic union, and Prime Minister Perry Christie recently expressed reservations over the consequences the CSME will have for taxation and tariffs as well as the free movement of people.

Recommended