Event Recap: What the CARIFORUM-UK EPA Means for Bahamian Businesses
- BCCEC
- 5 hours ago
- 4 min read
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) recently hosted a trade seminar on April 30th at Breezes Resort. Co-hosted alongside the British High Commission Nassau and The Bahamas Trade Commission, the seminar brought together top diplomatic, governmental, and policy experts to lay out a critical, star-studded roadmap to international expansion.
Here is how the morning unfolded and the key takeaways from each featured speaker.
Opening Remarks: A Framework of Stability in a Changing World
Speaker: Smita Rossetti, British High Commissioner to The Bahamas
Her Excellency High Commissioner Smita Rossetti kicked off the event by grounding attendees in the sheer scale of the opportunity awaiting them across the Atlantic, leaving the audience with three compelling reasons to look toward the UK:
A Massive Market: The UK is a sizable mid-market boasting over 70 million consumers, serving as an incredible hub for both imports and exports.
Proven Caribbean Success Stories: Regional brands are already thriving on UK supermarket shelves—from Jamaica’s Appleton Estate rum to the Grenada Chocolate Company, Carib Brewery, and various natural beauty brands. The High Commissioner emphasized an eagerness to see Bahamian products added to that list.
Geopolitical Stability: In a modern climate of fluctuating global trade policies, the EPA provides an invaluable anchor. It guarantees permanent duty-free, quota-free, and tariff-free access to the UK market for Bahamian products, offering crucial legal certainty.
The Mindset Shift: Trade is No Longer Just About Goods
Speaker: Senator Barry Griffin, Chairman of The Bahamas Trade Commission
Following the High Commissioner, Senator Barry Griffin challenged local entrepreneurs to expand their horizons and stop viewing their brands or talents as strictly domestic.
Exporting Bahamian Expertise: Senator Griffin highlighted that the contemporary trade landscape has evolved. "The world is changing and trade is just no longer about goods. It’s about services, it’s about technology, it’s about talent, and it’s about partnerships," he stated.
Service Sectors Primed for Growth: The Trade Commission firmly believes that incredible demand exists abroad for Bahamian professional services—specifically pointing out that local compliance professionals and HR specialists are fully capable of exporting their expertise to the UK and beyond.
The Policy Deep-Dive: Overcoming the "Awareness Gap"
Speaker: Lorcan O’Brien, Caribbean Regional Trade for Development Advisor, UK Foreign, Commonwealth and Development Office (FCDO)
Keynote speaker Lorcan O’Brien demystified how Economic Partnership Agreements (EPAs) function as development-focused Free Trade Agreements. He explained that these treaties are designed to drive job creation, lower poverty, and lower production costs by allowing cheaper industrial inputs (like cement or fertilizer) into partner countries.
Crucially, Mr. O'Brien highlighted the undeniable value of the agreement in today's rocky economic climate:
“I think, that there’s an appetite to expand trade, there are untapped opportunities... We are seeing an increasingly volatile and unpredictable global trading landscape, especially in the area of tariffs, and in that context, the UK stands firm and committed to upholding the terms of our legally binding trade agreement. So, you have that certainty as businesses to make the investment to see the UK as a reliable partner. We know how important exports are for not only growth, but also diversification.”
However, he focused heavily on an awareness gap currently holding local businesses back from this stability:
Stop Paying Unnecessary Taxes: Because many firms do not realize this framework exists, some are still unnecessarily paying export taxes and dealing with avoidable red tape.
Asymmetrical Protection: The EPA heavily favors local industry protection. While the UK completely opens its markets to us immediately, The Bahamas can phase out its tariffs on UK imports slowly over 15 to 25 years, keeping 17% of local products completely protected to shield domestic government revenue.
The Data & The Blueprint: A $553 Million Relationship
Speaker: Sharif Jibrilu, Financial and Trade Officer of the Ministry of Economic Affairs
Closing out the presentations, Sharif Jibrilu brought the hard numbers, proving that the trade bridge between the two nations is already financially massive. In the 12 months leading up to September 2025, total trade between the UK and The Bahamas reached approximately $553 million (with UK exports at $360M and Bahamian imports to the UK at $193M).
To practically leverage this multi-million-dollar framework, Mr. Jibrilu laid out four concrete action steps for Bahamian businesses:
Engage with Experts: Reach out to trade facilitation agencies like the Ministry's Trade and Industry Unit or the Bahamas Trade Commission for direct guidance on EPA provisions (including securing your EUR1 Movement Certificate to waive tariffs).
Invest in Standards: Heavily prioritize certification and compliance to seamlessly meet strict UK regulatory requirements, particularly in food and beverage exports.
Build Strategic Alliances: Form joint ventures and partnerships with UK distributors, cultural organizations, and service firms to plant a credible market presence.
Get Noticed: Actively utilize international promotional platforms, digital showcases, competitions, and trade fairs to highlight Bahamian products and services.
Driving Growth Through Collaboration
At the BCCEC, we are always happy to collaborate and participate in milestone events like this workshop. Empowering our members and the public with vital, cutting-edge economic knowledge is at the absolute heart of what we do. By bridging the gap between international policy and local enterprise, we can continue to foster a more resilient, diversified, and globally competitive Bahamian economy.
Want to dive deeper into the trade framework and see how your specific business can benefit? Below, you can download more information about the CARIFORUM-UK EPA agreement:
[Download: CARIFORUM-UK EPA Business Guide Factsheet]
[Download: CARIFORUM-UK EPA Core Guidance Document]
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