Page 20 SectionB

 

EPA

crative market, the European Union (EU).

¢ Maintain the country’s competitive po-
sition vis a vis other CARIFORUM states
as a destination for EU investment.

e Provide a platform to enhance or de-
velop new exports for the European market
(financial services, cultural services, com-
pany services.)

Min. Laing addressed main areas of
public concern. “One of these,” he stated
is, “Will the EPA open up reserved areas
to foreign investors? No, this is a mirror
image of the National Investment Policy.
Some areas will be closed to non-Bahami-
an participants, we are not opening up any
areas to foreign participation that are not
already opened.

So, for instance, the wholesale and re-
tail trade where straw vendors and shop
owners are participants has no need to fear
because The Bahamas rule says that we
do not allow non-Bahamian participation
in those areas and that will continue to be
the case. The EPA will not permit people
to show up and look for a job; there will
be no free movement of people. It is com-
pletely untrue that this will be opening up
The Bahamas to all kinds of people.

If an investor is approved by The Ba-
hamas government to set up a business in

From Page 2

Dear Friends of Elbow Cay,

The Abaconian

September 15, 2008

The Bahamas and a key person on the level
of CFO or CEO is needed to set it up, then
that person can be given a work permit for
three years which is the same as is done
today. Neither are we giving up our sover-
eignty,” he assured the audience.

“The EPA will allow Bahamian export-
ers to continue sending their products into
Europe duty free. It will lower customs du-
ties on goods from the EU and CARIFO-
RUM into The Bahamas over the next 25
years so that customers will benefit from
lower costs and greater product choice. It
also promotes investment from Europe into
the economy which can result in more jobs
for Bahamians.”

The next steps he listed as
© September 2 signing of Agreement
¢ Submit it to the Bahamas services sector
e Pass the necessary law in parliament
© Prepare to implement the agreement over
the next three to five years
¢ Enjoy the benefits thereafter

In order to reassure people even fur-
ther, Minister Laing stated, “There is a
Denunciation Clause which takes effect six
months after a request to get out. It is as
simple as that.”

During the discussion period which fol-
lowed, a concern regarding the compari-
son between the CSME and the EPA was
brought into question. Minister Laing stat-

We, Harold Malone and Lana Russell, wish to thank
you for your confidence in us by returning us to Council to

represent you.

We wish to assure you that we will, to the best of our
ability, continue to serve in the best interest of Elbow Cay

during the upcoming term.

ed that there is a huge difference. Whereas
the CSME involves the free movement of
goods and the free movement of labour, the
EPA is a pure and simple trade agreement
involving only the movement of goods and
trade services.

In his welcome prior to Mr. Laing’s talk,
Senior Administrator, Mr. Cephas Cooper,
said that by the end of the evening he hoped
that people would have enough information
to make up their own minds about the Eco-
nomic Partnership Agreement.

Following the presentation Mr. Cooper
asked the audience to show their decision
as to whether or not we should go ahead
with the agreement by standing if they are
in favour of its going forward. An over-

 

whelming majority rose to their feet show-
ing that Min. Laing had done a good job
in presenting the terms of the agreement
clearly and setting their minds at rest on
matters of concern.

Accompanying Min. Laing from Nassau
were Mr. Colin Higgs, Acting Financial
Secretary; Mr. Simon Wilson, Director of
Economic Planning, Ms. Dorothy Smith
and Ms. Theresa Major from the Minis-
try of Finance as well as personnel from
the ZNS News Department. Ms. Marga-
ret Symonette, Assistant Administrator;
Mr. Benjamin Pinder, Administrator for
South Abaco, and Mr. Cubell Davis, Chief
Councillor for Central Abaco, were among
the platform party.

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