The Ministry continues to advance international trade as a 3rd pillar of the economy in an effort to create economic stability and diversification.
A Trade Strategy for The Bahamas
The Ministry has been advancing a message which seeks to use trade policy and trade promotion to build on existing platforms and to forge an environment in which businesses with a commercial presence in The Bahamas may export products and services regionally and internationally.
In pursuing growth opportunities available through international trade, the Ministry has been advocating a value-added trade strategy that promotes The Bahamas’ integration into global value chains throughout North America, Latin America and the Caribbean. Such a strategy has the potential of leveling The Bahamas’ trade imbalances by simultaneously increasing our export of goods and services.
A value-added strategy involves taking advantage of The Bahamas’ proximity to countries that can supply raw or semi-processed materials for further processing within The Bahamas, particularly Freeport. The existence of the free trade zone in Freeport located in the Northern Caribbean with accessibility to North, Central, and South America, increases its viability to become a trade hub for the hemisphere.