Showing posts with label Bahamas trade. Show all posts
Showing posts with label Bahamas trade. Show all posts

Thursday, November 7, 2024

Climate, Trade and Cultural Diplomacy

The Bahamas Prime Minister, The Hon. Philip Davis’ Keynote Address at the 10th Annual Diplomatic Week on “Climate, Trade and Cultural Diplomacy”



Parliamentary Colleagues, Ambassadors, Heads of Mission, Ladies and Gentlemen...


Philip Davis
“We wish to live in peace; we wish to satisfy the needs, both spiritual and physical, of our own people; we wish to be neither dominated nor coerced, and we wish to create a society built on the sound foundation of constitutional authority.”


These are the words of Sir Lynden Pindling, who declared to the world our Bahamian vision—a vision that has not dimmed but burns brighter, guiding our steps in an era of unprecedented challenges.


Our aspirations remain unchanged: to stand as a free nation, bound by neither fear nor force, to govern ourselves and prosper in the embrace of justice and peace.


Yet today, as climate change threatens our shores, our very sovereignty hangs in balance.  For us, climate change is no distant concern, no matter for future generations alone; it is the here and now, an ever-rising tide that threatens to wash away the home Sir Lynden spoke of so fervently.


In the struggle for climate justice, The Bahamas stands as a voice for the vulnerable, a champion of those who, like us, seek only to secure the lives and futures of our people.  We fight for a world where those responsible for this crisis answer for the loss and damages felt by those who contributed least to its cause.


Thus, we turn to the law, seeking justice from the very courts that stand as guardians of humanity’s conscience.


The International Court of Justice is now poised to deliver an advisory opinion on climate change—a ruling that we believe will echo across borders and demand accountability.


This is not about treaties and pledges; it is about moral reckoning, an acknowledgment that those who have sown the seeds of destruction must also reap the responsibility to repair.


For too long, our islands and countless others have borne the burden of “loss and damage” inflicted by climate change: land eroded, homes destroyed, livelihoods swept away in storms more violent, more frequent than any our ancestors could have foreseen.


The loss is not only material but spiritual—a threat to our culture, our heritage, and our identity as a people of the sea.


We seek not charity but justice—a clear and binding recognition that those who have profited from the destruction of our world must also contribute to its healing.


And here lies the power and purpose of diplomacy.  In every hall of power, every forum, we carry the voices of our people and the stories of our shores.  Diplomacy is our shield and our voice—a way to remind the world that we may be small, but our challenges are universal.


As ambassadors, you are called not only to advocate but to educate—to speak plainly of the impacts we face, and to rally the world toward action.


Our diplomats stand not merely as representatives of The Bahamas but as advocates of all who stand to lose everything from inaction.


To our diplomatic corps, I say this: your work is not only to bridge our borders but to defend the dignity and future of our nation.  In you, the Bahamian people see their hopes carried forth, their challenges made known, and their voices amplified.


Through diplomacy, we insist that The Bahamas and all small island nations shall not be mere bystanders but leaders in crafting a sustainable and equitable future.


Let it be known: The Bahamas will not be a silent spectator in this struggle.  We are neither large in land nor in might, but we are bound by an unyielding resolve.  We will wield the law as our shield and justice as our sword, joining hands with other nations who refuse to be casualties of indifference.


For the duty to protect this world is one we all share, but the responsibility lies heaviest on those who have brought it to the edge.


In addressing trade, we must be candid: The Bahamas has, for too long, relied on a narrow set of industries to fuel our economy.  While these sectors have served us well, the time has come to diversify and strengthen our economic foundations.  Trade is not just a matter of economic theory; it is about creating real, sustainable opportunities that can withstand the storms of global uncertainty.


Our commitment to diversifying trade is not a singular ambition; it is a necessity.  The Office of the Prime Minister has taken this challenge on with a comprehensive approach, fully aware that a resilient Bahamas must be one that taps into the potential of all its industries and regions.


This strategy demands intentional efforts to develop our trade policy, empower our entrepreneurs, and streamline systems that invite and retain investment.  Our work aims to open new pathways for Bahamian businesses, whether through export, manufacturing, or tech-driven enterprise.


In this endeavour, we owe a great debt of gratitude to the National Trade Commission, whose dedication and expertise have been instrumental in crafting a trade policy that aligns with our national vision.  They have worked tirelessly to evaluate trade agreements, recommend best practices, and advocate for trade policies that put Bahamians first.


Their leadership has brought clarity to our objectives and direction to our path forward.


Through the National Trade Policy and Vision 2040, we are paving the way for trade to be inclusive and transformative, driving both local economic growth and foreign partnerships.  We are identifying markets, building capacity, and dismantling the structural barriers that have kept our economy anchored in a narrow space.


This includes efforts to expand Freeport as a free trade zone, foster export-oriented industries, and strategically reduce tariffs to make Bahamian products more competitive abroad.


To our foreign service representatives, your role is crucial.


The relationships you build and the investments you help secure are integral to diversifying and sustaining building a bridge to a more resilient Bahamas—one where our people can thrive across industries, not just in a select few.


Your work ensures that The Bahamas is seen not only as a paradise for visitors, but as a reliable and innovative partner for businesses worldwide.


As we look toward Freeport and other emerging trade zones, we see a vision where Bahamian ports become bustling hubs of international commerce, where local businesses and foreign investors alike benefit from our strategic location.


We envision an economy that is more than resilient; it is adaptive, sustainable, and inclusive, offering prosperity and security for all Bahamians.


The future of our trade must reflect the strength and diversity of our people.  It is a future in which Bahamian goods, ideas, and services reach global markets, lifting our economy from within.


And it is through our commitment to reform and the work of our trade representatives and the National Trade Commission that we are setting this course.


In this spirit, we remain focused on creating an economic environment that does more than sustain—it elevates.  We move forward with a deep resolve to build a Bahamas that is open to the world, ready to grow, and prepared to stand shoulder-to-shoulder with the global community.


Today, we meet as partners and allies, here to advance a shared understanding of The Bahamas’ foreign policy priorities across key regions and pressing global issues.


Your presence underscores the significance of our collective mission in building alliances grounded in mutual respect, stability, and long-term cooperation.


In the Middle East, The Bahamas is establishing an office in the United Arab Emirates to lay the groundwork for strategic economic cooperation.  Through agreements on asset protection, tax frameworks, and trade facilitation, we aim to position The Bahamas as a reliable partner for mutual investment and growth with the region.


We recognize China’s ongoing support in infrastructure, education, and healthcare, which has played a central role in advancing our nation’s capacity to meet the demands of a modern, diversified economy.


Similarly, we extend our thanks to the United States, a critical partner whose investments in our security, healthcare, educational systems, and climate resilience initiatives have significantly contributed to our stability and growth.


We value the sustained commitment of the United States in these areas and look forward to deepening our collaboration on both the economic and security front.


We are pleased to announce the opening of the Consulate General in Jamaica, where we welcome Akveta Knight, and in Port of Spain, where Dr. Monica Davis joins us to further our outreach.


In the United States, we welcome Joy Newbold as Consul General in Los Angeles, enhancing our representation on the West Coast.  In Canada, we honour the legacy of the late Al Dillette, who established our office in Toronto, and we welcome Melanie Griffin as his successor.


In Africa and the Middle East, our foreign policy is focused on partnerships that drive economic, technological, and political collaboration.


The Bahamas will expand its diplomatic presence on the African continent, recognizing the value of stronger ties in trade, technology, and development.


By establishing a formal presence in Africa, we aim to build enduring partnerships that are rooted in mutual benefit and long-term cooperation.


We view these relationships as vital to achieving South-South growth, with outcomes that include expanded trade, investment, and educational opportunities.


By strengthening these bonds, we are positioning The Bahamas to address shared challenges and foster sustainable development.


We remain committed to the process of reparatory justice, recognizing the responsibility to address the enduring impact of slavery.


Recent discussions with the British Commonwealth at CHOGM have underscored the importance of this process, and we urge the international community to support these efforts as we work toward meaningful progress in achieving justice.


Furthermore, The Bahamas is seeking a non-permanent seat on the United Nations Security Council for the 2032-2033 term.  As we prepare for the vote in 2031, Our aim is to bring the perspective of small island nations to the Council, advocating for peace, security, and climate resilience.


Friends,


The Bahamas reaffirms its allegiance to CARICOM, a bond forged not in geography but in shared spirit and purpose.


In the face of a world often swayed by power and wealth, we stand together as the Caribbean, a chorus of sovereign voices calling for dignity, justice, and resilience.  United, we are greater than the sum of our islands, a force that will not be silenced nor dismissed.


And to our neighbours in Cuba, we agree the time for embargoes has passed.  The shackles that hold back free exchange must be lifted, for they serve only to hinder progress and prosperity in our shared sea.


We call upon the world to remove this barrier, to allow Cuba the dignity of engagement and the promise of opportunity.  Let our waters flow with trade, ideas, and friendship, for only through connection shall our region thrive.


To Haiti, our hearts and our hopes extend.  We do not view her struggles from afar but feel them close, like the pulse of the Caribbean tide.  We are bound by kinship and by duty, and The Bahamas stands ready to support Haiti’s path to stability and peace.


Yet, we believe that the foundation of that peace must be laid by Haitian hands, led by Haitian voices, and sustained by Haitian will.  We shall not falter in our support, for we know that the strength of one island fortifies the strength of all.


Beyond these shores, The Bahamas casts its lot with the Global South, a fellowship of nations bound not by wealth but by shared vision.


We seek a world in which each nation’s voice is a note in a global symphony, where equity guides trade, where justice leads climate action, and where the needs of the many eclipse the ambitions of the few.  The Global South, though often marginalized, will rise, its concerns resonating in halls of power where they can no longer be ignored.


Friends,


The Bahamas is focused on strengthening diplomatic relationships with the South Pacific, a region with which we share the unique challenges of small island states.


Together, we face pressing issues like climate resilience, sustainable development, and ocean preservation.


By building closer ties with South Pacific nations, The Bahamas aims to enhance cooperation in these critical areas, fostering partnerships that will support both our immediate needs and our long-term stability.


The Bahamas will be seeking the support of our international partners next year for our candidature to the International Maritime Organization (IMO).


As a small island state with a strong commitment to sustainable maritime practices, we bring an important perspective on issues like maritime security and ocean conservation.


Our goal at the IMO is to advocate for policies that serve the interests of all coastal nations, ensuring that ocean resources are managed responsibly and sustainably.  We look forward to engaging with our allies on this important initiative.


We look forward to strengthening our partnerships with each of you and to forging new pathways that enhance our shared goals and reinforce the principles that unite us.


When we speak of culture, we speak of our very essence—an inheritance of strength, vision, and defiance.


We are Tavares Strachan, boldly challenging conventions, showing the world that Bahamian creativity cannot be contained.


We are Courtney C. Spears, whose movements on the stage are declarations of resilience, embodying our stories with elegance and force.


We are Buddy Hield, Jonquel Jones, and Jazz Chisholm, athletes who do not merely compete but conquer, proving that Bahamian grit and talent deserve the world’s admiration.


We are Lenny Kravitz, whose music pulses with the spirit of these islands, grounding his artistry in the Bahamian soul.


We are Amos Ferguson, a painter who brought the colours and life of our people to canvas, defining a legacy that transcends time.


And we are Jeffrey Meris, who pushes the boundaries of contemporary art, forcing the world to reckon with the depth and complexity of our culture.


These icons do not just represent us; they carry our pride, our resilience, and our power.  Through their achievements, The Bahamas proclaims to the world that we are not merely a destination but a nation rich in talent, spirit, and ambition.


In their dance, their sport, their music, and their art, they give voice to the Bahamian story—a story of triumph over adversity, of beauty rising from the sea, of dreams that know no borders.


We export more than culture; we export conviction.  We stand before the world and say, “This is The Bahamas: a nation unafraid to rise, unafraid to lead, and unafraid to demand its place on the world stage.”


Our cultural ambassadors do https://opm.gov.bs/prime-minister-davis-diplomatic-week-2024/not just perform—they embody our resilience, our pride, and our unwavering belief in who we are.


In closing, let it be known that The Bahamas is a symbol, not only for our people but for all who seek justice, strength, and unity.


We are a small island nation, yet we stride with giants.  Our diplomats, our athletes, our artists—each of you carries this legacy forward, bearing the weight of our dreams and the fire of our convictions.


Together, we will shape a future where The Bahamas shines, not only as a place on the map but as a force of purpose and power. Let us leave here, guided by the same spirit that lives in each of our icons, determined to leave an indelible mark on the world.


Source


05 November, 2024

Friday, July 4, 2014

The Bahamas trade deficit declines

Trade Deficit Narrows 9.7%




By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net


The Bahamas experienced a 9.7 per cent drop in its trade deficit to $2.554 billion in 2013, largely due to an almost-$300 million fall in its import bill.

The Department of Statistics’ 2013 Annual Trade Data report, which covers just the Bahamas’ merchandise account or trade in goods, noted that total imports fell year-over-year by 8 per cent or $291.6 million, dropping from $3.658 billion to $3.366 billion.

While it is unclear whether the import drop is the start of a trend, and if it will be easier for the capital account (FDI and tourism earnings) surplus to finance the merchandise deficit, the narrowing was certainly not caused by any increase in Bahamian exports.

These, too, also fell in 2013, dropping from $828.7 million in 2012 to $811.7 million - a decline of $17 million or 2 per cent.

“The 2013 balance of trade (total exports minus total imports) continued to result in a deficit,” the Department of Statistics noted. “However, between 2012 and 2013, there was a noticeable decrease of some 9.7 per cent in the trade deficit, resulting in a net trade balance of $2.6 billion in 2013 compared to $2.8 billion in 2012.”

The $2.554 billion trade deficit incurred in 2013 was the lowest since 2009, when it fell to $2.114 billion at the recession’s peak.

“Data on merchandise trade for the year 2013 show that the value of commodities imported into the Bahamas totalled nearly $3.4 billion, resulting in a moderate decrease of 8 per cent below 2012’s total of $3.6 billion,” the Department of Statistics.

Mineral fuels, likely including gasoline and other oil-based products were the largest import category at $726.9 million or 21.6 per cent of the total, with machinery and transport next at $657.4 million or 19.5 per cent of the total.

Diesel fuel imports were worth $328.7 million in 2013, with unleaded auto gasoline and jet fuel accounting for $161.3 million and $46.9 million, respectively. Other fuel oils were worth $124.1 million.

Manufactured goods totalled $460.3 million for a 13.7 per cent of the Bahamas’ total import bill, with fresh meats, fruits, vegetables and processed foods coming to $466.5 million or 13.9 per cent.

On the exports front, Polymers International’s polystyrene products at $174.7 million, ‘other compounds’ at $61.6 million, lobster at $84.4 million accounted for 88 per cent of exports.

The US remained the Bahamas’ main trading partner, supplying $2.75 billion or 81.8 per cent of total imports. Puerto Rico and Trinidad & Tobago accounted for $249.6 million and $81.9 million worth of imports respectively.

The US also accounted for the lion’s share of Bahamian exports at $678.8 million, taking 83.6 per cent of the total.

July 03, 2014