A recent agreement signed between The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) and the DC Chamber of Commerce will improve trade and economic opportunities between businesses in The Bahamas and those in the DC metro area.
Both organizations executed a Memorandum of Understanding (MoU) during a trade mission in the D.C., Maryland and Virginia (DMV) area.
BCCEC President Edison Sumner told Eyewitness News Online that the MOU provides an opportunity to expand reciprocal trade agreements.
“The MOU is essentially to explore and enhance bilateral trade arrangements between our jurisdictions. It’s about supporting each other’s chambers and our membership – any Bahamian business that wants to do business in that area, those chambers are willing to assist and vice versa for those coming into the country to conduct business here as well,” shared Sumner.
Sumner said the agreement, which seeks to identify common barriers to trade and businesses, will also open the door for business owners in both countries to share economic information, statistics and trade data.
“It’s an open proposal so any business can benefit from it. We’ve had some interest expressed in energy and hotel developments in the country. We have already put those people in touch with relevant persons here in the Bahamas and dialogue has already begun,” said Sumner.
“Our role now is to pair business owners in the DMV with the right people in The Bahamas, and vice versa. The idea is to continue building trade and opportunities – opportunities which would have not been realized if these trade missions did not take place.”
The chamber is expected to host a series of trade missions in an effort to provide Bahamian businesses with a wider variety of international markets to conduct business.
The BCCEC’s next trade mission is expected in Haiti May 16-19.