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| Barbados Explores Latin American Economic Synergies |
by Phillip Morton, Investors Offshore.com
Wednesday, October 19, 2011
The Barbados government commenced a trade mission to Costa Rica and Panama on
October 18, aimed at realizing the bilateral potential of the Caribbean Community
(CARICOM)-Costa Rica Free Trade Agreement (FTA) and look at potential synergies
between Barbados and Panama, including in the field of financial services.
In a statement prior to his departure with a delegation of Barbadian businesses
representatives, Permanent Secretary in the Division of Foreign Trade, Bentley
Gibbs said that: “Barbados has limited trade with Costa Rica in spite
of the Free Trade Agreement between the two territories. Although the Costa
Rican market has consistently been a source of finished goods and raw materials
for Barbadian exporters and importers, respectively, the export potential of
this market has not yet been fully explored by Barbadian firms.”
On Panama, Gibbs noted that Panama is not a new market for Barbados, and bilateral
relations are facilitated by a number of social and economic pacts. Gibbs said
the Panamanian market is "ripe" for Barbadian goods and suppliers
of services to exploit. He noted that viable areas for market penetration in
both countries include tourism, entertainment and financial services.
Gibbs, said Panama and Costa Rica "are not new markets for Barbados,"
but explained that stronger linkages had not been forged because of technical
and administrative barriers, although these are gradually being removed.
It is anticipated that the government's support in running the initiative,
funded in part by The Caribbean Export Development Agency, will aid domestic
businesses in establishing business relations and commercial contacts with their
counterparts in Panama and Costa Rica.
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