Trade agreements designed to offset the sharp increase in oil prices over the past year will be examined today at the 29th Annual Caribbean Central American Action (CCAA) conference.
Minister of Trade and Industry Leslie Miller is attending the two-day conference that is being held in Miami, Florida under the theme “A Prosperous Third Border.” Mr Miller told The Guardian on Monday that the Venezuelan-sponsored PetroCaribe deal within the region, that is benefiting a number of countries in the wake of the oil price surge, was one of those ‘agreements’ to be discussed.
On June 29, The Bahamas and 12 other Caribbean countries signed on to PetroCaribe – a mechanism for coordinating energy policies for the benefit of both the Caribbean and Venezuela.
It allows Caribbean countries, especially non-oil-producing ones, to purchase fuel at a discounted rate from Venezuela.
However, The Bahamas cannot benefit from the initiative until it establishes a national energy corporation which would regulate the cost of that fuel.
The government held back on fully endorsing the agreement in light of controversy. One school of thought indicated that the accord would be better suited for regulating fuel costs at The Bahamas Electricity Corporation rather than at the pumps.
Mr Miller said apart from the discussion on PetroCaribe, the conference was designed to encourage South and Latin American countries to increase trade with the United States.
Other topics include developing regional industries, protecting the environment, the fight against HIV/AIDS, the plight of Haiti, port security and response to natural and other disasters.
Confirmed speakers include the Prime Minister of St. Lucia, Kenny Anthony; President of Nicaragua, Enrique Bola�os; President of Honduras, Ricardo Maduro; Secretary General of the Organization of American States, Jose Miguel Insulza; the Governor of the Commonwealth of Puerto Rico, An�bal Acevedo-Vil�, and Vice President of El Salvador, Ana Vilma Albanez de Escobar.
By: MINDELL SMALL, The Nassau Guardian
