Present year not so pleasant for small businesses

01 Feb '08

2 min read

While addressing a general meeting SBA President Sandra Husbands told several entrepreneurs that 2008 is not going to be a bed of roses for them. The general meeting was held on January 29 at the Harcourt Lewis training centre.

Looking at much anticipated slowdown in the US economy, along with rising operational costs and consumers looking for affordable prices the businessmen need to take effective steps within the sectors.

This can be done by making strategies for responding to the challenge of the rising prices and still remaining in the business successfully. One of the solutions is to carry correct prices in the market.

The trade relations specialist, Carlos Wharton made a presentation on the economic partnership agreement between the Caribbean and Europe to the entrepreneurs. According to him under the Economic Partnership Agreement (EPA), eight percent of the region's trade will be completely exempted from liberalization. It is unfortunate that small businesses will most probably be the the ones affected from liberalization in terms of competition from various products coming in.

Mr Wharton informed the industrialists that, the agreement with Europe covers the critical issue of regional integration. An aspect which will have significant implications for the existing Caricom-Dominican Republic free trade agreement.

The US Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns. The SBA helps Americans start, build and grow businesses.

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