The Tribune

MINISTER of Financial Services Ryan Pinder said the government is committed to making sure the public understands the full implications of the trade agreements being signed in its name.

Speaking at the opening of a Trade in Services Workshop at the British Colonial Hilton yesterday, Mr Pinder said it will be the first in a series of private/public sector seminars aimed at imparting technical information regarding various international agreements.

He said: “The Bahamas government is delighted to provide this Trade in Services Workshop in partnership with the African Caribbean and Pacific Multilateral Trading System Programme (ACP-MTS),” he said. “It is such partnerships which aid in bringing enlightenment to a society, building technical capacity and creating the strongest environment for increased domestic economic activity.”

Mr Pinder noted that the Bahamas is in the process of negotiating accession to the World Trade Organisation (WTO).

It is anticipated, he said, that the negotiations will be concluded by December 2014.

The primary objective of this course of action is to secure favourable market access for Bahamian goods and services in the international trading community, Mr Pinder said.

He said: “As a country whose economy is based primarily upon services, particularly tourism and financial services, it is important that private and public stakeholders understand the multilateral rules governing international trade in services, as provided for in the General Agreement on Trade in Services (GATS), an Agreement of the WTO, as well as the Economic Partnership Agreement, executed in 2008 between CARIFORUM and European Union countries (EPA).

“Understanding these agreements is critical to understanding future market access to foreign markets by Bahamian companies and access by foreign companies to the Bahamian market.”

Mr Pinder pointed out that a major component of these agreements is the liberalisation of services, which encompasses not only the movement of service providers, but also the establishment of commercial presence in another jurisdiction.

“Trade in services might encompass not only our mainstays of tourism and financial services, but also professional services, such as lawyers, accountants, insurance providers; utility services, such as telecommunications; distribution services, such as retailing and wholesaling operations,” he said.

Mr Pinder said that as the minister with responsibility for financial services and trade and industry, he is keenly aware of the importance and sensitivities of these sectors.

“The opportunities which await businesses based in the Bahamas are numerous,” he said.

“As a country, we must now be willing and prepared to grasp those opportunities associated with an open trading regime and becoming part of international trading arrangements, creating potential for growth of these sectors.

“Becoming a part of ‘the club’ provides security of investment for businesses based in the Bahamas and better levels the playing field for participation in the international trading system.”

Membership provides access for Bahamian services providers to the markets of the 157 WTO and EPA member countries, which will also contribute to the expansion and growth of the Bahamian economy, resulting in job creation and increased investment opportunities, he said.

“To this end, my ministry is ready and prepared, through initiatives such as this, to ensure that the Bahamas remains competitive among countries in this region,” he said.