The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

FINANCIAL Services Minister Ryan Pinder yesterday revealed that the Bahamas has a number of requirements to meet before it can become a member of the World Trade Organisation.

Following his address to the opening of a WTO conference at the British Colonial Hilton yesterday, Mr Pinder told reporters a 2014 deadline has been set by the government for accession to the organisation.

“We are proceeding in the ministry with haste in achieving what we need to do to get to the point where we can proceed to the WTO,” Mr Pinder said. “There is some legislative initiatives that need to be undertaken, draft legislation is being prepared.

“We have a whole legislative agenda that we are working very closely with the Attorney General’s office on. We also have infrastructural elements that need to be addressed within government.”

As a member of the WTO, Mr Pinder said, the Bahamas would be required to have a more transparent and predictable trade regime, which would benefit consumers and businesses.

He said: “Bahamian products would have access to over 150 countries, and would be subject to the same equal treatment as all other members.

“Our geographic position makes the Bahamas a launching pad to some of the largest nations and strongest emerging economies in the world.

“I see the potential for agriculture to become a significant component of our sector, not just in the context of food security, but also as an industry of international trade, yet I recognise the constraints of the sector in accessing these global markets.”

Securing market access will strengthen the country’s ability to attract investors and ultimately diversify the economy, Mr Pinder said.

After visiting a number of Grand Bahama manufacturing firms almost two weeks ago, Mr Pinder told Tribune Business that several larger manufacturers involved in international trade have a keen interest in some of the Latin American markets.

Mr Pinder also said WTO membership would further diversify the economy and boost the sluggish job market.