The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government is not rushing the World Trade Organisation (WTO) accession, a Cabinet Minister stating that the Bahamas had reached the eighth out of nine key steps in the process.

Speaking at a Wednesday night panel discussion on the benefits of World Trade Organisation (WTO) membership, Ryan Pinder, minister of financial services, saod that having reach the eighth step in the nine-step process, the Government was looking to conclude an accession process started in 2009.

“It’s been ongoing since 2009. There’s a nine-step process to accession. We’re at the eighth step. It’s not that we’re rushing, but we’re progressing. We are at the back end rather than the front end with respect to the accession process,” said Mr Pinder.

He acknowledged there was legitimacy to the argument that the accession process has led the Government to modernise its economic framework and development.

“It is causing for more transparency, for a more rules-based framework and more protection for domestic industry as well to thrive, compete domestically and to compete on a global scale,” said Mr Pinder.

Bahamas Trade Commission chairman Philip Galanis noted that standard food safety and production standards were one of the issues covered under the WTO.

“Presently you see a lot of food marked ‘export only’ in the food stores. That’s dumping. We are not sure what we are eating. One of the things we are going to do as a result of WTO is to put in rules and regulations to deal with that,” he said.

David Shark, deputy director general of the WTO, stressed that negotiations could only be successful when there is support form the business community.

Mr Shark noted that other Caribbean countries who have joined have taken leadership roles in the WTO.