The Tribune

By NATARIO McKENZIE


Tribune Business Reporter


nmckenzie@tribunemedia.net

The Bahamas is still moving towards completing its World Trade Organisation (WTO) accession by December 2015, a Cabinet minister said yesterday.

Ryan Pinder, minister of financial services, said the Bahamas reiterated its commitment to become a full WTO member at the sixth CARICOM-US Trade and Investment Council meeting last week.

“We are still progressing. We have some technical experts in town this week to complete our factual summary, update our legislative agenda and advance key pieces of our legislation that are important. They are working on that right now,” said Mr Pinder.
 “We had an opportunity to speak to the US trade representative last week on key positions with respect to our WTO accession process.

“We reiterated the commitment of the Bahamas to accede in a way that is respectful but also puts our domestic industry first. In other words, proceed along a negotiating strategy that has peaks and valleys in our tariff rates that protect domestic industry and employment, but also is concessionary in certain areas.

“We reiterated that theme. We reiterated to the United States that that was fundamental to the Bahamas and that we would not budge on that issue because, ultimately, it’s the domestic industry that we represent.”
 Mr Pinder added: “We are to open new markets and allow for Bahamian industries to see new revenue, but we have to do it in a responsible fashion. We are proceeding along the same timeline to be able to make the decision by December 2015.”