The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Senator Barry Griffin, deputy chairman of the National Trade Committee revealed yesterday a price comparison portal will be launched by the end of July, allowing consumers to compare the cost of breadbasket items among retailers.

Speaking in the Senate yesterday, Mr Griffin said consumers will be able to access the portal via the consumer affairs website to view and compare prices at various stores throughout the country.

He said: “I am pleased to announce that, very shortly you can expect to see the launch of the portal on the website of the Consumer Affairs Department.

“For the first time in The Bahamas, there will be a price comparison portal. Any consumer will be able to go on the consumer affairs website to see and compare prices for breadbasket goods across The Bahamas.”

Mr Griffin explained that prices will be verified by inspectors at the Consumer Affairs Department and will be updated as inspectors carry out their routine visits. 

He said: “These prices will have been confirmed by price inspectors at the Consumer Affairs Department. We are launching the website in stages. By the end of July, prices will be listed of all breadbasket items at various stores across in Bimini, Andros, Cat Island, Exuma, Abaco, Eleuthera, and New Providence.

“This information will be updated regularly as price inspectors routinely visit the stores. It is intended that, over time, more stores will be added, more islands will be covered, and more frequently used consumer goods will be added. The tool will also undergo continuous improvement, as driven by usability feedback by the users.”

He said the National Trade Facilitation Committee aims to enhance the efficiency and transparency of trade procedures, reducing unnecessary delays and costs for businesses engaged in trade

The committee also working to strengthen the country’s competitiveness in the global marketplace by aligning trade practices with international standards and best practices.

Mr Grifin said the committee is working on bringing a Competition Act into law and  has already completed a ‘thorough review’ of previous draft Competition Acts and a "benchmarking exercise" to compare the draft with other regional and international partners.

He said: ”The first priority is to take forward the government’s commitment in the Speech from the Throne last autumn to bring forward the draft Competition Act into law. This will be the means by which The Bahamas can deliver fair market conditions. We have completed a thorough review of the previous draft Acts that relate to competition policy.

“We have already completed a 'benchmarking exercise' - comparing our draft Act with the Competition Acts of Barbados, Cayman Islands, Canada, The United Kingdom, and the United States. This is to make sure that we benefit from the experience of others and tailor the draft Act to our specific needs.”

He said the committee is working to reduce the price of imports by opening new import markets and exploring a new trading relationship with Brazil that will see the cost of goods imported directly from Brazil reduced by up to 20 percent.

He said: “Last month, The Bahamas Trade Commission led a delegation to Brazil. We met with members of the Government of Brazil and with members of the private sector, to lay the foundation of a new trading relationship.

“Once established, we in The Bahamas may begin to import more goods directly from Brazil and cut out the middleman in the USA. As a result, in most instances, goods emanating from Brazil could be up to 20 percent cheaper. This includes goods such as poultry, pork, beef, building materials, houseware, solar equipment and much more.

He said the committee plans to work with the Ministry of Economic Affairs to review existing trade agreements and educate business on how to benefit from the reduced tariffs.

He said: “Going forward, we will look into a workstream in conjunction with the Trade Unit at the Ministry of Economic Affairs, a comprehensive review of all trade agreements to ensure that we maximise their benefits for the Bahamian business community.

“This will also include a business education initiative to show businesses how to capitalise effectively on these agreements for exports and to ensure they are benefitting from lower tariffs.”