|
|
|
|
Last Updated: Feb 6, 2017 - 2:32:04 PM |
Minister of Financial Services the Hon. Ryan Pinder speaks at the Opening Ceremony for the Trade in Services Workshop, on October 8, 2012. The Ministry of Financial Services, in conjunction with the African Caribbean and Pacific Multilateral System (ACP MTS) Programme, will facilitate a workshop series on the General Agreement on Trade in Services (GATS), October 8-11, 2012, at the British Colonial Hilton. GATS is an agreement of the World Trade Organisation (WTO). (BIS Photo / Eric Rose)
|
NASSAU, The Bahamas – Minister of Financial Services the Hon. Ryan Pinder said, on October 8, 2012, that the current administration committed to making sure that the Bahamian people were made fully aware of the terms and full implications of various trade agreements undertaken by the Bahamian Government. “This was to extend to a deliberate and sustained plan to integrate these agreements into everyday business activity in The Bahamas,” Minister Pinder said, as he welcomed attendees to the Trade in Services Workshop, held at the British Colonial Hilton.
The workshop is the first in a series of private/public sector workshops aimed at imparting technical information regarding such international trade agreements, Minister Pinder said.
“The Bahamas Government is also 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, builds technical capacity and creates the strongest environment for increased domestic economic activity.” Minister 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 such a course of action is to secure favourable market access for our Bahamian goods and services in the international trading community, Minister Pinder added.
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.” Minister Pinder pointed out that major components of both agreements are 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. Minister Pinder said that, as the Minister with responsibility for financial services and trade & industry, he is keenly aware of the importance and sensitivities of the sectors for The Bahamas and the Bahamian people. His varied ministerial responsibilities do not allow for policy recommendations to the government in one area which do not take consideration of the full implications in the other, he added. That said, the opportunities which await businesses based in The Bahamas are numerous,” Minister Pinder 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, Minister Pinder said. Such security will also contribute to the expansion and growth of the Bahamian economy, resulting in job creation and increased investment opportunities, he added.
“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.
“Private and public sector capacity building through education and training is also a key focus of this Government.” To the various services sectors/providers that will be represented at the workshops during the course of the week, Minister Pinder encouraged them to be “open minded” and not look at trade liberalisation as one sided, but a reciprocal arrangement for which you as professionals and business people can benefit.
“The various professional groups should begin to think of ways to better regulate their particular sectors and to set up institutions to facilitate the process,” he said. “The sessions were deliberately organised so that the presentations could focus specifically on each sector’s needs.” Minister Pinder said that Chairman of The Bahamas Trade Commission Philip Galanis and the Commissions’ members were in attendance that morning, representing the various sectors of the Bahamian economy.
“As a Government, we are hopeful that through dialogue with the representatives of the Trade Commission, and other organisations of which you are a part, that we receive constructive feedback which aids in negotiating an advantageous position for The Bahamas in the international trading regime,” Minister Pinder said. The active engagement of private and public sector professionals through the forum that week is particularly relevant and timely given that last week The Bahamas services and investment schedules were accepted by the EU-CARIFORUM Trade and Development Committee, Minister Pinder said.
“It will now go to the EU-CARIFORUM Joint Ministerial Council so that it can be formally annexed to the Economic Partnership Agreement later this month,” he said. “I will be representing The Bahamas at that meeting accompanied by the Acting Director of Trade and Industry.” Minister Pinder said that Government will continue with its public awareness initiative, in its efforts to educate the public on international trade matters.
“The Ministry of Financial Services will be partnering with the Bahamas Trade Commission and Rotaract to have a WTO symposium in the coming months, as well as a private/public sector Customs Rules of Origin Training with the Customs Department and a World Intellectual Property Organisation Private Sector Sensitisation Workshop with the Office of the Attorney General,” he said.
“We look forward to your continued input and participation in the process as we move forward.”
© Copyright 2012 by thebahamasweekly.com
Top of Page
|
|
|
|
