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News : Bahamas Information Services Updates Last Updated: Feb 13, 2017 - 1:45:37 AM


Hon. Hope Strachan engages the UN Conference on Trade and Development on Trade and Financial Services Concerns
Jul 29, 2016 - 7:16:35 AM

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The Minister of Financial Services, the Hon. C.V. Hope Strachan, M.P. who has responsibility for international trade and financial services led a six member delegation to the Fourteenth Session of the United Nations Conference on Trade and Development (UNCTAD XIV) which took place in Nairobi Kenya from 17th July to 22nd July 2016. Minister Strachan was accompanied by the Minister of State for Investment, the Hon. Khaalis Rolle, M.P.

As The Bahamas had assumed the role of Coordinator for the Group of Latin American and Caribbean States in Geneva Switzerland, effective 1st July 2016, Minister Strachan also addressed the Fourteenth Ministerial Meeting of the Group of 77 and China which preceded UNCTAD XIV on 17th July 2016 and delivered GRULAC’s statement in the UNCTAD General Debate. On 19th July, 2016, she also delivered The Bahamas’ statement in the UNCTAD General Debate. At the World Investment Forum which was taking place concurrently during UNCTAD XIV, Minister Rolle participated in the session on The Role of Non-traditional Investors in Financing Sustainable Development Goals (SDG) Projects.

While in Nairobi, both Ministers Strachan and Rolle made a courtesy call upon Dr. Chris Kiptoo, Principal Secretary, State Department of Trade to discuss whether there were opportunities for trade between Kenya and The Bahamas despite the distance between the two countries.

Minister Strachan who also has ministerial responsibility for the Industries Encouragement Act, also used her visit to Nairobi to explore other opportunities for trade including possible training for Bahamian manufacturing entrepreneurs. She met with Ms. Tatiana Krylova, Head of Enterprise Branch, Division on Investment and Enterprise at UNCTAD. Ms. Krylova advised the Minister about technical assistance offered by UNCTAD which might be beneficial to Bahamian entrepreneurs, including youth entrepreneurs.

The United Nations Conference on Trade and Development (UNCTAD) is a permanent intergovernmental body established by the United Nations General Assembly in 1964 and is part of the United Nations Secretariat, reporting to the United Nations General Assembly and the Economic and Social Council of the United Nations. UNCTAD serves as the focal point of the United Nations system for the integrated treatment of trade and development issues and the interrelated issues of finance, technology, investment and sustainable development.

Since its foundation more than 50 years ago, UNCTAD has been a key partner supporting developing countries in meeting their development objectives. The Organization’s quadrennial conferences provide a forum for open and constructive dialogue on issues critical for the sustainable development of developing countries such as trade, finance, investment and technology. It supports developing countries in accessing the benefits of a globalized economy more fairly and effectively, equipping such countries through its technical cooperation initiatives. UNCTAD’s quadrennial conferences which set the organization’s mandate and work priorities for the next four years, also serve an important political function in that they allow intergovernmental consensus building on issues affecting the state of the world economy and development policies. Member States make assessments of current trade and development issues, discuss policy options and formulate global policy responses.

The theme of UNCTAD XIV, “From decision to action: Moving towards an inclusive and equitable global economic environment for trade and development” was most appropriate as UNCTAD XIV was the first UNCTAD conference since the global community established the Sustainable Development Goals and mandated - via the Addis Ababa Action Agenda - UNCTAD as one of five international organizations to mobilize financing for development. The other four organizations are the World Bank, the International Monetary Fund (IMF) , the World Trade Organization (WTO), and the United Nation Development Programme (UNDP).

UNCTAD XIV provided a unique opportunity to bring together stakeholders from governments, private sector, civil society, academia and the youth. Taking place concurrently with UNCTAD XIV was the World Leaders Summit, the Fifth World Investment Forum (WIF), the Civil Society Forum, the Seventh Global Commodities Forum and the first global Youth Forum in recognition of the contribution of the youth in social economic and sustainable development. The 2016 World Investment Forum brought together business and political leaders to address issues such as International Investment Agreements, Sustainable Stock Exchanges, Urban Development and Gender Dialogue and sought to tackle the future financing challenges facing the implementation of the stainable development goals following the UN Summit on the post-2015 development agenda and the COP21 meeting on climate change.

On 22nd July, 2016, The Bahamas and other member states of UNCTAD agreed the Nairobi Azimio Declaration, reaffirming their commitment to UNCTAD and urging member states and UNCTAD to implement the Nairobi Maafikiano. The Nairobi Maafikiano was a consensus document which member states of UNCTAD adopted after intense negotiations in Geneva and Nairobi adopted on the final day of the meeting. Both documents will serve as a road map for trade and development issues to be addressed by UNCTAD during the next four years.

Minister Strachan in commenting on the successful outcome of UNCTAD XIV and The Bahamas’ participation noted:

“The Bahamas had 7 minutes in which to bring certain issues we believe important to the attention of a captive audience at UNCTAD XIV. One of those issues of particular importance for The Bahamas was the issue of de-risking and the loss of correspondent banking on the Caribbean Region. It was important to raise these issues at UNCTAD because it providedanotheropportunity to emphasizethe negative impact thatde-risking and the loss ofcorrespondent banking is havingon the Caribbean Region. We have been discussing theefforts of the Caribbean collaborating andunitingon this issue to seek a resolution. It was extremely important to seek the assistance ofthis influential organization because they not only have the capacity but they also have the clout to stimulate the necessary interest and action of the international community on this matter.”


Remarks By

Hon. C. V. Hope Strachan, M.P.

Minister Of Financial Services

Commonwealth Of The Bahamas

UNCTAD XIV

19th July, 2016

Nairobi Kenya

Mr. Chairman, Excellences, Ladies and Gentlemen, firstly I wish to express deep appreciation to the Government and people of Kenya for their warm hospitality and excellent arrangements for UNCTAD XIV.

Mr. Chairman, the United Nations Conference on Trade and Development was created in 1964 as the focal point of the United Nations system, responsible for trade and development issues. Since its foundation more than 50 years ago, UNCTAD has been a key partner supporting developing countries in meeting their development objectives. The Organization’s quadrennial conference provides a forum for open and constructive dialogue on such critical issues as trade, finance, investment and technology which are critical for the sustainable development of developing countries. UNCTAD supports developing countries in accessing the benefits of a globalized economy more fairly and effectively, equipping such countries through its technical cooperation initiatives. The Organization’s quadrennial conferences also serve an important political function in that they allow intergovernmental consensus building on issues affecting the state of the world economy and development policies. Member States make assessments of current trade and development issues, discuss policy options and formulate global policy responses. These conferences set the organization’s mandate and work priorities for the next four years.

Mr. Chairman, The Bahamas like other members of the Group of 77 and China, believes that UNCTAD remains the important focal point in the UN system for Trade and Development. It provides an invaluable forum for discussion, co-operation and collaboration of the important issues of trade, finance, investment and technology critical for the sustainable development and economic wellbeing of developing countries.

2015 was a landmark year for the international community and the international development agenda. Member States adopted the Sendai Framework for Disaster Risk Reduction, the Addis Ababa Action Agenda for the Third International Conference on Financing for Development, the United Nations 2030 Sustainable Development Goals and at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change held in Paris France in December 2015, inked an historic agreement. These are all important initiatives which impact developing member states of UNCTAD.

Mr. Chairman, the report of the UNCTAD Secretary General makes clear that while progress has been made in some areas, the need for “collective action to tackle cross- border challenges is at an all-time high”. We meet at UNCTAD XIV at a time when Governments are seeking to operationalize the 17 Sustainable Development Goals under the 2030 Agenda for sustainable development and to discuss the opportunities and challenges of implementing those goals. The theme of UNCTAD XIV is therefore appropriate “From decision to action: Moving towards an inclusive and equitable global economic environment for trade and development”.

As a small island developing state (SIDS) climate change has significant economic and social implications. This was made clear in 2015 when Hurricane Joaquin devastated the livelihood of thousands of residents. The vulnerabilities of the country’s geographical location and low topography were clearly exposed. Additionally, as a small developing archipelago, the country faces peculiar developmental challenges including replicating infrastructure on twenty two inhabited islands, regardless of size or population.

Our vulnerabilities not only relate to our geographical and topographical structure, but also to our economic structure. The fact that banking and financial services represent 15% of our GDP, de-risking and the loss of correspondent banking relationships are a threat to our economic stability. This recent phenomenon is a result of external pressures associated with the changing global financial regulatory environment. This is not only true for The Bahamas but also for many countries within the Caribbean region. While the Caribbean seems to be the most severely affected region, other jurisdictions are also being affected. The potential negative impact on the economies of affected countries warrant studies by UNCTAD to understand the effect on international trade, sustainable development and the global economy. The Bahamas as a financial service centre understands the issues associated with tax avoidance and tax evasion and the need for transparency and cooperation globally in such matters.

As an archipelagic state, whose economy is also significantly supported by inter island and international shipping, we recognize the inherent value of UNCTAD’s work in the maritime sector. This work provides member states with guidance to make transport more efficient and cost effective. The provision of capacity building and technical assistance in this area to developing countries, will further enhance trading opportunities for all.

Mr. Chairman, while each country has primary responsibility for its own economic and social development, the support of an enabling international environment is integral to the success of national efforts. In the case of The Bahamas and many other developing countries, access to foreign markets and attracting foreign direct investment is critical for sustainable development. Foreign direct investment, public private partnerships and the transfer of technology which often accompany such initiatives, are crucial for trade and sustainable developmental policies. The Bahamas supports other G77 and China members who believe that UNCTAD should be strengthened to enable it to effectively deliver on the trade and development goals of developing countries, informed by our needs, vulnerabilities, national development strategies, macroeconomic policies and the realities with which we are faced.

Mr. Chair, there some developing countries like The Bahamas excluded from eligibility for concessional loans and grants from bilateral and multilateral sources by reason of perceived high per capita income. The need for the development of transparent measures of progress on sustainable development which go beyond the per capita income model as a measure of development is essential. UNCTAD’s work on productive capacity and vulnerability indices is critical.

Additionally, it is important that countries which are presently negotiating membership into the World Trade Organization, have access technical assistance and capacity building support to assist in their integration into the multilateral trading system.

Mr. Chairman, let us use this opportunity to cooperate and collaborate to arrive at a text which supports trade and sustainable development and the inclusion of all.


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