NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that there are many opportunities for this nation to improve its exports apart from joining the World Trade Organization (WTO), suggesting the Davis administration would not be pushing the issue.
Halkitis while responding to questions during a webinar on the draft National Trade Policy stressed that the document was not a “WTO specific” trade policy document and cautioned against narrowing the discussion to that point. It has been noted in the draft policy that The Bahamas must ultimately improve the diversification of its exports to enhance its resilience to external shocks. The draft document provides a thorough background analysis of The Bahamas’ trade performance and its underlying challenges.
“This National Trade Policy will inform all of our engagements. That is why we are presenting this draft,” said Halkitis.
He continued: “Our objective is to have the best possible outcome for The Bahamas, its economy, and its people. There are many steps that need to be taken in terms of legislation, standards, and things such as training and information dissemination that are important. What we do in terms of membership in any organization will be based on what the stakeholders, business community, and consumers bring to us.”
Halkitis said that the dissemination of the draft National Trade Policy is to get information and feedback to bring about the best results for The Bahamian people.
“The WTO accession is not the only outcome of these sort of trade discussions or maybe not the primary objective but it is how we identify opportunities for Bahamian stakeholders especially small businesses whether it’s in EU, UK, Central, and South America or the US. This is a trade discussion, not a WTO discussion. The WTO is one agreement out there. If at the end of the day the stakeholders believe it is in their interest and they can take opportunities it is something we will pursue. It is not our view to impose or drive a particular agenda,” said Halkitis.
Zhivargo Laing, a former State Finance Minister who was appointed leader WTO negotiator back in 2018 had indicated previously that if WTO accession did not happen under the former administration’s five-year term, it was unlikely to happen in the next decade. The Minnis administration had initially set a June 2020 WTO accession deadline. The Bahamas has been on a track to WTO accession for two decades.
