The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government is aiming to have a Standards Bureau operational within 12 months, a Cabinet Minister said yesterday, with $100,000 in grant funding earmarked for its development.

Ryan Pinder, minister of financial services, said a Standards Bureau would measure and monitor the quality of imports to the country. “We’re actively developing it and pursing it,” he added.

“We have identified a preliminary location, and we are preparing an updated strategy and staffing plan to cause the Bureau to be put in place. We are looking to any legislative amendments that may be required and will prepare the regulations under the Standards Act.”

Mr Pinder yesterday announced the establishment of a National Economic Partnership Agreement Implementation Unit to be headed by Keva Bain, acting director of trade and industry. “The National EPA Implementation Unit’s objective is to provide technical support and education resources to intergovernmental agencies and the private sector to facilitate trade under the EPA, and overall coordination of the implementation EPA obligations,” said Mr Pinder.

To support the National EPA Implementation Unit’s mandate, the Government has applied for grant funding. “We have applied on the EPA implementation component for about $300,000, of which over $200,000 will be earmarked for EPA implementation and $100,000 will be earmarked to kick off the development of the Standards Bureau. Our goal is to have the Standards Bureau operational within 12 months,” said Mr Pinder

He told Tribune Business that from a legal perspective, EPA implementation was in effect. “From a legal perspective we have implemented. We have passed the Tariff Act, we have bought into effect the Customs Management Act. From a legislative point of view and the requirement for our tariff reduction process, all that is done. The activities of the EPA implementation unit are to cause more transparency, education and awareness in both the private and public sector,” said Mr Pinder.

“The EPA provides many opportunities for economic growth for the Bahamas through international trade, market access and other economic partnerships. The implementation of the EPA will cause for domestic businesses to have access to larger markets, and reduced tariffs and quotas, creating new and expanded opportunities for Bahamian businesses in the global marketplace. More specifically, Bahamian business will now have access to a European clientele. EPA provides the opportunity for businesses to have global clients at their fingertips,” said Mr Pinder.

The Bahamas became a signatory to the EPA, its first reciprocal trade agreement, in 2008. In October 2012, the Government finalised its commitments under the EPA and the Joint Council of Ministers of Trade under the EPA incorporated the Bahamas’ commitments on trade in services and trade in investment into the agreement.

In February 2013, the EPA implementation consultation began and was coordinated by CARTFund under the Caribbean Development Bank (CDB), in conjunction with the CARIFORUM Regional Economic Partnership Agreement Implementation Unit and the Ministry of Financial Services. It had the mandate to develop a National Plan for the Bahamas on the implementation of the Economic Partnership Agreement (EPA).

Mr Pinder said that over a period of four months, representatives of the public and private sectors engaged in bilateral meetings and multi-sector stakeholder meetings with Ministry of Financial Services officials, and international consultants, to discuss the EPA’s impact and offer recommendations for the National Implementation plan.

The Implementation Unit will be responsible for the development and implementation of a communications strategy; coordination of the monitoring and evaluation process; identification of EPA implementation-related technical cooperation needs and development of appropriate project funding proposals; and cooperation with the private sector to increase business opportunities in CARIFORUM and the EU.