The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

WHEN the Bahamas signs on as a member of the WTO next year the success of Bahamian businesses will depend on the terms negotiated by the government of the Bahamas.

David Shark, Deputy Director General of the World Trade Organisation, said that while there are concerns from business owners regarding market access and their ability to compete in an “open market”, the Bahamas’ accession would signal more benefits than anything else.

Mr Shark said small businesses are expected to benefit from a more predictable trader environment and a system of rules for stability and protection among other things. As it stands, the Bahamas is the only member of CARICOM which is not a part of the WTO, Mr Shark said.

He was speaking with The Tribune ahead of a series of meetings at the British Colonial Hilton Hotel yesterday.

“I have heard,” said Mr Shark, “that there are worries from the small producers. What does it mean for them? The world looks rather large and scary. But having been here just a couple of days I can already see the Bahamas is tightly inter-woven into the international community. When you negotiate the terms of accession to the WTO it’s not a one size fits all arrangement.

“Does the WTO mean that tariffs all come down to zero? Does it mean that the Bahamas has to open up its services market fully and let anyone who wants to come do so?  The answer is no. Each country negotiates their way into the WTO. It’s not like a lot of international organisations where you simply sign and say now I am a member. You have to show that you are ready to meet the WTO’s rules with a little bit of lead time to do that.

“But you negotiate the market access terms between yourself and the members of the WTO. In the case of the Bahamas they come in with their interests and negotiate bilaterally to find solutions that are acceptable to both sides. So if the Bahamas has a particular sensitivity through this negotiation they can endeavour to protect that sensitivity.”

As for the status of the Bahamas signing on to the WTO, Financial services Minister Ryan Pinder said the government is still forging ahead on its anticipated course to WTO accession.

“We won’t do anything in isolation and there are a number of reforms underway in the country primarily fiscal reforms and that does have a relation to our process for WTO accession.

“We will proceed with negotiations, with legislative updates and preparing the country,” Mr Pinder said.