The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A top private sector representative yesterday lamented the more than two-year delay in securing a Memorandum of Understanding (MoU) with the Government to boost services exports and trade, warning that the Bahamas is not doing enough to develop the sector.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s chief executive (BCCEC), told the Rotary Club of south-east Nassau that trade facilitation had to be prioritiese “if we are serious about finding ways to develop our country”.

He explained: “Trading in goods and services, particularly trading in goods, has been on top of the agenda for the private sector and governments in the Americas or in this region, as we all seek to expand our markets, create new employment opportunities and become more innovative in the goods and services we produce and sell.

“Trade facilitation has to also be on top of our government’s agenda if we are serious about finding ways to develop our economy. Trade facilitation has to be a necessary partnership between the private sector at large, particularly those involved in the import trade, and the Government of the Bahamas.”

Mr Sumner continued: “It is my view, as I have said before, that we do not spend enough time developing our trade services as much as we should, and we do not put nearly enough resources into the support of the sector and this part of our business community. Trade now has to be seen and developed not only in the export of goods but also in the export of services.”

Mr Sumner said the Chamber has been in active discussions with the Ministry of Financial Services’ trade department to establish the first ‘trade in services (TIS) desk’, which it will administer.

“The process of establishing the framework for the TIS is underway, and I expect there will be some announcement very shortly to that effect,” he added.

“I am, however, disappointed in the fact that we have had  an MoU outstanding with the Government for more than two years, and it is slowing down the process for us to move to the stage where we want to get this trade facilitation done.”

Mr Sumner said: “Notwithstanding the fact that the MoU is not completed, the Chamber has made a decision to move ahead with its plan and its objectives to establish the trade information service desk at the Chamber.

“We have since picked up those discussions with the Ministry of Financial Services and we expect that the MoU we drafted two years ago will come to  fruition very shortly.”