Progress made on compliance with EPA international trade obligation

Fri, Jun 14th 2013, 11:47 AM

Financial Services Minister Ryan Pinder said the government has "catapulted" its compliance with its international trade obligation under the Economic Partnership Agreement (EPA).
During his contribution to the debate on the 2013/2014 budget communication, Pinder announced that the government has set the legislative framework necessary for the advancement of trade.
Under the EPA, there are certain reductions in customs duties that have to take place incrementally every two years over a 25-year period.
The first reduction was supposed to take place in January 2011 and the second in January 2013. However, Pinder accused the former Free National Movement (FNM) administration of neglecting its international obligations.
"The former government did not provide what was necessary for the implementation of our international obligations. The Tariff Bill tabled by the prime minister and minister of finance implements these first two tariff cuts and provides legislatively for the additional tariff reductions over the next 20 years," he said.
"I am pleased to report that as part of the prime minister's budget communication and the attending legislation tabled in this honorable place, this government, in just one year, has catapulted its compliance with its international trade obligations under the EPA and has set the legislative framework for the advancement of trade as a pillar of the economic development of The Bahamas."
Pinder pointed out that the Tariff Bill has also been modernized, reflecting the latest tariff codes, specifically the Harmonized System 2012.
"It significantly simplifies the schedules, by implementing a multi-column system. These features increase the ease of doing business and the transparency in trading, providing a mechanism to facilitate international trade," he noted.
Earlier this month, Pinder told Guardian Business that discussions are on track regarding The Bahamas' attempt to implement an EPA plan. His optimism came after the first round of validation meetings.
"We talked about opportunities and we talked about how we could fit the different industries into our implementation plan to cause exposure to the greatest number of clientele internationally and globally," Pinder said.
"We think they are going very well. The consultants should be complete with their final assessment report hopefully next week, so I'll have an opportunity to discuss it next week in the House during the budget debates."
The Bahamas is aiming to incorporate a value-added trade strategy to position the country as a hub in global value chains. This will better integrate production networks across regional states in an effort to source primary and intermediary inputs for additional export and production.
"The Bahamas is planning for opportunities associated with global value chains. We are creating a new, progressive business model in keeping with our globalized world, in order for us to take full advantage of outbound opportunities, as opposed to fixating on supposed inbound threats," said Pinder.
He believes The Bahamas' commitment to an EPA implementation plan is reflected in portions of the 2013/2014 budget communication.

Click here to read more at The Nassau Guardian

 Sponsored Ads