Minister of Financial Services, Trade and Industry and Immigration Brent Symonette, suggested yesterday that The Bahamas still has a lot of work to do before joining the World Trade Organization (WTO), even suggesting that the country will have to hold off on making a full commitment to the global trade scheme until certain crucial regulations are in place.
One of those regulations, according to Symonette, has to do with intellectual property, as entities trading with the country will want to know that their products will be protected.
Symonette reminded attendees at the Bahamas Chamber of Commerce and Employers' Confederation's (BCCEC) Power Breakfast at SuperClubs Breezes, that the previous Free National Movement (FNM) administration began the nation's accession to the WTO. He lamented that not much has been done since then.
Now the new FNM government has to decide if it will sign onto the WTO "wholesale", said Symonette, or take a second look at how to best carry out the accession. However, some outstanding necessary regulations are holding the country back.
One of the humps the country still must get over, according to Symonette, is the high cost of electricity that will hamper the manufacturing industry in particular.
"If electricity is too high, we cannot manufacture here ... there is that issue as well," he said. "Things like intellectual property and their regulation have to be done."
He added that the country risks losing employees in the manufacturing sector if the issue surrounding the cost of generating electricity is not corrected.
Meantime, organizations like the Bahamas Bureau of Standards and Quality (BBSQ) is responsible for developing a framework and carrying out measurements that will assist the country in facilitating trade within the European Partnership Agreement (EPA). The BBSQ and sector-specific regulatory bodies have to come together to properly enforce best practices across the country, in order to prepare for and facilitate international trade under the EPA.
The Bahamas falls far behind many others in the region for exports. Symonette said it would be a mistake for this country to remain in a position where it is dependent perpetually on tourism to support the economy.

Prime Minister Dr. Hubert Minnis yesterday indicated that the government has no intention of "interfering" with Baha Mar.
Speaking shortly before the House of Assembly sitting began, Minnis told The Nassau Guardian, "We will follow the law. We are a law-abiding government. We, like the Bahamian people, would like to see Baha Mar functional and working so as to create more jobs."
Shortly after the House suspended for the day, The Guardian pressed Minnis further on his position on Baha Mar.
"I've told you over and over. I don't know what about the English language you don't understand," the prime minister said.
"The government, just like the Bahamian people, wants to see Baha Mar functioning to provide jobs and opportunities. We will work towards that goal."
When asked to respond to former Baha Mar developer Sarkis Izmirlian's request for a moratorium on the completion of the sale of Baha Mar, Minnis said, "I've answered you. I've told you our position. We would like to see Baha Mar opened and provide job opportunities for Bahamians."
Minnis then thanked reporters and brushed off further questions.
In opposition, Minnis had pledged to execute a "real sale" of Baha Mar and said under a Minnis administration, only Bahamians would be allowed to complete the project.
After the Christie administration released the heads of agreement it entered into with Chow Tai Fook Enterprises in April, Minnis said it was "astounding" and a "sweetheart deal".
He said the soft opening of Baha Mar on April 21 was a "scandalous scheme".
Minnis said the heads of agreement has "disastrous provisions that will impact our country for years to come".
He pledged to undo any deal that was not in the best interests of the Bahamian people.
The Minnis administration's position on Baha Mar was plunged into confusion on Tuesday when Press Secretary to the Office of the Prime Minister Anthony Newbold told reporters "The entire situation is being evaluated."
However, Newbold had previously told The Guardian the prime minister will "not intervene".
Last week, Attorney General Carl Bethel said the government has no intention of reversing the Baha Mar transactions because there was nothing objectionable or questionable in the contents of the unsealed deal.
Bethel said the prime minister has instructed the Office of the Attorney General to remain engaged with the stakeholders in the project, to continue to use the good offices of the government to ensure the matter remains on track, and to update the public on essential developments.
In a press statement on Sunday, Izmirlian called on the Minnis administration to place a moratorium on the completion of any sale of the Cable Beach project, and other related transactions, so that the government and the public can thoroughly "assess the extent of the toxicity of these arrangements to our country and how the best interests of Bahamians can be met".
Izmirlian, through his company, BMD Holdings Ltd., also wants the authorities to reopen the casino license investigation and report the findings of the Gaming Board.
The statement was made five days after Minnis tabled the unsealed Baha Mar heads of terms in the House of Assembly.
The government entered that agreement with the Export-Import Bank of China and China Construction America (CCA) last August to get the project completed and open.
The deal was sealed by the Supreme Court, its secrecy becoming a major source of controversy in the lead-up to the May 10 general election.
Under the agreement, the Christie administration agreed to issue up to 1,200 work permits to CCA to complete the resort.
The government also agreed to waive stamp duty and value-added tax (VAT) on the transfer of assets from the Baha Mar Ltd. (BML) group of companies to Perfect Luck Assets Limited to facilitate the sale.

Dear Editor,

The Bahamian people this year had the opportunity to select a political party that could solve the crises on crime, education, unemployment, the debt problem and the credit ratings downgrades.
It is my sincere hope that the FNM is able to share a vision on how to diversify The Bahamas' economy to reduce the dependence on imported food from the United States to improve local Bahamian farming. This can be used to supply hotels and food stores.
It would also be important for the FNM to stop corruption by having an anti-corruption bill added to its party platform, which would be passed to stop corruption in government.
I wish the Bahamian people God's blessing. The voice of the people spoke loud and clear in the general election this year.
My thoughts, heart and prayers are with the Bahamian people and their children's futures.

- Pedro Smith

A 21-year-old man will be tried in the Supreme Court on charges of murder and abetment to murder.
Kendrick Riley, of Golden Isles Road, was formally committed to stand trial yesterday for the October 17, 2016, shooting death of Rhoda Russell.
The teenager's bullet-riddled body was tossed from a car in Jubilee Gardens.
Riley and Phillano Williams, both 28, and of Sunset Park, were also committed to stand trial for abetment to the murder of Leslie Rolle on February 25 at Ferguson Subdivision.
Terry Sweeting, 20, of Seymour Street, Yellow Elder Gardens, is charged with Rolle's murder.
Chief Magistrate Joyann Ferguson-Pratt informed Riley and Williams that proceedings had ended against them in the Magistrates' Court with the presentation of the voluntary bill of indictment.
She informed the men that they will have to appear before Justice Bernard Turner on July 21 for an arraignment.