With the launch of the National Trade Policy, The Bahamas now has a comprehensive framework for trade that the government intends to use to lower the trade deficit by empowering more local businesses to tap into export markets.

Speaking at a press conference held on Thursday, 25 May, 2023 to announce the launch of thenation’s first-ever National Trade Policy, Bahamas Trade Commission Chairman, Philip Galanis, saidthat trade is expected to play a big role in the Bahamian economy as the nation continues its postpandemic recovery.“Prior to the pandemic, the export of services, particularly tourism related services, served as acounterbalance to our food and goods trade deficit. However, moving forward we are seeking toexpand existing areas of strength and diversify into new areas to create new trade opportunities forlocal businesses and more resilient national economy.”

With the launch of the National Trade Policy, Chairman Galanis indicated that country finally has acoherent approach to the development of trade in alignment with wider national developmentplans. He stated that the policy is “comprehensive and with broad impacts on the Bahamianeconomy.”

“This Policy speaks to more effective management of imports through reviewing our tariff structure,the need for competition laws, domestic preferences, and improved incentive schemes. It addresseshow we will expand existing exports through our trade promotion efforts and developmentprogrammes, a full review of the existing tax regime, the embracing of digital technology, and thedevelopment of free trade zones.”

“Through this Policy, The Bahamas will diversify its exports in target areas within the blue, green, andorange economies, while strengthening our domestic competitiveness through the creation of moreservice-oriented, faster processes combined with greater education and support for localbusinesses.”

Chairman Galanis credited the extensive consultation process done over the past two years withlocal businesses, trade experts, and other stakeholders for the comprehensiveness of the Policy.“We have held numerous formal and informal sessions with local businesses of all sizes and in allrelevant industries, securing vital stakeholder input that played a big role in the crafting of the policy.The document we have today reflects that input, as well as the inclusion of input from top local and international experts. As a result, we have developed a trade framework that addresses local needsand is responsive to global demand.”

Moving forward, Mr. Galanis encouraged all local businesses who are interested in participating ininternational trade or expanding the extent of their trade activity to reach out to the TradeCommission to learn more about the Policy and upcoming opportunities for enrichment.

He also welcomed all industry stakeholders to continue to work collaboratively with the governmentas the policy is rolled out, so that all initiatives continue to reflect the needs and input of Bahamianbusinesses.

“Most trade is conducted by businesses, not the Government, and affects the lives of the Bahamianpeople, so it will take the joint efforts of both the Government, as well as the private sector, to trulyencourage economic diversification in the country. I encourage you all to take an interest in trade andto learn more about the importance of trade to helping us building a stronger economy.”

Those who wish to learn more about the National Trade Policy can download a copy of the policy athttps://moea.gov.bs/the-bahamas-national-trade-policy