After years of stakeholder consultation and collaboration with local and international experts, theGovernment of The Bahamas has launched the National Trade Policy, an initiative that has been spearheaded by the Ministry of Economic Affairs.

The National Trade Policy was formally unveiled at a press conference hosted by the Ministry ofEconomic Affairs on Thursday, 25th of May, 2023. At this press conference, members of the mediawere afforded the opportunity to hear from the Minister of Economic Affairs, Senator, the Hon.Michael Halkitis, Bahamas Trade Commission Chairman, Philip Galanis, and other technical expertswho highlighted the work that went into crafting the policy, as well as the impact it is projected tohave.

Minister Halkitis stated that the primary objective of the national trade policy is to tap into theunexplored areas for the international trade of goods and services where there is vast potential forBahamian businesses to benefit.

He noted that this policy will supplement the economic development and diversification initiativesthat the Davis administration has taken on since taking office.

“The National Trade Policy is a key component of a wider developmental strategy to diversify theeconomy, empower Bahamian businesses domestically and internationally, and lower the tradedeficit. Key areas that are being targeted by the government, such as niche agricultural and fisheriesproducts, uniquely Bahamian crafts, food, and goods, and green, blue, and orange economy productsand services will all benefit from this policy.”

Acknowledging the calls by local businesses for greater ease in conducting international business andexporting goods and services abroad, Minister Halkitis said that the National Trade Policy will help tofacilitate the import and export of in-demand goods and services, ushering in a new era for trade inThe Bahamas.

“We know that many businesses have called for the government to reform existing processes tomake exporting their products more seamless. Through this policy, we believe that we have put theright mechanisms in place. We will expand awareness through stakeholder education to arm localbusinesses with everything they need to expand their customer base beyond the borders of TheBahamas.”

As the policy moves from the development phase to the implementation phase, Minister Halkitisnoted that the government will continue to keep its ears open to local businesses and its eyes openfor international opportunities.

“The policy we have before us today is the product of continuous stakeholder engagement. We haveincorporated much of that engagement to ensure that the policy before us today is as strong andcomprehensive as possible. As we implement the policy, the key is to remain agile and open to wayswe can continue to strengthen the policy in response to local needs.”

Minister Halkitis encouraged all local businesses and aspiring entrepreneurs who are interested inengaging in international trade to stay tuned as the government continues to engage with the localbusiness community to empower businesses of all sizes to take advantage of the new national tradepolicy framework.

“Ultimately, the true measure of the effectiveness of this policy lies in its ability to empowerBahamian businesses, lower the trade deficit, and contribute to the creation of a more resilient anddiverse economy. We encourage all businesses to get informed and get involved.”

Any business owners who wish to learn more about the National Trade Policy can download a fullcopy of the policy document at https://moea.gov.bs/the-bahamas-national-trade-policy.