New project with the IDB to be launched -


Bahamas Information Services:





NASSAU, Bahamas --- Mrs. Helen Ebong, Permanent Secretary in the Ministry of Trade and Industry, announced the launch of a new project between the Government of The Bahamas and the InterAmerican Development Bank (IDB) on Wednesday, February 22, 2006.

Mrs. Ebong said the initiative, known as the “Information As A Tool for Negotiating Effectiveness -- Technical Cooperation Project”, is being funded by the IDB-Canada Trust Fund and will continue for 18-months.

“The objective of the project is to assist The Government of The Bahamas in building the necessary capacity required to successfully analyze the advantages and disadvantages of the various multilateral, regional and bi-lateral trading,” said Mrs. Ebong.

The trading groups include the World Trade Organization (WTO), Free Trade Area of The Americas (FTAA), Caricom Single Market and Economy (CSME) and the European Partnership Agreement (EPA).

The project will help The Bahamas effectively participate in these negotiations and to guide policy makers in their decision making process on implications of trade liberalization on the economy of The Bahamas.

Mrs. Ebong said it is important for all private and public shareholders to know that the project is finally being implemented.

She said the public and private sector have been instrumental in advising the Government on measures, which are necessary to build capacity to deal with the myriad of trade matters and will be very instrumental in playing a critical role in ensuring the successful outcomes of the exercise.

“I wish to add… any recommendations for market access, offers in services, recommendations on the required legislative reform and the potential gains and losses to The Bahamas due to trade liberalization, will be based on the input made by experts in your sector,” she said.

The project comprises four components:
· Consultancy on WTO Awareness and Compliance – This will assist The Bahamas in meeting WTO standards and the regulatory changes required to comply with WTO standards.
· Consultancy of Investment Policy – Will examine the implication of the WTO Trade in Investments (TRIMs) Agreement on the traditional instruments used by the Government of The Bahamas to attract investment.
· Consultancy on Free Trade Zone – Will examine the implications that multilateral, regional and bilateral trade initiatives will have on the current operational practices of Freeport Free Trade Zone and examine policy options to ensure its viability.
· Consultancy on Services – Will examine the services sector and assist the Government, with the assistance of the private sector, in formulating a market access and services negotiations strategy.

Mrs. Ebong expressed the Government’s gratitude to the IDB’s support and said the Government looks forward to its continued assistance.

The IDB’s mandate is to contribute to the acceleration of the process of economic and social development of the region’s developing member countries, individually and collectively.

Representing the IDB was Anneke Jessen, Operations Specialist; Christopher Vignoles, Consultant; and Colin Forsythe, Operations Specialist.

Representing the public and private sectors were Mrs. Wendy Craigg, Governor of the Central Bank; and Mr. Raymond Winder, charterered accountant; Mrs. Debra Frazer, Director of Legal Affairs, Mrs. Tanya Wright, President of the Bahamas Chamber of Commerce.


02/24/2006