Tariffs a major concern as Bahamas prepares for WTO

[pampango]

Source: Freeport News

A major issue of concern among the business community as The Bahamas prepares for its imminent accession to the World Trade Organization (WTO) is tariffs.

Raymond Winder managing partner of Deloitte and Touche and chief negotiator for The Bahamas' accession to the WTO noted that businesses currently rely on tariffs as a way of being competitive, questioned whether the removal of those tariffs currently protecting Bahamian enterprises will effect their levels of competitiveness particularly against international companies.

Business persons also voiced concerns about the possible removal of protections under the WTO that reserve some industries exclusively for Bahamians. Winder explained that while it may be impacted in some way, he does not feel those protections to those industries will completely fade away, noting that efforts will be made to protect those industries for Bahamians.

While there are expected to be changes when The Bahamas joins the WTO, such as tariff reductions, Simon Wilson director of the economic unit in the Ministry of Finance said, it will not come as a jolt to the business community as there will re steps being taken to transition into those changes over a number of years.

Read more: http://freeport.nassauguardian.net/national_local/298793888937918.php

[PSPS]

1. "steps being taken to transition into those changes over a number of years"

While there are expected to be changes when The Bahamas joins the WTO, such as tariff reductions, Simon Wilson director of the economic unit in the Ministry of Finance said, it will not come as a jolt to the business community as there will be steps being taken to transition into those changes over a number of years.

Yes, we all know what those "steps" are: Goodbye domestic industries. Hello slave wages. Removing tariffs is precisely the wrong way to go, especially when they're done unilaterally like we've done in the US.