Accession to the WTO Nassau Conference, 12 October, 2018

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Presentation transcript:

Accession to the WTO Nassau Conference, 12 October, 2018 Ministry of Financial Services, Trade & Industry and Immigration

WTO MEMBERSHIP to date

HOW DID WE GET HERE? - 2001 application for membership - Delays: - Changes in administration - CARIFORUM-EU EPA - Economic climate

ACCESSION PROCESS: 3 NEGOTIATION TRACKS MULTILATERAL — WTO rules and disciplines PLURILATERAL — Agriculture, SPS, etc. BILATERAL — Market access on goods & services

BAHAMAS STATE OF PLAY Target date: December 2019 / June 2020

Benefits MODERNIZATION SAVINGS GROWTH LAWS PROCESSES LOWER COST OF GOODS BETTER SERVICES SAVINGS INCREASED LOCAL INVESTMENT INCREASED INTERNATIONAL INVESTMENT GROWTH

TRADE PERformancE: RECENTLY ACCEDED (ART. XII) WTO MEMBERS Source: WTO Secretariat

Source: Bahamas DCGEM (Dynamic Computable General Equilibrium Model) IMPACTS ON THE ECONOMY Unit: B$ (millions) Source: Bahamas DCGEM (Dynamic Computable General Equilibrium Model)

IMPACTS ON TOURISM SERVICES Unit: B$ (millions) Source: Bahamas DCGEM

IMPACTS ON OTHER SERVICES Unit: B$ (millions) Source: Bahamas DCGEM

DOMESTIC SENSITIVITIES Retail: 7% Real estate: 6% Non-reserved economy: 72% Construction (except specialty): 5% Transport: 3% Wholesale: 2% Legal services: 2% Restaurants: 2% Commercial fishing within the exclusive economic zone of The Bahamas: 1% Source: Department of Statistics

NEGOTIATION OBJECTIVE Maintain reservations!

SAFEGUARDS FOR BAHAMIAN BUSINESSES YOU GET WHAT YOU NEGOTIATE Services: - Economic needs tests - Limited commitments Goods: - Peaks and valleys - Tariff rate quotas (sensitive agricultural products) THERE ARE ALSO BUILT-IN SAFEGUARDS (Art. XX)

NEXT STEPS Timeline ACTIVITY January, 2019 4th Working Party Meeting May, 2019 5th Working Party Meeting September, 2019 6th Working Party Meeting Consolidation of bilateral market access agreements, technical verification of Draft Goods and Services Schedules, and circulation of draft Accession Package to the Working Party October, 2019 Final Working Party Meeting December, 2019 Formal adoption of Bahamas’ Accession Package First half of 2020 Ratification of Accession Protocol by Parliament Mid-2020 WTO Member

QUESTIONS?