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

2. WTO MEMBERSHIP to date

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

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

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

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

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

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

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

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

11. 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

12. NEGOTIATION OBJECTIVE
Maintain reservations!

13. 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)

14. 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

15. QUESTIONS?