Draft legislation for the regulation of an E-commerce industry has already been prepared by the government and is now in circulation for discussion and comment.
Once such consultations are completed, which should occur within the next month, the E-commerce Bill will be tabled in Parliament. This, according to Prime Minister Perry Christie, who on Monday addressed individuals attending the 12th annual Bahamas Business Outlook Conference, 2003.
The Prime Minister told the diverse business grouping that there is every reason to believe that this new legislation for E-commerce, should be on the books before June of this year. He said that in relation to other international services, the development of The Bahamas as an important centre for E-commerce is the most attractive option at this point and time.
“To achieve this, it is vital to have the necessary body of legislation in place safeguarding intellectual property rights and related matters, to have the highest quality technological infrastructure available in the telecommunications sector and to have a highly educated and computer workforce available,” he said.
The Prime Minister also stressed that the government remains committed to the privatization of Batelco and to the development of necessary legislative and regulatory platforms for E-commerce.
Shifting his message to diversification of the economy, the Prime Minister noted that it is essential to streamline the Bahamas’ framework of fiscal incentives and concessions, so that the framework in place attracts the correct level of international and Bahamian investment, encourage new generations of Bahamian entrepreneurs and provides appropriate opportunities for the sustainable diversification of the economy. He said the government is therefore working rapidly to ensure that these pre-conditions are met.
In looking further ahead, the Prime Minister said that the completion of discussions on the Free Trade Area of the Americas (FTAA) is likely within the next few years. He said that while it is difficult to see the specific advantages that the FTAA could have for The Bahamas, it would have the general advantage of expanding trade and commerce within the hemisphere, thereby creating opportunities for international services in The Bahamas.
“My government will ensure that the advantages to The Bahamas will far exceed any disadvantages in the completion of the FTAA and the final commitment of the government to the FTAA will not take place without the fullest participation and consultation of the Bahamian public,” he said.
The Prime Minister further stated that there would be no major sharp disruptions to any aspect of our economy or our public finances. Any adjustments that The Bahamas will be required to make to its current structure of policies, he said, will be phased over a very long transitional period, in which similar initiatives apply to The Bahamas seeking full member in the World Trade Organization (WTO).
“Many commentators and others have suggested that at this time, it is not evident that small economies derive any substantial benefits from the proposed FTAA and from the actual WTO. Nevertheless, The Bahamas will join with other small nations in ensuring that these organizations take into account the special interests and challenges facing small economies,” he said.
Meanwhile, the Prime Minister further stated, he is optimistic and confident that the global political environment, over which the spectre of terrorism and war are casting a long shadow, will rapidly improve through the year 2003, provided that: The threat of a lengthy war with Iraq can be averted, the U.S. economy rebounds and that further incidents of terrorism do not further reduce the volume of international tourism traffic out of the United States.
“I am reasonably confident that the Bahamian economy will grow in 2003, in line with the improvements in the global environment,” he said.
By Tamara McKenzie, The Nassau Guardian
