A delegation from the Organisation of American States (OAS) is in the Bahamas this week, guiding various national agencies in preparing for and dealing with the implications of Free Trade Area of the Americas (FTAA) membership.
The suggestion that the OAS should be involved in the process was put forward at an FTAA ministerial meeting last November. The delegation is headed up by OAS official Pamela Hamilton. As part of its present round of consultations, the Organisation has liaised with the Bahamas Chamber of Commerce, Ministry of Finance, and the Ministry of Trade and Industry, among other bodies.
Commenting on the rationale behind the OAS venture, Mrs Hamilton explained: “The basic aim of the programme is to help countries prepare and participate in the negotiations. Secondly, it’s supposed to help the implementation of the obligations of the agreement, and thirdly, it’s supposed to assist in the competitive aspect of the exercise,” according to the Nassau Guardian.
Meanwhile, Raymond Winder of the Bahamas Chamber of Commerce spoke of the measures undertaken by the Bahamian authorities to prepare for the FTAA, such as hosting individuals from the CARICOM organisation to canvas opinion on the merits of joining the CSME (CARICOM Single Market and Economy).
Mr Winder told the Guardian: “We’ve also been working on the taxation. As we know, The Bahamas is not a part of any trade agreement, because of that we do not have a process. We concentrate primarily on import taxes…so we haven’t really been a part of that process.”
The Bahamas was among the 34 nations at the first FTAA conference in 1994. Participating countries have committed themselves to creating a pan-American free trade zone by 2005.
By Amanda Banks, Tax-News.com
