The Government of the Bahamas has made a conscious decision to join the World Trade Organization (WTO), and is due to present a formal memorandum of accession to the WTO at the next ministerial meeting of the international organization in November.
This announcement came from Minister of Labour and Immigration Vincent Peet during the opening of the International Labour Conference on the Free Trade Agreement of the Americas, the World Trade Organization, and the Caribbean Single Market Economy hosted by the Trade Union Congress at the Wyndham Nassau Resort and Crystal Palace Casino.
Under the theme, “Facing The Challenges of Globalization” and sub-themed, “Getting The People Ready”, the conference brougt together some of the brightest minds in the Caribbean representing some 34 countries who will be affected by coming trade liberalization.
The conclave, which runs from October 26 -31, is co-sponsored by the Inter Development Bank and the Water and Sewerage Corporation and the Bahamas Electricity Corporation.
In his keynote adderss, Mr. Peet said that it is not a question as to whether The Bahamas will join the new global trading arrangements, but rather, the terms and conditions of membership that will need to be negotiated.
He said that the Bahamas has for some 500 years been a part of a global trading system, especially in light of its weight in the tourism and financial services industries.
However, Mr. Peet continued, the evolution of modern technology is producing a borderless world, and eroding many economic controls which some countries formerly employed.
“An attempt by governments to control these activities will probably be met by claims that fundamental human rights are being infringed and therefore, governments will probably tread lightly in this area,” he said, referring to cross border trades.
“The government recognizes the reality that the WTO in the immediate future will be engaged in writing the rules for the service trades. As a serious trader, The Bahamas can no longer afford not to be at the table when the new rules are written, since in the world of the future, new rules will be applied to you whether you are a member or not,” the minister said.
“We expect to negotiate our way into the WTO and we expect to negotiate membership terms which are favourable to The Bahamas,” he announced.
The Bahamas has been in negotiations for the FTAA from the inception, Mr. Peet went on, and as a serious participant in the process, the conclusion of such will also be favourable to the nation as well as the CARICOM partners.
“Of course, the Bahamas reserves the right not to join if favourable terms cannot be negotiated,” he said, adding, “I expect however, that the commitment made at that first summit in Miami, to forge a hemispheric agreement that will benefit all participants, will be realized and that the conditions will be right for our membership.”
Further, he said, he expects negotiations with the CARICOM partners regarding the CSME to also be favourably negotiated, with much concern resting on the issue of the free movement of labour.
The government, he said, engaged in a consultative process with Bahamians by inviting Prime Minister Arthur of Barbados in August, who reassured the nation that negotiation can lean in the nation’s favour.
“The current globalization process puts a premium on information, knowledge, science and technology, research and innovation. Herein then lies the major challenge for the Bahamian people and for the Government of The Bahamas. We must first provide the people with information that they need so that they will understand globalization and not fear it,” said Mr. Peet.
He said that is true that most small countries have not fared well as a result of globalization; however, those that have done well have educated populations, and were prepared to make the necessary changes to benefit from the economic forces sweeping the world.
“Those countries that try to hold on to their old ways and who are not prepared to experiment with new economic forms and systems are the ones that are likely to be negatively affected by globalization,” he said.
Also speaking at the event was Sir Shridath Ramphal, Chancellor Emeritus of the University of the West Indies, a recognized expert on issues regarding trade liberalization, who noted that the region is faced with the threat of losing the freedom for which it has sacrificed so much to attain.
With regard to negotiations for the FTAA, Sir Shridath said, threats arise in many forms and guises.
With this in mind, he said, labour leaders who have long been the cornerstone of civil society should have a dominant voice on the decisions and position of the Caribbean.
It was well worth remembering, he said, that the United States of America and Canada are the longest established functioning democracies in the western hemisphere.
However, the democratic culture of the Caribbean will condition the region in all undertakings during such negotiations which touch the various economies, he said.
Trade unionists are the “founding fathers” of democracies in the region, hence the formation of the ILC, according to Sir Shridath.
The body of trade unionists from different countries, he continued, quickly recognized the need to act in concert with the region in respect to the thrust for independence.
He also praised the contributions of the Inter Development Bank, which has long supported economies throughout the region, asserting that nations must pull together in their positions and decision-making regarding global trade.
“Alone – we are alone. Together, we are not,” he said.
President of the Trade Union Congress and Chairman of the ILC on the FTAA, Obie Ferguson said that the people of the region need more time to properly evaluate and make intelligent decisions for global trade.
Highlighting the outcome of a foreign labour dispute, he said that that one judgment, which was in the millions of dollars could have easily wiped out the Bahamian economy in one “fell swoop.”
he also expressed concern that “labour and the environment” are not included among the nine principles of concentration for FTAA.
“I am of the opinion that 2005 is too soon,” he said. “We need more time for peoples of the region to properly evaluate all aspects of the proposed agreements. An extended period will enable us to be in a better position to make intelligent decisions on these life-changing matters of global trade.”
Mr. Ferguson called on the government, in conjunction with the labour movement and private sector to develop a strategic plan to ensure that nationals have transferable, multifaceted skills.
“Meaning,” he said, “that they must be trained from a vocational perspective and they must have more than one specialty. Also, more than one discipline. This is important because education is still the great engine for development.
“If we are intent on breaking down all of the trade barriers, so we could accordingly cement as entrepreneurial partners,” Mr. Ferguson concluded, “it is ultra-important that all within the boundaries of the 34 nations involved in the process recognize the need to move surely forward, but with care and due prudence.”
By Vanessa Rolle, The Nassau Guardian
