Globalisation will dictate the liberalisation of some sectors of the Bahamian economy in line with stipulations in international trade agreements that allow for movement of labour.
However, Brian Moree dispelled the myth that small countries like The Bahamas would be left helpless in the face of the onslaught of the labour movement influenced by these agreements. He indicated that there was no need for the country to panic as it had at its disposal various options relating to the movement of labour.
Mr Moree was a panellist during the first day of the Bahamas Chamber of Commerce’s Globalisation Conference on Monday.
“The process of globalisation is inextricably linked to the process of integration and to the dismantling of barriers to free trade and certain other aspects of economic activity,” said Mr Moree.
“The key is whether we are good enough, or whether we are smart enough to negotiate arrangements that are in our national interest,” he added, emphasising that if small countries are able to do this then size would not be a factor in their ability to negotiate on the international field.
According to him, globalisation has affected the developed countries much more than it has affected the least developed countries (LDC’s). Further, Mr Moree pointed out that more has been done to accommodate the interest of developing countries.
Mr Moree made it clear however that the Bahamas had to be prepared to manage globalisation as it would affect the country whether it was ready or not.
“Globalisation is here to stay. I don’t think that we in the Bahamas can afford the luxury of thinking that somehow it’s going to pass us by or that it’s going to go away,” Mr Moree said.
The World Trade Organisation (WTO), one of three bodies The Bahamas might consider joining, has agreements with significant implications on the mobility of labour. However Mr Moree indicated that membership in this body should still be desirable.
“Unlike the CSME [Caribbean Single Market and Economy], the WTO is a member-based, member-driven organisation and while members have to comply with a regime of rules and regulations, nothing is passed in the WTO without being accepted by the membership,” Mr Moree said.
In comparison with what other international and regional bodies were requiring, Mr Moree believes that the WTO agreements were less onerous and less intrusive.
Mr Moree also outlined some factors that should be considered before open season on movement of people and labour between countries begins.
Geography is one of those factors, because as membership spreads around the globe, it decreases the likelihood of labour inflows for some countries. The opposite rule also applies.
Comparable development of the member countries is also important such that “If there is a large disparity between participating countries, labour will not flow equally between the countries, but would saturate the most wealthy of the nations,” said Mr Moree. He noted that there was a substantial level of disparity between CARICOM countries which could have this impact on the Bahamas.
Finally, he said that cultural and historical ties were an important consideration.
Mr Moree pointed out that the reality for small countries is that economic displacement would undoubtedly become a factor with the movement of labour. To offset this disadvantage initially he said a level of assistance is required from the national government.
Mr Moree also reiterated that the CSME is not in the country’s best national interest, deploring, along with other critics, the idea of a single economic space which many feel could sound the death knell for the Bahamian economy.
By: BARRY WILLIAMS, The Nassau Guardian
