The author of a report designed to prepare the Bahamas for free trade said one of the greatest challenges facing the government as it moves to end liberalisation barriers is the creation of a regulatory regime that will safeguard and support Bahamian participation in industry development.
Dr. Trevor Hamilton, who prepared the Strategic Framework for Optimising Benefits from Trade Lberalisation in The Bahamas report, said the creation of such as legislative environment depended on the revitalisation of worker productivity in this nation and a closer association between salary and productivity levels.
He explained that in The Bahamas pay was not associated with productivity, but if this nation was to be competitive under free trade arrangements such as the Free Trade Area of The Americas (FTAA) and World Trade Organisation (WTO), industry must move towards the introduction of wages based on performance levels. Workers had to add more value to their performance before they were able to realise salary increases.
Dr. Hamilton was speaking at the College of The Bahamas where he delivered an update on his report, commissioned by the Bahamas Chamber of Commerce, that examined the level of readiness in the bahamas for trade liberalisation initiatives and determined the areas of weakness that need to be strengthened if this nation is to fully prepare and participate in free trade.
Source: Yolanda Deleveaux, The Tribune
