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Bahamas looks to launch Trade Portal

The Ministry of Financial Services conducted an information session on The Bahamas’ Trade Information Service Desk and Electronic Portal at SuperClubs Breezes last week. The official launch of the trade portal is scheduled for early March 2017. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Monday, January 23, 2017
Wednesday, February 1, 2017

Minister of Financial Services Hope Strachan

Pictured: Minister of Financial Services Hope Strachan delivers opening remarks during the first information session of The Bahamas’ Trade Information Service Desk and Electronic Portal at SuperClubs Breezes January 18, 2017. (BIS Photo/Patrick Hanna)

The Ministry of Financial Services conducted an information session on The Bahamas’ Trade Information Service Desk and Electronic Portal at SuperClubs Breezes January 18, 2017.

The official launch of the trade portal is tentatively scheduled for early March 2017.

The Inter-American Development Bank (IDB) sponsored the event.

Minister of Financial Services Hope Strachan was in attendance.

She told attendees that the portal was of great importance to the country and reiterated the government’s commitment to diversifying the economy and expanding trade.


“The establishment of the Trade Portal is a part of the government’s ongoing efforts to diversify the economy by expanding trade with regional, hemispheric and international trading partners,” she said. “Currently a Bahamian entrepreneur seeking to export his or her product to a foreign market will have to sift through an excessive amount of information to find reliable trade information on how to export that product. This, I am sure you would agree, makes doing business with The Bahamas unnecessarily difficult and expensive.”

She said that grant funding has been provided by the European Union through the technical assistance component of the CARIFORUM-EU Economic Partnership Agreement, and subsequent to an international bidding process, the International Trade Centre (a specialized joint agency of the World Trade Organization and the United Nations) was retained to provide the services to design and develop a Trade Portal in mid-2016.

“The intention of this Trade Portal is to create a “one-stop-shop” to access important national, regional and international trade information such as export/import statistics, information on trade regulations – such as quality requirements and standards, certification requirements and rules of origin – as well as shipping information, company profiles and key information on trade agreements,” said Minister Strachan.

The portal will serve as an important business facilitation tool by reducing the cost and time required to access trade information, and in turn improve the ease of doing business in The Bahamas.

Joost van der Kooij, the lead Technical Consultant of the Dutch company Globally Cool, is working along with the International Trade Centre in the development of the Trade Portal.

With just under 100-days to the start of the FIFA Beach Soccer World Cup Bahamas 2017, members of the Local Organizing Committee have said that the new stadium is on schedule and will be ready to host 3,000 local and international spectators when it kicks off April 27.

The Bahamas is on track to meet an Organization of Economic Co-operation and Development-imposed 2018 deadline on information sharing among international tax authorities, representatives of the financial services industry heard January 20.

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