Minister of Financial Services Ryan Pinder told participants in the recent Bahamas Bureau of Standards’ First National Standardization Forum and Formation of Technical Committees Workshop that the benefits of the standards bureau are critical to The Bahamas’ national development.

“A standards system can enhance the reputation of locally made products by assuring buyers that such products meet specified levels of quality and safety, thereby permitting domestic producers to compete more effectively not only in their own market, but also in the regional and international marketplace,” Minister Pinder said at the forum held at SuperClubs Breezes on Cable Beach.

“The overall increase in trade flows, induced by the establishment of quality standards would benefit The Bahamas and the rest of the world economy.”

Minister Pinder also noted that such a system can encourage fair competition in the marketplace and provide necessary consumer protection by preventing unsafe products or products of inferior quality, that can be priced more cheaply, flooding local markets.

Minister Pinder said that, at the very least, the implementation of national standards will promote the following: set the level of quality, thereby allowing products to be evaluated and compared; streamline production and improve manufacturing processes; increase productivity and enhance efficiency; reduce costs for consumers and provide the basis for trade transactions.

“While we’ve commenced mobilizing a standards bureau in The Bahamas, we must ensure that it is fully operational and is afforded the legislative teeth to ensure full compliance nationally and internationally,” Minister Pinder said.

“We have started with key areas that have already been adopted by our regional counterparts and can be easily accepted nationally.”