A presentation was made to inform Abaco residents on the basic concepts and benefits of The Bahamas of becoming a member of the World Trade Organization (WTO). The goal of the WTO is to liberalize trading among the nations of the world. It was organized after World War II when trade wars were hampering economic development. The WTO sets up rules to ease world trade and monitors agreements between countries. It also handles trade disputes. At present 164 countries belong out of a total of 195 countries in the entire world.
Ava Rodland of the Ministry of Finance and Rashif Duncombe of the Attorney General’s office made the presentation. The meeting was held on June 14 at the Anglican Hall in Marsh Harbour and was organized by The Councillors represented by Khari Albury.
For several years The Bahamas has been preparing for acceptance in the WTO in various ways. It has had to modernize its rules and adopt international practices. We now have in place a Bureau of Standards and Quality. Tax reform has included putting the VAT tax in place.