Indeed, a wery Wicked Trade Organization. I say keep resisting, explain we would need a referendum, whatever, they will implode eventually. We have already jumped into bed with the damned EU. Hopefully their days are also numbered.

At the same time, the local economy is still screwed regardless of joining or not. With or without WTO has it's own advantages and disadvantages. Although there's no Bahamian businesses that can compete with the more experienced foreign companies, it's a bit better to grow the FDI tree further to have more financial growth for the government or with allied Bahamian companies.

Or keep the FDI low, which the reasons for isn't too clear. Local companies will still grow, but too slow to meet up with demands due to botched business laws and regulations. If anything, the WTO can be helpful if done correctly. Just mind the disadvantages, that's all.

It is not just the merchants.

Gone will be property tax exemptions in the family islands for bahamians.

Gone will be your 250.000 exemption for your residence.

The Bahamas wants to have its cake and eat it too. They do not want to lower customs duties, They do not want to open up sectors exclusive to Bahamians.

they want VAT+business license+ income tax+ health insurance.

Hopefully. The 1% only ever worry when it affects their pockets, and let's hope those rumors are wrong. The Minister's intentions are never very clear.

(Sigh)... No one understands how advantages and disadvantages work. This isn't about how the WTO can screw us up, more like, how we squandered too much funds on failed projects.

My heart bleeds for Sir Snake!!

“Suggesting that the Bahamas was being forced to adopt rules that did not favour small, vulnerable economies such as its own, Sir Franklyn said one potential 'saving grace' was this nation's relatively small size, which may prove unattractive to major foreign companies.”

Meanwhile the Bahamas is the ONLY country in this hemisphere that is not a member of the WTO. Smaller, less developed island states seem to be doing just fine benefiting from the positives WTO membership affords them.

Better get ready to go to Trinidad, and also Barbados. That is where all the banks moved their head offices to.

Guy,
Present your facts on the benefits of joining the WTO.
Show the benefits to ordinary people.
On this rare occasion, it is probably best that The Bahamas is an outlier.
If you would like to learn more about trade organizations;
http://www.globaltradewatch.org/Page.as…
I wonder how many Bahamians will actually do any homework on the issue, perhaps before commenting in public?

Proponents of the WTO, or World Trade Organization, assert that it creates a strong, stable international economy, while opponents contend that it favors wealthy, developed nations and is widening the global divide between the rich and poor.. The WTO was created in 1995 to encourage and regulate trade between its over 150 participating member nations. The primary objective of the WTO is to create economic growth and encourage free trade among nations: supporters contend the WTO creates economic opportunities, while others say it is disfavors lower class citizens, limiting their opportunities for social and economic mobility.
Those in favor of the WTO say that its positive impact extends beyond just economic benefits. By creating a strong international economy, proponents contend, the WTO in turn creates an international framework of political stability, and offers a solid foundation for promoting international peace by encouraging good political relations among member nations and providing a solid dispute resolution process. Opponents, however, argue that the WTO is only widening the global income gap between the wealthy and poor: as the rich get richer, the poor get poorer. They also contend that the WTO favors prosperous countries and multinational corporations, while preventing smaller and poorer countries from having a fair shot of engaging in open market trades and exchanges.

International Orgs

Wow.The Bahamas the only country in the hemisphere that is not a member of the WTO.Even tiny St.Kitts is a member. Somebody told this, a Jamaican business executive told him, in his opinion,The Bahamas is closed backward economy.

NOBODY can expound on any positive benefits a single developing country have gained since joining WTO!

Why should the Bahamas join WTO? For what?

Here is one, small reason: you will no longer pay double the price in Miami (at least) for anything you care to mention.

This is just ridiculous. Is this another anti-foreigner argument or what? This isn't about how to take away more jobs, but this is about how we wasted so much money on failed projects or other hotels that only direct money to political pockets for foolish gains.

Good lord, we've gotten too far deep in criminality to the point that the right thing doesn't matter anymore.

Someone (maybe it’s me) says that our national leaders are not really leaders but more like middle management in a corporation. Because by the time they are finished taking dictates and instructions from foreign countries and international institutions with hidden agendas and self serving motives, both hands and feet of our leaders are tied before their even can consider meeting the mandate of the people who elected them. Not to mention they are also blind folded and gagged. Case in point when the US and other countries cracked down on the offshore banking system in the Bahamas and othe countries, they virtually had these countries shaking in their boots and peeing on their selves to try meet the compliance requirements of this body. But now, today, The US is the largest offshore market, holding 22.3% of all offshore accounts belonging to foreigners and non US residents. Most of the rest of the market is monopolize by the other countries that forced the Bahamas and other countries out of the market. And while they try to list The Bahamas aaa a narcotic state, the US is, without doubt, the largest single user and importer of narcotics. And which country dares to question that. Then to take it even a step further, the WTO has requested countries like The Bahamas to remove customs duties from their imports. Yet Trump comes and puts tariffs on imports like solar panels and other items and no one questions it ‘Not A creature was stirred, not even a mouse.’ So even if oil was discovered in the Bahamas do you think it will ever be explored or Bahamians benefits from it? It will go the same way as the salt and the aragonite. As a matter of fact there is talks that the current $67 price of oil is being propped up. And since those who control the market want $100 a barrel oil again, then plan to disrupt the market supply to get it. Bahamians have learned to catch jitney and sleep in the dark... right?

Good grief, talk about playing the victim card. The Bahamas's blight is caused by the natives themselves. From the Cartel alliance from the 80's and the PLP's most broken and depraved administration from 2012 up to 2017. We kept playing pirates with the IRS and other financial organizations for years on end. Besides, who knows how deadly these offshore bank accounts are in the hands of the PLP. Their own friends were Cartel Sicarios and Lieutenants that they made as allies with Pindling, and they're mandated to pay them for each of the money stolen from the US.

Unfortunately, Bahamians fail to appreciate that we have benefited from trade agreements for decades. They have typically been bilateral, but trade agreements non-the-less.

A. These agreements are expiring and are being replaced with WTO.

B. The existing agreements are only goods based. Service and intellectual property are generally not covered.

C. We seem to take historical access to foreign markets for granted because we are small and have good foreign relations. Without guaranteed access, we can easily be excluded like Haiti and Cuba have historically been.

D. We already see how this works when we try to do things in cyberspace only to be face with, “sorry, this [blank] does not allow access from your jurisdiction”. Or OECD blacklisting of our financial industry. People were up in arms when they thought that Florida had banned the import of seafood from The Bahamas.

Lord help us if 45 work up this morning and decided to prohibit US citizens from visiting The Bahamas or Bahamians from visiting the USA.

We seem to only think domestic when we discuss business. We only survive because we export goods and services. If we closed our borders and made only B$ transactions (or were closed by others), we would starve.

We need to cease the emotional response and figure out how to use WTO access to our expanded benefit while charging Winder to negotiate well to protect our vulnerabilities.

You might as well be explaining to 13th century people that the world is not flat. They lack the very basics of knowledge to be able to understand your argument. Like teaching 4x2=8 to people who have not mastered addition as yet.

But they obviously enjoy paying 65% more for everything they consume.

I personally prefer paying 65% on stuff than to pay 35% tax on my income. You probably don't mind getting rid of duty because you're retired and won't have any taxable income to pay/declare.

But I guess you would prefer that your children or grandchildren could choose a profession other than conch-breaker or room cleaner, right?

For that to happen, they need access to foreign markets. First they need education and after that they need access to foreign markets. Imagine how wonderful it would be if Bahamians could produce and sell their intellectual property from right here. Imagine a world full of Amos Fergusons (in their own fields, naturally), living, producing and selling right from here.
Now imagine a world in which Amos Ferguson cannot sell any pictures abroad. You don't need to imagine. That is what you have at the moment for 1000s of young (and not so young) Bahamians who cannot design and sell their intellectual property. Look at me. Thousands and thousands of people buy my products. But to receive money from them I need to have a company in the US to invoice them as no electronic service will deal with the Bahamas. I spend 30% of my time figuring out how to get round all the moronic legislation imposed by either the Bahamas or the US. The WTO does away with it. It unlisheases creativity and business.

You would only pay 35% on your income if you earn over $200,000 in the US, and thats on every dollar over $200,000 not on the amount below.

Points taken.........

I am not in authority, otherwise, believe me, I would do it.

PS: there is nothing automatic in this world. Us not being members of WTO is ANOTHER reason why large companies steer clear of offering any online services in the Bahamas. The absolute stupidity of our currency controls is another. People could just not be bothered to screw around for the sake of a market of a few thousand people.
That is why we need the WTO. That is why we need to abolish currency controls. That is why we need to bend over backwards to enable ease of doing business. To remove the excuses.
The first step is the WTO. All other steps are dependent on that first step.