By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas Trade Commission is “ushering in a new economic era”, aided by a restructuring that has created 12 different committees, as it focuses on issues such as export policy and diversification.

Senator Barry Griffin, also the Commission's chairman, addressing the Senate during the 2025-2026 Budget debate said the upcoming fiscal year includes provisions to support the Government's trade diversification strategy which seeks to lower the cost of living through forming strategic trade relationships with multiple partner countries.

“In this Budget is increased funding to support the National Trade Diversification Strategy; a decisive step towards transforming how The Bahamas earns, trades and competes in the world. This strategy is not just a policy; it is a national pivot. It is a bold commitment to use our international relationships to lower the cost of living for all Bahamians through better and more competitive import trade,” said Mr Griffin.

“It is also a commitment to expand our economic base beyond the traditional pillars of tourism and financial services. Through this strategy, we are identifying new export sectors, forging new trade alliances and equipping Bahamian entrepreneurs to enter global markets.”

Mr Griffin said the Commission has been restructured and mobilised around 12 committees, which are focusing on collaborating with the private sector, international community and the public. The Budget will also provide funds to support completion and publication of the National Logistics Strategy and the National Export Policy, plus a policy paper on National Trade Diversification.

“These are not abstract documents. They are operational road maps for ministries, entrepreneurs and investors alike. It makes clear The Bahamas’ vision, strategy and work in each of these areas. It is a guide for Bahamian entrepreneurs and international investors on where we are going and where we think the opportunities lie,” said Mr Griffin.

“This Budget will also support our work with the Ministry of Foreign Affairs in crafting an instructive document for our trade, economic and commercial attaches in our mission abroad, and training them on how to advance our trade and business interests abroad.

"This Budget will also support our work in advancing various international agreements such as trade related MOUs (memorandums of understanding) and technical co-operation agreements with countries, international bodies and international private sector actors, all with the view of building out The Bahamas’ trade ecosystem.”

Mr Griffin said the National Trade Committee will focus on the cost of living and finding alternative sources for products and services, especially food and building supplies, while continuing international and local engagement with businesses and shipping and logistics companies.

The Export Readiness Committee will provide tips on international best practices and training for local micro, small and medium-sized enterprises (MSMEs) on international exports. “We will produce an export readiness toolkit that any Bahamian business person would be able to download digitally, which will have tips on international best practices and steps they can take to make their local business export ready," Mr Griffin added.

"Simple things from building a digital presence to more complex advice on packaging and labelling requirements of different countries. We will also commit to conducing a training programme that will train and guide at least 50 Bahamian MSMEs in exporting internationally."

Mr Griffin said the Competition and Price Transparency committee will promote fair competition and “police” unfair business practices, while the Regional and Continental Engagement committee will establish relationships with international partners.

“This committee works closely with the Attorney General’s Office and the Law Reform and Revision Committee to support passage of the Competition Bill that will have The Bahamas make good on our international commitment to promote competition in The Bahamas and police unfair business practices. This Budget will also allow us to see the launch of a national Price Comparison App to empower consumers to make the best possible spending decisions,” said Mr Griffin.

“We have various geographic and jurisdictional committees that each have a mandate to further push engagement in various regions (Africa, Latin America, Asia, etc). These committees have also been tasked with concretising agreements that Bahamians can rely on.

"These committees have also been tasked with bringing opportunities from these regions closer to shore. We have already hosted inbound trade missions from Canada, Jamaica, Trinidad, Colombia and Brazil that brought concrete opportunities to Bahamian businesses. Our goal is to expand this.”

Mr Griffin added the Logistics and Shipping committee will take on the task of promoting the country as a transhipment hub and establishing new trade routes.

“This committee will continue to be at the forefront of promoting Nassau and Freeport as transshipment hubs. But it will go a step further. This group will marshall The Bahamas’ first ever national logistics strategy that will include a real plan for investment in ports across the country, as well as how to expand our airports to use for international air cargo. This group will also take the lead in working closely with CARICOM so that we are aligned with our Caribbean neighbours,” said Mr Griffin.