Agencies Achievements & Ongoing Initiatives
The Ministry continues to provide support to local manufacturers designated as “approved Manufacturers”
under the Industries Encouragement Act who are involved in processing, packaging or assembling of products
into finished products and who are seeking relief from customs duty under the Act. A comprehensive review of
the legislation and the approval process in underway to make the process more transparent to the public. A
workshop is being planned in the coming months.
The Ministry continues to have discussions with officials of the People’s Republic of China and Bahamian Seafood
Exporters who are interested in trading. The interest expressed by both sides have been conveyed to relevant
agencies of Government in anticipation of having that interest materialize in trading opportunities for Bahamian
Seafood Exporters. The Ministry is also seeking to see how Bahamian Businesses can be sensitized to
opportunities under the Caribbean Basin Trade Partnership Act with the United States.
Annex H
The Ministry continues to advance The Bahamas’ application for membership to the WTO. The Factual
Summary of Points Raised document was submitted to the WTO and the WTO Secretariat has given feedback
including the offer of technical assistance. Last October the Chairman of the Working Party on The Bahamas’
Accession application met with Officials of the Ministry of Financial Services to discuss the way forward.
Additionally last December while attending the 10th Ministerial Conference of the WTO in Nairobi, the Minister
of Financial Services met with officials of the Secretariat to also discuss the application of The Bahamas.
ARBITRATION UNIT
An objective of my government is to establish The Bahamas as an International Commercial Arbitration Centre.
in order to facilitate this objective the legislative framework is being put in place. The International Commercial
Arbitration Bill 2016 & The Bahamas Domestic Arbitration Bill (Amended) have been drafted and the
consultation period for key stakeholders will commence shortly. The Bills are scheduled to be tabled before
the end of May, early June, 2016.
Progress of Ongoing Initiative:
A number of capacity building workshops were held over the course of the previous budget period.
The most noteworthy was the ICSID Arbitral Training Workshop conducted by Meg Kinnear, Secretary
General of the International Centre for the Settlement of Investment Disputes (ISCID) for CARICOM Member
States, a first for the region.
The Ministry of Foreign Affairs had deposited the instrument of accession to the 1907 Convention to become a
Member of the Permanent Court of Arbitration (PLA) The Bahamas membership will take effect early June,
2016. Benefits to derive from The Bahamas Membership will include: (i) Hosting PCA administered arbitration
hearings from parties in the region; (ii) Appointment of PCA as a statutory default appointing authority as per
Section 8 of The Bahamas International Commercial Arbitration Bill, 2016; (iii) Technical capacity building for
professionals.
DEPARTMENT OF LOCAL GOVERNMENT
The 2016-2017 allocation for the Department of Local Government is $2 3,624,929.00. The fundamental focus
of local government has been and will continue to be advancing the capacity of local district councils to ensure
that their respective communities are economically empowered in a manner that is sustainable. In order to
[517]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE