Bahamian Economic Expert Expresses Concern Over FTAA Negotiations

by Amanda Banks, Tax-News.com, London

24 January 2003

Speaking at a recent meeting on the Free Trade Area of the Americas (FTAA) negotiations, Bahamian Secretary of the Securities Board and Chairman of the FTAA Services Group, Hillary Deveaux expressed concern over the likely treatment of small economies under the agreement.

According to the Nassau Guardian, which reported on the meeting, Mr Deveaux observed that although there is consensus that special treatment should be afforded to small and developing economies under the terms of the treaty, the actual term 'small economy' has not been defined, and no indication has yet been given as to what the 'special treatment' might entail.

Suggesting that the jurisdiction's lack of prior experience in negotiating trade agreements is something of a handicap for the Bahamian negotiating team, Mr Deveaux observed that the relative lack of private sector involvement in the process has also hindered talks:

'Governments don't trade, it is usually the private sector that trade but public officials are negotiating on behalf of the private sector,' the local newspaper quoted the Securities Board Secretary as observing on Monday.

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