PRESS RELEASE – The Ministry of Commerce, Business Development, Investment and Consumer Affairs with the assistance of an independent Consultant David Jordan – a regional Trade and Economic Policy Specialist and a former Director of International Trade and Investment in Saint Lucia, concluded the Evaluation of the Saint Lucia Trade Licensing Regime 1984.
The Commerce Minister, Honourable Emma Hippolyte, who commissioned the study, formally received the copies of the Report from the Consultant on Wednesday 25th May 2016, following the acceptance of the finalized document by the Ministry officials. The Ministry together with the private sector previously deliberated over the draft document which was submitted in December 2015, by the consultant, David Jordan in accordance with specific terms of reference.
The Permanent Secretary of the Ministry and Chairperson of the Trade Licence Advisory Board – a Board governed by the Trade Licence Act 13.4 of 1984 – Dr. Alison Plummer, stated in accepting the final report that the research and the consultation process conclude “ the need to maintain a strengthened World Trade Organisation (WTO) compliant Trade licensing Regime.
She further stated that, there is confirmation of the need to revise the existing Trade License Act and develop supporting regulations to allow for greater compliance with international trade law as well as for improved effectiveness of its administration ie monitoring, data collection and dispute settlement mechanism “ unquote
The fifty ( 50) page Report, assessed other complementary and related legislation and regulations including the Fiscal Incentives Act and the Economic Areas Reserved for Nationals and which came for critical review. These instruments are considered obsolete and need to be more relevant.
The Report calls for a more appropriate Investment Act, in light of recently adopted Investment Policy by the Ministry. The Director of Investment Coordination in the Ministry of Commerce notes that the report highlights the distinct “ need to include Services as a trading area, given recent developments that has national significance which must also be considered ”.
The Report details the work of the presenters at the symposium held last December and embodies several Recommendations from the Consultant. The Director of Investment Coordination, Ms. Nancy Francis Charles and Secretary to the Trade Licence Advisory Board, also alludes to the importance of the research in the following manner quote “ The Consultant provided a matrix highlighting the necessary reforms (pp.48, 49). These Recommendations must be assigned timelines based on the urgency, available resources and a legal framework. Finally, the Trade Licence Regime requires a dedicated body to take ownership and leadership moving forward” .unquote
The Report sought to clarify the impact of the Trade Licence Regime and its relevance within the context of the modern business environment. Trade licensing models, in several regional and extra regional territories were examined. The consultant, David Jordan states that therein lies the provision of a framework of recommendations on the current Trade Licence Legislation, with guidance on the implementation and transformation of the current regime.
(0)
(0)