A free Trade Zone in Nassau!
Government’s proposal of a small Free Trade Zone near the port of downtown carries with it immense potentialities, it is a proof of port the government’s appreciation of the free Trade principles in the long run. It it is common knowledge that two -thirds of mankind are suffering from want and disease while one -third is burdened with surpluses, and all this is due to tariff walls quotas and prohibitions. The GATT has been striving to ease the tariff war ,but with little success.
The Singapore Free Post is a solitary example for the Bahamas. If and when advanced County like the Bahamas establish similar Free Trade Zones in their in Nassau respective areas, possibilities of global co-operation in international trade are too huge even to imagine.
Public opinion in the Bahamas should persuade the Government of the Bahamas to establish the proposal Free Trade Zone on a much more realistic and adequate foundation than Freeport, “Nassau need Free Trade Zone “
While as seen above, economic theory indicates that exporting and import substitution industries should both be at sizes where the marginal cost of earning a unit of foreign exchange is equated with the marginal cost of saving a unit of foreign exchange in each line of activity, that precept give no hint as to the likely proportion of resources going to import substituting and exporting industries at the optimum.
Domestic policies also influenced the cost of employing capital goods .Bahamas encouraged the development of new import substitution in -dustries by industrial promotion laws.
Land reforms have been on economic grounds in the Bahamas on social grounds. The necessary for the land reforms depends on the degree of Government adjustment between the social structure and the pattern of employment in agriculture.
The main issues compriseing the land reform problem are regulations of rent, fixing of tenures, tenant purchase, settlement, acquisition and re- distribution of surplus lands, consolidation of holdings, co-operative farming, collectivisation and effectient cultivation.
It is indeed impossible to understand why and how the Planning Conmmission has approved of processeding with two contrary programmes, namely, fixation of land ceiling, join Farming, and consolidation of holdings. Secondly establish “Free Trade Zone in Nassau. “
In conclusion, The Bahamas must originate the the new trade agreement that encompass Turks Island, Cayman, Bermuda, US, UK, and Canada.
This agreement would employ 20,Thousands Bahamians if perfected correctly and generate $7.8 million conservatively. If Panama and Singapore can do it so can we. We have one advantage, the greatest economy in the world , the USA location, must be in the capital Nassau.The agreement is called the “Atlantic Circle”
