Penn selected to lead trade policy committee

Junior Minister for Trade Marlon Penn has been selected to lead a committee that will make recommendations regarding the development of a trade policy for the British Virgin Islands.

The Trade Policy Review committee will report to Penn, Government said, adding that the committee has been assigned for a period of three months.

It consists of a wide cross-section of representatives from government entities, the banking sector, private sector, as well as from the legal profession, and the BVI Chamber of Commerce and Hotel Association.

Penn is the only committee member named in a media release from the Government Information Service, which said the committee will ‘draft the appropriate legislative framework’ of the territory’s proposed trade policy.

It will also review the economic environment; coordinate reform activities; and serve as a source of information and advice for the Department of Trade, Investment Promotion and Consumer Affairs.

“It is expected to complete its work in early May,” the government added. The Committee’s first meeting on January 17 was attended by Penn, as well as Premier and Minister of Finance Dr D Orlando Smith.

Penn said: “The Trade Policy Review Committee will be responsible for conducting the necessary research and analysis of best practices, and make recommendations on the most appropriate model framework that would seek to increase the level of economic activities all the while establishing trust between the government, the business sector and the consumers.”

Premier Smith, in the meantime, shared his expectations and the need for the ‘Virgin Islands trade regime to be on par with the rest of the region’.

He also provided direction on the way forward for developing the roadmap to enable the British Virgin Islands to compete on a global level.