Premier explains delays in Trade Commission implementation
Premier Dr Natalio Wheatley has addressed concerns over the delayed implementation of the Virgin Islands Trade Commission, citing the need for proper structuring to ensure its effectiveness.
While the legislation establishing the Trade Commission was passed in 2019, several key steps remain before it can be fully operational. The Trade Commission, once implemented, will oversee business regulations, trade facilitation, and consumer protection across the territory.
Speaking on TOLA Radio’s Morning Braff programme, Wheatley explained that former Trade Minister Lorna Smith wanted to take a second look at the rollout of the trade commission.
“The former minister came to the conclusion that some of the powers of the trade commission should be able to sit within the ministry,” the Premier said. “I have to say to you that I agree with her when she said that. And so we’ve taken another look, and now we’re preparing to bring back a number of pieces of legislation.”
However, the Premier said some legislation, such as the Investment Act, must be administered through the ministry instead of the Trade Commission. He noted that this applies to the Consumer and Business Licensing Acts. “So all of those things will be coming forward in the year 2025 and all the aspects of the legislation, you know, the consumer price index,” he said.
A major function of the Commission will be enforcing the Consumer Protection Act, which Wheatley confirmed remains inactive due to the lack of an operational Trade Commission.
Pricing goods is complicated
“I would say that pricing is something which is very complicated,” the Premier said. “What I find is most successful is a mix between competition in a free market economy and regulation.”
He argued that officials need to be careful about going too far in either direction, “If you go too far in regulation, you can certainly stifle the business environment and some persons may not even bother to participate in business,” he said.
Premier Wheatley also addressed the broader economic challenges faced by the territory, including the high cost of living and reliance on imported goods.
“We must recognise that most of what we consume here in the Virgin Islands is imported,” he noted, adding that efforts are being made to introduce initiatives such as a ‘basket of goods’ to keep essential items affordable.
“We have the ability to be able to regulate those goods but we wouldn’t do it for every good. You have luxury items, you have items which are not of a necessity and you allow persons to price those how they would choose to and then you use competition in a free market economy to determine where you want to get your services from.”
Despite the delays, Wheatley assured the public that his government is committed to ensuring the Trade Commission becomes a reality.
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So 6 years pass and this 2019 Trade legislation is still not in effect. This party is a joke
Only now you recognizing the imports. Not we. You.
Are the supermarkets not receiving special rates in import duty? I know places that can afford to pay, like these huge multi-million dollar hotels may not be paying taxes on certain imports. I do know that whatever any businesses receive in Government subsidies, they are not passing down to the consumers. How do we know? You visit ten stores in the Virgin Islands and price the same item and there are ten different prices for the same item. They are just marking up these items and killing us and the Government don’t have the wherewithal, the drive, the wish to do something about it. Price control is not a novel idea. It is necessary to save your citizens from price gouging which is sickening in this country. The price to travel to and from the USVI as daytrippers is expensive or we would all still be going there monthly. But even if you do with the prices of travel, you still come out cheaper than if you purchase here at home. Imagine that. The savings that you receive per item when adding boat fare, departure tax and fees to bring your bags you are still coming out in a better position. A 32 inch TV cost me $139.00 and the one I priced here on island on sale was well over $300. Make this make sense. TVs are the cheapest items you can now buy anyone else in the world, but, of course, not in the BVI.
Delay delay delay… Why does the premier want independence when he can’t get anything done?