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.