Trade Commission Act implementation to be suspended- VI Gov't
ROAD TOWN, Tortola, VI- The Deputy Premier and Minister for Financial Services, Labour and Trade, Hon Lorna G. Smith OBE is to bring a bill today Tuesday, October 31, 2023, to suspend the implementation of the Trade Commission Act.
2023-10-31 15:50:30 - VI News Staff
The Bill entitled the Virgin Islands Trade Commission Act (Suspensory) Act 2023 is expected to have its first, second, and third readings today at the Fifth Sitting of the First Session of the Fifth House of Assembly.
Minister Smith who has come under fire over the Trade Commission implementation, including from member of the Trade Commission Board Bishop John I. Cline, and Hon Marlon A. Penn (R8), explained her position to a local morning talk show last week.
She explained that significant funds are needed to set up the Trade Commission and this would increase the $750,000 that is required annually to run the Trade Department. Minister Smith noted that the Trade Commission will cost taxpayers some $1.5 million to operate.
Trade Commission too expensive- Hon Smith
Hon Smith stated that “a chairman and at least seven members and their salaries attached to them and a number of directors under them…I am not saying it would not happen, give me the opportunity to decide what is best for the Trade Department,” Smith stated.