Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Trade Commission To Have Wide-Ranging Powers

Trade Commission To Have Wide-Ranging Powers

In short order, the Territory will see the creation of a statutory body, namely the Trade Commission, handling matters relating to unfair trade practices, consumer complaints, identifying markets for investors and other trade-related activities.

According to Premier, Hon. Andrew Fahie, the body will be run by a seven-member board and headed by a Trade Commissioner.

He gave that indication while informing the HOA on the objects and reasons for the Virgin Islands Trade Commission Act 2019 on Friday during the second reading of the proposed Bill.

He also said, the seven-member board will have representatives from the legal sector, a representative from the environmental sector, social sector, education sector, business and trade association, and private business sector.

“As a statutory body, it will be bound by the Constitution to ensure that all funds collected for and behalf of the Government is paid into the Consolidated Fund,” he stated.

The Premier added, “The BVI cannot consider itself an island in the global business world as we have seen with the COVID-19 pandemic. The BVI can either continue to try to play catch up or we can develop a strategy for jumping ahead and gaining an international foothold as we find new and innovative ways to navigate the new and unchartered Territory.”

Of significant note, the Premier said, when established, the Commission will give teeth to the Consumer Protection Act in the British Virgin Islands.


Opposition Leader Responds

Meanwhile, Opposition Leader, Hon. Marlon Penn, who was the former Junior Minister under the former National Democratic Party (NDP) regime who did much work on the Act said he is throwing his 'support’ behind it.

“The Trade Department is going to be consumed into this Commission; it will also have responsibility for the Investment Promotion Agency, as well as the Consumer Protection Act, an Act that has been well talked about throughout this territory. It is a piece of legislation that is long in coming, and it is on the Order Paper I believe that will be subsequently passed after this piece of legislation.”

He continued by saying: “It is important for us now, especially during the COVID-19 era and especially after hurricanes Irma and Maria to put the infrastructure in place to ensure that we drive commerce in this territory, to protect our consumers, to protect our businesses and one of the key aspects is to ensure fair trade practices.”

He highlighted that one of the challenges that confronts the territory is unfair trade practices.

“There are situations where persons are selling products that they are not authorized to sell and authorized dealers who have to pay dealership, licensing fees and all the likes have to compete with persons who are not licensed to sell those products. Those are the areas that the Commission will look at and those are the issues that the Commission will address to ensure that the playing field is levelled,” Hon. Penn outlined.

On the topic of investment, he said, “We have been talking for many years, that the BVI is open for business, but we have had a disjointed approach in terms of how we deal with investors, how we deal with persons who do business in their territory, not just new investors, but local investors and existing investors in the Territory.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×