An Act to establish the Virgin Islands Trade Commission was passed in the House of Assembly on June 9.

The Virgin Islands Trade Commission Act, 2020 will be sent to His Excellency the Governor, Augustus J. U. Jaspert for his assent.

The Act makes provisions for the establishment of the Virgin Islands Trade Commission, a statutory agency, including/comprising a Board that will advise the Minister responsible for Trade on all matters relating to trade, investment and consumer affairs, including the most suitable implementation mechanisms for stimulating and promoting the development of business and investment activities and opportunities, nationally and internationally.

The Commission will review the economic performance of various sectors of the economy, identify constraints and make recommendation to the minister to optimise performance of specific sectors.

The agency will examine the institutional framework for business and trade and recommend practical measures for improvement. It will promote fair trade practices through fair competition among suppliers and the protection of consumers that will enable them to make informed purchasing decisions.

The Trade Commission will also review and monitor economic performance in line with the national trade policy and procedures for business and trade and provide the minister with periodic reports, advice, recommendations and information relating to trade and investments.

The Commission’s responsibilities will include research studies, published reports and information regarding matters affecting the interests of businesses and consumers. Additionally, it will cooperate with and assist trade associations and organisations in developing and promoting the observance of standards for the purpose of ensuring compliance with the Trade Commission Act and any trade legislation.

Recommendations will be made to the minister on revisions required to any trade legislation, as well as conduct investigations on the conduct of business in the Virgin Islands to determine if any person or enterprise is engaged in practices that are in contravention of the Trade Commission Act or any trade legislation. The agency will be governed by a Board comprising of seven persons appointed by the Cabinet of the Virgin Islands.  

The Board will provide guidance on policy decisions in relation to the administration of the Commission, appoint qualified persons to senior management positions and submit budget estimates of the Commission to the Minister for Trade.

The Trade Commission is a statutory entity with overarching responsibility for trade and economic development in the Virgin Islands and for the implementation of the National Trade Policy.

Attached

• The Sebastian Building which houses the current Department of Trade, Investment Promotion and Consumer Affairs