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The second Trade Policy Review of Barbados has allowed this Body to
appraise in detail the evolution of the country's trade policies since
2002. I thank Minister Sinckler, Permanent Secretary Chandler, Ambassador
Clarke and their team for engaging so constructively in this Trade
Policy Review exercise. I would also like to thank the discussant,
Ambassador Hernández, and Members who participated in the discussion
as part of this exercise.
This has been a very positive review. Barbados' experience stands out
as a good model for developing countries, especially those facing
similar challenges due to their small size. We have heard widespread
praise by Members for the reforms Barbados has undertaken, its success
in diversifying its economy, and the general openness of its trade and
investment regime. These factors were seen as important contributors
to Barbados' ability to maintain high standards of human development.
However, the delegation of Barbados noted that this good performance
has come at the cost of a marked increase in the country's national
debt, and that Barbados' prosperity is fragile because of its
vulnerability to external shocks. In this respect, Barbados could
further strengthen its fiscal situation to allow for a greater use of
counter-cyclical policies.
Members welcomed Barbados' commitment to the multilateral trading
system, and expressed their appreciation for Barbados' contribution to
the work of the WTO, particularly its coordination of the Small,
Vulnerable Economies (SVEs) group. A number of Members suggested that
Barbados should reflect its liberal services regime in deeper and
wider commitments under the GATS. Barbados noted that it was reviewing
its offer within the context of the ongoing WTO services negotiations.
Barbados was also encouraged to submit its outstanding notifications
to the WTO, and to consider requesting technical assistance in order
to help accomplish this. Barbados noted that it had sought faithfully
to discharge its WTO obligations, but faced a number of constraints
linked to its small size and increased pressure of negotiations.
Members agreed that Barbados' import regime is largely open, but some
Members highlighted the need for further reducing applied tariffs, as
well as narrowing both their dispersion and the gap between bound and
applied tariffs. Barbados reported that an environmental levy
previously collected only on imports now also applies to domestic
goods. Barbados was encouraged to eliminate the few existing
restrictions to foreign investment. Members also made enquiries into
Barbados' plans to eliminate its export subsidy programmes by 2015.
Members congratulated Barbados for its introduction of comprehensive
competition policy legislation, whose effective implementation was
seen as important to improve the functioning of Barbados' domestic
markets. Members also commended Barbados for the reforms introduced to
its intellectual property legislation to make it more compatible with
the TRIPS Agreement, and for the liberalization of its
telecommunications sector. Barbados provided replies to questions
concerning a number of service activities such as tourism, transport,
telecommunications, and professional and financial services. We thank
the delegation of Barbados for their responses to written questions.
I would like to close this meeting by thanking, once again, the
delegation of Barbados, the discussant, and the Members that took part
in this meeting for contributing to an informative review. May I also
thank the interpreters for their hard work. I would also like to
express my appreciation to the delegation of Barbados for addressing
the various issues that Members have raised both in writing and
orally. I think we now have a much more clear picture of your trade
policies and priorities. I hope that the very positive outcome of your
second Trade Policy Review will be an additional strong motivation for
your continued active engagement in the multilateral trading system. |
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