Speaking to the House of Assembly on Monday, Barbados's Prime Minister Owen Arthur revealed that the Government is poised to remove the 60% duty on extra-regional imports imposed last November.
The measure was introduced last year in order to protect the manufacturing sector, but has proved to be a great burden for retailers. In the interests of developing the international business and tourism sectors - where the potential for economic growth is the greatest - the Prime Minister revealed that the import tariff would be phased out 'as soon as practicable'.
However, Mr Arthur admitted that he had not decided whether this would be implemented by a one-time removal or by a phased return to the trade liberalisation process.
Leading off debate on the Appropriation Bill 2002, the Barbadian Prime Minister announced that the Government has managed to amass $1.5 billion in foreign reserves, which means that it now has a platform from which to restore economic growth conditions at the earliest opportunity. He also hinted at the possibility of reform to the Caribbean jurisdiction's direct tax regime later in the year.
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