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WTO Issues Praise To Open Trade Regime In Barbados,
by Amanda Banks, Tax-News.com, London
Friday, September 19, 2008
Barbados’s open trade and investment regime, and its close integration
into the world economy has helped it maintain some of the highest per capita
incomes and human development indicators among developing countries, according
to a WTO Secretariat report released this week.
The report shows that Barbados's non-tariff barriers are low but that the applied
MFN tariff stands at a relatively high average of 16.2%.
This creates an anti-export bias which Barbados has tried to offset through
fiscal and other incentive programmes, according to the WTO.
Rationalizing those programmes and continuing to take steps to enhance competition
in the domestic market would shore up the position of Barbados's mainstay sectors
like tourism and financial services, the WTO said.
It would also improve consumer welfare and provide greater flexibility in
economic management, the report added.
The WTO report, along with a policy statement by the government of Barbados,
will be the basis for the second TPR of Barbados by the Trade Policy Review
Body of the WTO on September 17 and 19, 2008.
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