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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