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WTO Unveils Conclusions Of OECS Trade Policy Review,
by Amanda Banks, Tax-News.com, London
Wednesday, November 07, 2007
The World Trade Organization announced this week that it had concluded Trade
Policy Reviews for WTO Members of the Organization of Eastern Caribbean States
(OECS).
Observing that continued reform would expand the benefits of closer integration
in the world economy, the WTO nevertheless acknowledged that Antigua and Barbuda,
Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines
have taken steps to further liberalize and facilitate trade since their last
Review in 2001.
It suggested that:
"These important reforms could be consolidated by strengthening the institutional
and legal framework, particularly if they were anchored through multilateral
commitments."
The World Trade Organization went on to explain that OECS-WTO Members have
continued to move successfully away from agriculture to services, in particular
tourism. The small production base of these countries, however, makes them vulnerable
to external shocks. This may be addressed in part by reinforcing their fiscal
position through measures such as tax reforms and reducing the incentives granted
to selected activities.
The report also stressed the benefits OECS-WTO Members derive from their participation
in the multilateral trading system.
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