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WTO Unveils Conclusions Of OECS Trade Policy Review

by Amanda Banks, Tax-News.com, London

07 November 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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