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TRADE POLICY REVIEW:

Concluding remarks by the Chairperson

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The second Trade Policy Review of Barbados has allowed this Body to appraise in detail the evolution of the country's trade policies since 2002. I thank Minister Sinckler, Permanent Secretary Chandler, Ambassador Clarke and their team for engaging so constructively in this Trade Policy Review exercise. I would also like to thank the discussant, Ambassador Hernández, and Members who participated in the discussion as part of this exercise.

This has been a very positive review. Barbados' experience stands out as a good model for developing countries, especially those facing similar challenges due to their small size. We have heard widespread praise by Members for the reforms Barbados has undertaken, its success in diversifying its economy, and the general openness of its trade and investment regime. These factors were seen as important contributors to Barbados' ability to maintain high standards of human development. However, the delegation of Barbados noted that this good performance has come at the cost of a marked increase in the country's national debt, and that Barbados' prosperity is fragile because of its vulnerability to external shocks. In this respect, Barbados could further strengthen its fiscal situation to allow for a greater use of counter-cyclical policies.

Members welcomed Barbados' commitment to the multilateral trading system, and expressed their appreciation for Barbados' contribution to the work of the WTO, particularly its coordination of the Small, Vulnerable Economies (SVEs) group. A number of Members suggested that Barbados should reflect its liberal services regime in deeper and wider commitments under the GATS. Barbados noted that it was reviewing its offer within the context of the ongoing WTO services negotiations. Barbados was also encouraged to submit its outstanding notifications to the WTO, and to consider requesting technical assistance in order to help accomplish this. Barbados noted that it had sought faithfully to discharge its WTO obligations, but faced a number of constraints linked to its small size and increased pressure of negotiations.

Members agreed that Barbados' import regime is largely open, but some Members highlighted the need for further reducing applied tariffs, as well as narrowing both their dispersion and the gap between bound and applied tariffs. Barbados reported that an environmental levy previously collected only on imports now also applies to domestic goods. Barbados was encouraged to eliminate the few existing restrictions to foreign investment. Members also made enquiries into Barbados' plans to eliminate its export subsidy programmes by 2015.

Members congratulated Barbados for its introduction of comprehensive competition policy legislation, whose effective implementation was seen as important to improve the functioning of Barbados' domestic markets. Members also commended Barbados for the reforms introduced to its intellectual property legislation to make it more compatible with the TRIPS Agreement, and for the liberalization of its telecommunications sector. Barbados provided replies to questions concerning a number of service activities such as tourism, transport, telecommunications, and professional and financial services. We thank the delegation of Barbados for their responses to written questions.

I would like to close this meeting by thanking, once again, the delegation of Barbados, the discussant, and the Members that took part in this meeting for contributing to an informative review. May I also thank the interpreters for their hard work. I would also like to express my appreciation to the delegation of Barbados for addressing the various issues that Members have raised both in writing and orally. I think we now have a much more clear picture of your trade policies and priorities. I hope that the very positive outcome of your second Trade Policy Review will be an additional strong motivation for your continued active engagement in the multilateral trading system.

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