UN General Assembly
2003

unhindered expression of the will of the people. We reaffirm our commitment to the rule of law, good governance at all levels and deepening of our longstanding democratic tradition. Dominica and its sister islands of Saint Lucia, Saint Vincent and the Grenadines, Grenada and Jamaica are island nations adversely affected by the World Trade Organization (WTO) banana regime, which will bring to an end preferences and quotas for bananas exported to the European Union. The impending abolition of the banana quota at the end of 2005 has contributed immensely to an economic crisis in these Caribbean Community States. Thousands of small farmers in these island nations have lost hope and left banana production altogether. This has led to a 60 per cent decline in banana export earnings and has a negative impact on our national savings. In Dominica, this situation has necessitated the implementation of an austerity program, in tandem with a standby agreement with the International Monetary Fund. We are, however, working assiduously to create the conditions for economic revitalization and transformation.