WT/TPR/M/282  
12 September  2013 
(00-0000)  Page: 1/21 
Trade Policy Review Body   
10 and 12 June 2013   
 
TRADE POLICY REVIEW  
SURINAME  
DRAFT RECORD  OF MEETING  
Chairperson:  H.E. Mr. Eduardo Muñoz Gómez  
 
Page 
1   INTRODUCTORY REMARKS  BY THE CHAIRPERSON  ................................ ......................  2 
2   OPENING STATEMENT BY  THE REPRESENTATIVE O F SURINAME  ................................ . 3 
3   STATEMENT BY THE DIS CUSSANT  ................................ ................................ ...............  5 
4   STATEMENTS BY MEMB ERS................................ ................................ ..........................  7 
5   REPLIES BY THE REPRE SENTATIVE OF SURINAM E AND ADDITIONAL 
COMMENTS  ................................ ................................ ................................ .....................  17 
6   CONCLUDING REMARKS B Y THE CHAIRPERSON  ................................ ........................  20 
 
 
Note: Advance written questions by WTO Members and the replies provided by Suriname  are 
reproduced in document WT/TPR/M/ 282/Add.1 and will be available online at 
http://www.wto.org/english/tratop_e/tpr_e/tp _rep_e.htm.  WT/TPR/M/282 • Suriname  
 
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  1  INTRODUCTORY REMARKS  BY THE CHAIRPERSON  
1.1.  The second Trade Policy Review of Suriname was held on 10 and 12 June 2013. The 
Chairperson H.E. Mr. Eduardo Muñoz Gómez (Colombia) welcomed the delegation of Sur iname 
headed by Mr. Raymond Saopen, Minis ter of Trade and Industry; the rest of the delegation from 
Suriname and colleagues from the mission in Geneva; and the discussant, H.E. Mr. Nimal 
Karunatilake (Sri Lanka).  
1.2.  The Chairperson recalled the purpose of the Trade Policy Reviews and the main elemen ts of 
the procedures for the meeting. The report by Suriname  was contained in document 
WT/TPR/G/282 and that of the WTO Secretariat in WT/TPR/S/282.  
1.3.  Suriname adopted the alternative timeframe for its TPRB meeting . Questions by the following 
delegations had  been submitted in writing at least four weeks in advance and had been 
transmitted to the delegation of Suriname:  the United States; China; India; and the European 
Union . The following delegations submitted written questions after the four week deadline: I ndia; 
Sri Lanka; Turkey; the Dominican Republic; Ecuador; and Uruguay.  
1.4.  Suriname has an open economy with large mineral reserves, and it is dominated by 
production and export of gold, bauxite/alumina, and fuel that together make up over 90% of 
exports.  
1.5.  Since its last review in 2004, GDP has performed relatively well, in a context of high 
commodity prices with an average growth rate of 5%. However, in the face of the recent economic 
downturn, Suriname's economy has shown signs of vulnerability to external sh ocks, as depressed 
demand for most commodities led to lower GDP growth in 2009. This scenario recalled an 
overwhelming necessity for economic diversification.  
1.6.  Trade is important to the economy with imports and exports representing 100% of GDP. The 
structu re of merchandise exports remains concentrated. Since 2007, gold has taken over 
bauxite/alumina as the main export, while exports of fuels also increased in importance. Imports 
are more broadly based than exports although petroleum oils make up a quarter o f imports and 
machinery and electrical equipment another fifth.  
1.7.  At the last TPR, Members welcomed the decline of average applied MFN tariffs in Suriname 
over the years. Concerns were expressed, however, with respect to the relatively high levels of 
tariff protection enjoyed by the agriculture sector. Suriname was invited to lower its tariff bindings 
to rates closer to applied rates in order to improve the predictability of its trade regime. Members 
noted with concern that certain applied tariff rates exceed  their bound levels. In that context, they 
sought details on the status of Suriname's renegotiation under Article XXVIII of the GATT.  
1.8.  During the 2004 review, Members considered that the procedures for approving investments 
are cumbersome, and underscored t he need to accelerate public sector reforms and reduce the 
degree of government interference in the economy. It is worth noting that, since then, some 
efforts have been made to simplify business registration requirements. Since June 2011, business 
licensin g is required for 26 businesses and professions; all others are only subject to registration in 
the Trade Register of the Chamber of Commerce and Industry.  
1.9.  Finally, the process of trade policy formulation remains challenging in Suriname due to 
cumbersome procedures. In that regard, Members would encourage Suriname in promoting the 
effectiveness of its trade -related legislative process.  WT/TPR/M/282 • Suriname  
 
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  2  OPENING STATEMENT BY  THE REPRESENTATIVE O F SURINAME (H.E. MR. RAYMOND 
SAOPEN ) 
2.1.  I and my delegation are hono ured to be here  with you this morning at the occasion of the 
second Trade Policy Review of Suriname.  
2.2.  The current Government of Suriname which took office in 2010 set out a clear development 
path from the beginning.  
2.3.  It is useful that you take note of the headlines of the Government agenda which are the 
following:  
 Removing unnecessary barriers against doing business es and increasing freedom of 
 entrepreneurship  
 Sustainable use of natural resources  
 Regional integration, and the South American Integration process in particul ar 
 South -South cooperation  
 Increasing the energy capacity to accommodate economic development while focusing on 
 development of renewable types of energy such as biofuel  
 Worldwide investment promotion activities  
 Development of industrial parks  
 Stronger Pub lic-Private partnerships and projects  
 Development of export processing zones.  
2.4.  At the heart of this all is the strategy to transform Suriname into a small emerging economy 
which could function as a regional hub.  
2.5.  A Trade Policy Review is an excellent opportu nity to not only summarize trade policy matters, 
but to ask the relevant important question: “What can the world learn from Suriname”?  
2.6.  In other words, what are success stories of our economic and other policies which could serve 
as a model for smaller size d economies?  
2.7.  That is, in my opinion, the core of the discussion which we should also be having in the 
context of a Trade Policy Review.  
2.8.  The effects of the 2008 Global Financial crisis and the subsequent Global Recession are still 
visible and some of the se ctors which are important to Suriname, such as the alumin ium branch, 
have still not fully recovered.  
2.9.  But we were able to prevent a destruction of the financial sector in Suriname because of the 
prudent oversight from monetary authorities.  
2.10.  The Central Bank is currently undergoing capacity building in order to manage financial 
instruments in the country even better.  
2.11.  So prudent oversight of financial markets in Suriname is one area where smaller countries 
can take a closer look at.  
2.12.  But in the financial area, S uriname is doing more.  
2.13.  As a producer of minerals such as oil and gold with relatively high prices on the world 
market, the country is saving funds and setting up a Sovereign Wealth Fund for times of economic 
downswing with lower world prices.  
2.14.  Many countrie s were forced to take some painful measures in the aftermath of the 2008 
financial crisis and we see the problems in some European countries today.  
2.15.  We took some difficult measures in January of 2011 and the implementation of these 
measures did not create a ny social eruptions.  WT/TPR/M/282 • Suriname  
 
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  2.16.  This was possible due to a combination of compensation measures for the least vulnerable 
in society, a solid social program for the elderly and the youth, a housing program, and an 
afterschool program.  
2.17.  The other important element was t he partnership with unions who did understand the 
importance of economic stability measures.  
2.18.  The Government is currently implementing a social security system consisting of:  
1. A general pension system for every citizen  
2. Health care availability for every citi zen 
3. A minimum wage.  
2.19.  So that is the second thing in which the Government was successful, but the wisdom in this 
case is: painful measures should be accompa nied by a solid social program. And I emphasize this 
as we witness high unemployment rates among yout h under the age of 25 in some European 
countries.  
2.20.  I do not need to mention the importance of social stability to the  business climate in a 
country. But social stability is also achieved by making sure that all citizens have access  to 
education. Basic educa tion is free in Suriname and as a former Minister of Education I cannot 
emphasize this policy matter enough.  
2.21.  Safety is also an important pre -condition of a good b usiness climate in any country. In this 
connection, I refer to the following UNDP publication:  Caribbean Human Development Report 
2012, UNDP Citizen Security Survey 2010, Summary of Findings - Suriname.  
2.22.  According to this report on page 20, Suriname is one of the safe st countries in the 
Caribbean. Responders of the survey answered the question: “How secure or insecure do you 
consider ( living in) your country to be?” Obviously, Suriname is doing something right in the area 
of safety and as a Minister I am proud of this fact.  
2.23.  But since security is a new area of cooperation between nations in the wake of  international 
terror threats, the lessons learned of Suriname may be considered by many nations.  
2.24.  I gave you a brief presentatio n of the direction of Suriname. I hope that after reading the 
relevant Trade Policy Review reports, you got a clear idea of the progress we are making to 
integrate Surinam e in the dynamic world economy. We answered the questions we recei ved to the 
best of our ability. We look forward to a meaningful discussion with you. I would like to thank the 
WTO and all the officials of this or ganization who made this second Trade Policy Review possible.  WT/TPR/M/282 • Suriname  
 
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  3  STATEMENT BY THE DIS CUSSANT  
3.1.  At the outset, let me also extend a warm welcome to His Excellency Raymond Sapoen and his 
officials, who are here for the second Trade Policy Review of Surinam e. I consider it an honou r to 
join you in this important and  constructive exercise as the Discussant.  
3.2.  I wish to focus my introductory comments this  morning primarily on the macro economic 
outlook and the trade policy regime of Surinam e, with particular reference  to its WTO obligations.   
3.3.  Let’s first turn to the macro economic outlook.  
3.4.  As all of you know, Surinam e is an upper -middle income country, which is blessed with 
valuable natural resources such as alumina, gold and petroleum. While mining and energy sectors  
contribute about 30% of Surinam e’s GDP, alumina, gold and petroleum together account for well 
over 90% of its total exports. Dominated by trade and transport activities, the services sector 
accounts for as much as 60% of the GDP, whereas the manufacturing  sector (spearheaded by food 
processing and bauxite refi ning) account for another 22%. Despite their relatively small 
contribution to the GDP, agriculture and fisheries sectors continue to remain important in terms of 
employment and foreign exchange earnin gs.  
3.5.  Averaging around 5%, the GDP growth of Surinam e has remained relatively strong during the 
period under review. This is mainly due to the buoyant mining sector, which plays a key role within 
the Surinamese economy. However, the depressed demand for com modities, which stemmed from 
the global economic meltdown witnessed in 2008, dampened the country’s growth to a 
considerable extent in 2009.  
3.6.  Although the economy has begun to show some signs of recovery after 2010 as a result of 
the favourable commodity p rices fuelled by the improving economic conditions in some of the 
industrialised countries, Surinam e’s heavy dependence on a just few commodities can seriously 
expose its economy to the risks of external shocks at any time.    
3.7.  The highly volatile commodity  markets and the associated risks underline the important 
necessity of taking effective and sustained measures in diversifying the Surinamese economy.  In 
response to some of the Member questions, Suriname has outlined a number of measures it 
intends to pur sue in addressing this situation.    
3.8.  Devaluation of the Surinamese dollar in 2011 has led to increasing import prices, triggering a 
considerably high inflation. However, the rate inflation, which stood closer to 16% in 2011, has 
begun to slowly come down o ver the following years and expected to be within a single -digit by 
now.    
3.9.  It is also p ertinent to point out that the G overnment of Surinam e has been able to reduce its 
debt stock from 37% of GDP in 2005 to some 19% in 2012 in the wake of the country’s st rong 
GDP growth and the favourable fiscal conditions.  
3.10.  In its 2012 –2016 Multi -annual Development Plan,  the most recent in the series,  Surinam e 
aims at rationalising the public sector, increasing earning capacity through advantageous mining 
contracts, as we ll as exploiting potential for tourism, and promoting entrepreneurship with special 
emphasis on export industries. Concrete action in achieving these objectives would, of course, be 
most beneficial for the Surinamese economy.   
3.11.  Next, I would like to turn t o the trade front.  
3.12.  Foreign trade remains an important component in the Surinamese economy as imports and 
exports equivalent to some 100% of the country’s GDP. Surinam e’s exports have been registering 
a considerable growth since 2007, while the structure o f its exports has changed to some extent 
with gold overtaking alumina as the main export and petroleum products gaining an increased 
importance within the export basket.  
3.13.  Surinam e’s export destinations too have seen some changes in the recent past. For 
instance, the share of its exports to the European market has shrunk from nearly half to WT/TPR/M/282 • Suriname  
 
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  one-quarter of the total  exports during the period 2007 –2011, while exports to the Middle Ea st 
increased from near zero to almost a quarter, primarily due to the growing exports of gold to that 
region.   
3.14.  Surinam e’s imports are more broad -based in comparison to its exports, although petroleum 
oils, which mostly consist of refined products that are not produced in the country, make up a 
quarter of imports. Foodstuff, clothin g, machinery and electrical equipment etc., feature among 
the other main items of import.   
3.15.  The U nited States and the E uropean Union rank as Surinam e’s main sources of imports, 
although their share has declined somewhat in the recent years, while imports f rom Trinidad and 
Tobago seen some increase.  
3.16.  Reading through the reports of the Secretariat and the Su rinamese government as well as 
some of the Member questions, I observe that the policy formulation processes in Surinam e 
remains lengthy and time consumin g. In fact, its trade policy does not appear to have changed 
fundamentally since its previous review, which was held in July 2004. Needless to say this 
constitutes a major challenge to the system  where a lot of legislation needs updating. Some of the 
areas  which need more mo dern legislative basis include  trade and investment, intellectual property 
rights, customs, land tenure, consumer protection, and competition policy.  
3.17.  It is also pertinent to mention that Surinam e does not have specific legislation yet i n areas 
such as contingency measures and competition policy. Although some aspects of these areas are 
covered under other laws, they would benefit from comprehensive, dedicated acts of legislation 
albeit that too would require appropriate institutional ref orms to support and enforce such 
dedicated laws. Despite the fact that Surinam e has prepared draft legislation in several cases, 
including intellectual property, its National Assembly has not been able to pass them so far.  
3.18.  Suriname is a member of the Cari bbean Community or the CARICOM, and has adopted its 
common external tariff. Although Surinam e’s average MFN tariffs remain below its average bound 
tariffs at the WTO, the applied rates of some 9% of the overall tariff lines exceed their bound 
rates. Surina me is expected to address this situation by undertaking renegotiation of its Schedule 
of Tariffs.   
3.19.  In order to mitigate any under -invoicing, the Surinamese Customs authorities currently 
apply specific duties for imported cars, cigare ttes, and alcoholic be verages. In addition, the 
authorities are in process of initiating a pre -shipment inspection programme  as well . 
3.20.  It has been observed that Suriname has not made notificati ons to the WTO in many areas, 
including technica l regulations and SPS measures.  The au thorities have indicated that they would 
take action to notify their technical regulations, once the Suriname Standards Bureau has been 
notified as their enquiry point.  
3.21.  Although minerals and oil production are central to its economy, Suriname has consider able 
potential in agriculture production as well.  However, the country faces a number of challenges in 
agriculture development and they include the outdated land tenure system that hinders 
investments and restricts producers' access to credit, poor infrast ructure and inadequate research 
and development.  
3.22.  I wish to conclude my brief rema rks by thanking the Surinamese G overnment for its 
commitment and engagement in their second Trade Policy Review under the overall mechanism of 
the WTO. I am also appreciative  of the spirit of cooperation demonstrated by Surinam e in using 
the alternative timeframe for this Review, as that provides sufficient time for the Member 
delegations to pose questions on areas of interest to them and then allows us to study the 
Surinam e responses to the particular questions in advance, paving the way for an active 
engagement in the Review process.    WT/TPR/M/282 • Suriname  
 
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  4  STATEMENTS BY MEMBER S 
UNITED  STATES  
4.1.  During its first TPR in 2004, Suriname indicated that the decision to participate in the TPR 
process had  not been easy – but that it recognized its commitments under the WTO. Hopefully its 
first TPR provided a valuable opportunity for Suriname to both recognize its accomplishments and 
provide fur ther insights into its regime. We recognize that Suriname faces  added challenges with 
regards to its participation in the TPRs and other WTO activities given that Suriname does not 
maintain a permanent mission in Geneva. We therefore commend Suriname on its willingness to 
engage with the Secretariat and Members and ap preciate its participation today.   
4.2.  Turning to developments since its last TPR, we note that Suriname enjoyed solid economic 
growth rates averaging 5% from 2005 until  the financial crisis in 2008. Suriname’s intensive 
participation in the world economy con tributed significantly to these growth rates as well as to 
Suriname’s recovery from the crisis.  As the Secretariat stated, trade clearly plays an important 
role in an economy with imports and exports equal to 100 % of GDP. Further, according to the 
Secreta riat’s report, while Suriname experienced setbacks to its exports and its economy during 
the financial crisis, Suriname’s merchandise export strength supported a steady current account 
surplus from 2006 through 2012 and merchandise exports have more than d oubled during this 
period, along with Suriname’s GDP.  We note that the sectors in which Suriname’s services imports 
are concentrated – transport and engineering – further enable and support Suriname’s 
merchandise exports.  
4.3.  The United States and Suriname enj oy a solid trad e and investment relationship. The 
Secretariat reports that the United States imported approximately 10.7 % of Suriname’s exports in 
2011. In the review period, Suriname exports to the United States, led by minerals and fish 
exports, increase d by 75 %, and U.S. exports to Suriname increased by 71 %. The Secretariat 
reports that the United States is also among the top four sources of foreign direct investment in 
Suriname.  
4.4.  The United States commends Suriname on its efforts to expand trade flows an d further 
integrate its economy into t he world market. The Caribbean Community establishes the 
groundwork for the CARICOM Single Market and related commitments on competition policy, 
services, transport policy and agr icultural policy, among others.  Surinam e’s participation in 
CARICOM is therefore a significant step towards improved trade flows within CA RICOM and with 
third countries.  Enhanced integration within the Caribbean is key to Suriname’s and other 
Caribbean countries’ effective  integration in global  markets.  Suriname’s participation in the 
European Partnership Agreement with CARIFORUM further demonstrates Suriname’s long -term 
comm itment to an open trade regime.  However, as CARICOM reduces internal barriers among its 
members, we urge Suriname to also keep in mind its WTO commitments, in particular with regards 
to its WTO bound rates.  For example, we are concerned by the statement in the Secretariat report 
that 9% of Suriname’s tariff lines are above its bound rates.  
4.5.  The United States commends Suriname  on the reforms undertaken since its last review. In 
that regard, we support the establishment of the Suriname Standards Bureau (SSB), but would 
also encourage Suriname to notify the SSB to the WTO as an enquiry point as soon as possible.  
We also look for ward to learning more about the important improvements to the port in 
Paramaribo, which the Secretariat indicates has considerably reduced the time needed for ports 
and terminal handling.  
4.6.  We note the Ministry of Trade and Industry’s objective “to improve d oing business” in 
Surin ame. However, while Suriname has made noteworthy strides to improve its trade regime in 
recent years, there are areas that pose a significant chall enge to this stated objective. As the 
Secretariat indicated, both the investment law a nd customs laws would  benefit from being 
updated. We encourage Suriname to adopt and implement a modernized customs law to improve 
customs efficiencies and amplify the benefits realized by the investment that has already bee n 
made in the Paramaribo port. We would also be interested in learning about Suriname’s reasons 
for recently establishing new pre -shipment inspection requirements.   WT/TPR/M/282 • Suriname  
 
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  4.7.  The protection of intellectual property is another critical area of legislation that has not kept 
pace with Suriname’s dev elopment.  Intellectual property protection falls short of Suriname’s TRIPS 
commitments, international standards, and Suriname’s other reforms to improve the business 
climate, attract foreign investm ent and diversify the economy. Effective protection of int ellectual 
property underpins a secure and rules -based business friendly climate.   
4.8.  We submitted written questions which highlight our concerns in this area, as well as a few 
other areas where we would a ppreciate further information. We thank Suriname for i ts responses, 
which we are reviewing carefully.   
4.9.  In closing, we would like to emphasize that we value our trade and investment relationship 
with Suriname and value the opportunity to work with Suriname both bilaterally and within the 
WTO to facilitate tra de and investment  between our two countries. We continue to hope that the 
Government of Suriname finds va lue in this important process. We thank the delegation of 
Suriname for its participation in this review, and welcome the opportunity to engage with 
Suriname and other delegations in a discussion of Suriname’s trade and investment regime.   
CHINA  
4.10.  We note with pleasure that Suriname was one of the few Caribbean countries to maintain 
macroeconomic environment stability and weathered the global financial cri sis well. Its total GDP 
and GNI per capita nearly doubled to US$5.2 billion and US$9,321 respectively during the review 
period (2006 -2012). We are also happy to see that Suriname has made some progress on other 
aspects, such as adoption of a number of nati onal and CARICOM standards, the improvement of its 
food control system and the enhancement of its banking supervision with the Banking and Credit 
System Supervision Act.  
4.11.  We have also witnessed encouraging progress on our bilateral trade and economic relati ons. 
According to Chinese statistics, Suriname is one of China’s major trading partners in Caribbean 
countries. In 2012 our bilateral trade amounted to US$212 million with an increase of 40% year 
on year. On investment, by the end of 2012, the aggregate to tal of utilized FDI of China in 
Suriname amounted to US$106 million. Suriname has also invested 17 projects in China with the 
total amount of US$20.1 million. Just a week ago, Chinese president  Xi Jinping has met 
Surinamese P resident Dési Bouterse in Port of Spain, at which our two countries have committed 
to further expand our bilateral cooperation and help promote China's overall cooperation with Latin 
America.  
4.12.  These achievements don’t come with out efforts. As the Government Report and the 
Secretariat R eport both pointed out, Suriname has made great efforts towards its integration into 
a more open global economy and to improve its own investment environment. China also highly 
commends Suriname’s efforts towards multilateral trade liberalization and regiona l integration. As 
the government report pointed out, Suriname has actively engaged in the multilateral Doha 
negotiations through CARICOM and negotiations for various regional cooperation initiatives to be a 
regional hub.  
4.13.  Having said that, we believe that t here is still room for improvement in Suriname’s trade 
policy. Its legal framework needs to be updated in a number of areas related to trade and 
investment such as investment law, customs act and the existing IPR legislation. It is also noted 
that about 90 % of Suriname’s export income is based on alumina, gold and oil, rendering its 
economy vulnerable to global commodity price fluctuations. China expects Suriname to take 
measures to accelerate its efforts to update its legal framework and promote its trade 
diversification. Of course, those could only be achieved with pa tience, perseverance and a 
well-prepared work plan that starts with little th ings. As a Suriname saying goes  “If you like okra, 
you will have to like the seeds as well”, which means that, if y ou want to achieve something, you’ll 
have to start with little things. China will be most glad to work together with Suriname to plant the 
seeds now and harvest the okra in due course.  
INDIA  
4.14.  India and Suriname share strong cultural and historical links. Ne arly 30% of Suriname’s 
population is of Indian origin. Our bilateral ties have continued to flourish through multifaceted WT/TPR/M/282 • Suriname  
 
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  cooperation, including technical assistance and training under India’s ITEC programme. A Line of 
Credit wort h US$ 30 million was extend ed to Suriname during the fourth Joint Commission Meeting 
in Paramaribo.  
4.15.  Trade between India and Suriname has been modest but increasing. From US$ 15 million in 
2011-12, bilateral trade has crossed US$ 25 million in the first nine months of 2012 -13. There is  a 
growing interest in investing in Suriname as evident from a proposed palm oil project in Suriname 
by an Indian company  involving an investment of US$ 200 million. We look forward to exploiting 
the full potential of our trade and commercial relationship i n the future.  
4.16.  As small and open economy, Suriname is rich in mineral reserves with a per capita income 
of US$ 9,321. Its economy is dominated by the production and export of gold, bauxite, alumina 
and fuel, which make up over 90% of its exports. Trade plays  an important role in Suriname’s 
economy with imports and exports amounting to 100% of its GDP. In this backdrop, we welcome 
the Suriname Government’s emphasis on economic diversification to promote development and 
reduce exposure to risks from external sh ocks.  
4.17.  Various sectors have been identified for development keeping in mind Suriname’s potential 
for further economic growth, including not only minerals, but also tourism and agriculture. 
Through a strategy of enhanced agricultural production, the Governm ent proposes to convert 
Suriname into a major food producer and supplier of the region. Suriname’s Multi -annual 
Development Plan 2012 -16 lays down the development blueprint for the medium term, focusing on 
rationalizing the public sector, increasing produc tivity of the mining sector, promoting tourism and 
entrepreneurship. Today Minister Sapoen has outlined his Government’s agenda and desire to 
transform Suriname into a small emerging economy that could function as a regional hub. We 
hope Suriname will be s uccessful in achieving its desired objectives and wish them well in their 
work ahead.  
4.18.  Suriname’s strong and steady economic performance during the period under review is 
noteworthy. Driven largely by favourable prices for its exports of gold, bauxite and a lumina, 
Suriname’s growth averaged 5%, slowing down briefly in 2009 due to depressed international 
demand and prices. Since 2010, the economy has shown signs of recovery as a result of improving 
commodity prices and economic recovery in some industrial cou ntries. Growth in the medium term 
is projected at 5% to 7% per annum, propelled mainly by FDI and domestic private investment in 
gold and bauxite mining, as well as in large -scale infrastructure.  
4.19.  As a member of CARICOM, Suriname has adopted a common exter nal tariff and is party to 
the Community's international agreements, including its RTAs. This regional integration will 
promote greater competitiveness and productivity, bringing enhanced benefits for Suriname.  
4.20.  In conclusion, we take this opportunity to w ish the delegation of Suriname a productive 
Trade Policy Review. Though a small economy, Suriname has been successful in charting a high 
growth path marked by stability and growing income levels. At the same time, Suriname is fully 
cognizant of the challen ges and constraints facing its economy and is taking appropriate steps to 
address them. We wish Suriname success in its future course and endeavours.  
BRAZIL  
4.21.  For Brazil, it is a pleasure to participate in the second Trade Policy Review of Suriname, a 
neighb ouring country with which we have developed and hope to continue to develop increasingly 
close and friendly ties.  
4.22.  We view with satisfaction that, in the 2006 -2011 period, the Surinamese GDP has grown at 
an average rate of more than 4% yearly. Moreover, Sur iname has faced the current global 
economic crisis with limited effects on its trade indicators: from 2007 to 2011, total exports have 
increased from US$1.36 billion to US$2.48 billion, while total impo rts have risen from almost 
US$1  billion to US$1.43 bil lion. Suriname is a very open economy: imports plus exports account 
for nearly 100% of its GDP.  
4.23.  In Suriname, most FDI inflows are still concentrated in the mining and energy industries. As 
many developing countries, Suriname faces the challenge of diversif ying its productive base and WT/TPR/M/282 • Suriname  
 
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  enhancing its participation in the world trade flows. Agriculture, forestry, tourism and other 
industries also offer opportunities for investments. Brazil welcomes and encourages the initiatives 
taken by Suriname to attract inv estments and diversify its economy.  
4.24.  We are glad to note the constructive role Suriname has played in the process of 
strengthening regional integration and identity. Suriname is engaged in various regional 
mechanisms and organizations. Among these, we could  mention the Caribbean Community, the 
Union of South American Nations and the Community of Latin American and Caribbean States.  
4.25.  Trade between Brazil and Suriname has evolved in recent years. Between 2002 and 2012, 
bilateral trade flows have increased by 48 0%, from US$10.7 million to US$62.1 million. This 
growth has favoured mostly Brazilian exports, which stood at US$61 million last year and covered 
a wide range of products such as machinery, foodstuffs, footwear, clothing and vehicles. On the 
other hand, a lmost 85% of the less than US$1 million Suriname sold to Brazil in 2012 was 
represented by a single product, alumina. There remains room to explore ways to diversify and 
increase bilateral trade and investments, in a more balanced way.  
4.26.  In parallel to incre ased trade flows, bilateral co -operation has als0 intensified. The recent 
opening of the Consulate of Suriname in Belém, in the Northern part of Brazil, and the 
establishment of a direct shipping route between the two countries are a few examples. 
Addition ally, Brazil and Suriname are developing co -operation projects in areas such as 
agriculture, health care, education, public security, geology, mining and energy. Initiatives of this 
nature aim to bring our country closer to Suriname and the Caribbean regio n as well.  
4.27.  Last but not least, Brazil sincerely expects to continue to reinforce its relations with 
Suriname in a friendly and open way, promoting not only bilateral trade in goods and services but 
also productive investments, for the benefit of our popula tions.  
EUROPEAN  UNION  
4.28.  Overall the Surinamese economy has grown steadily in recent years, despite the global 
financial turmoil and the medium -term economic outlook is positive. Trade represents 100% of 
Suriname’s GDP and is important for its growth.  
4.29.  The rel ationship between Suriname and the EU is important and the 24th EU -ACP Joint 
Parliamentary Assembly (JPA) which took place for the first time in Paramaribo in November 2012 
reflects the role played by Suriname and its increased efforts to deepen its integr ation into region.  
4.30.  As far as trade is concerned, the EU remains Suriname’s number one export market, and its 
second greatest source of imports, accounting for 12% of the total, just after the U .S. even if the 
EU’s share of Suriname’s overall trade has shru nk, as noted by the Secretariat. The EU is also an 
important investment partner.  
4.31.  Suriname is a signatory to the Economic Partnership Agreement, or EPA, between 
CARIFORUM States and the EU. The EU is pleased to inform Members that just after signing the 
EPA in October 2008 Europe opened its market fully to Suriname and to the rest of CARIFORUM. 
Like most other CARIFORUM countries, Suriname has now started cutting its tariffs on certain EU 
imports, as agreed in the EPA. We now very much hope that Suriname wi ll proceed with ratifying 
the EPA in short order.  
4.32.  The EU is also one of the main providers of development assistance to Suriname and the 
rest of CARIFORUM. Most of this is currently financed from the 10th European Development Fund, 
which runs from 2008 to  2013. The EU has increased its support to the region to €163.5 million to 
bolster the economic integration process, already underway in the Caribbean, and to support the 
implementation of the EPA. Aid for trade is an important part of this aid. Alignment to standards 
including SPS standards is covered as it is a factor that should facilitate Suriname’s exports of food 
products to the EU.  
4.33.  Aid to Suriname individually amounts to  €19.8 million for the period 2008 -13 and aims at 
contributing to the Government’ s objectives identified in the National Development Plan focussing WT/TPR/M/282 • Suriname  
 
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  on transport infrastructure. In addition to that, €9.3 million has been allocated in 2012 to help the 
country’s banana industry adapt to changes in global markets.  
4.34.  The EU believes that Suri name still faces several challenges as it seeks to grow its trade 
with the rest of the world. These were highlighted by the country’s ranking in the World Bank’s 
most recent Doing Business Report. The EU notes Suriname’s arguments in this regard which have  
been presented in its replies to the EU advanced questions.  
4.35.  This leads me to congratulate Suriname for having chosen the new timeframe for its review 
which allows the Members to examine Suriname’s replies before the TPR meeting starts. Indeed, 
the EU wel comes the replies made by Suriname and believes that the country could further 
develop its economy and trade, and attract even more investment than it does at present, by 
adopting measures in five corresponding areas:  
 Firstly, cutting red tape, simplifyin g customs procedures and making it easier for businesses 
 to operate.  
 Secondly, drafting and applying legislation affecting trade and investment in a way that is 
 more predictable and transparent.  This should include stronger rules on property rights and  
 better enforcement of those rules.  
 Thirdly, managing its state -owned enterprises more effectively.  
 Fourthly, further reforming its competition and public procurement rules.  
 And finally, ratifying several international conventions to tackle corruption.   
4.36.  In conclusion, I wish on behalf of the EU Suriname every success in this challenging but 
useful exercise in transparency, and in its efforts to grow and play a full role in global trade.  
REPÚBLICA  DOMINICANA  
4.37.  En este segundo examen de su política comerci al deseamos felici tar al Gobierno de 
Suriname  ya que tal y como lo indica el informe de la Secretaría de la OMC, tienen una economía 
pequeña y abierta, en la que a pesar de la crisis económica internacional, el comercio y el PIB han 
aumenta do cada año entr e 2006 y 2012. El PIB y el Ingreso per cápita se han duplicado, y todo 
esto en base a que el país cuenta con importantes reservas de minerales, tales como oro, bauxita 
y combustibles derivados del petróleo, que constituyen el 90% de sus exportaciones.  
4.38.  El crecimiento económico se ha apoyado en los altos precios de estos productos 
principalmente, lo que hace que el mismo dependa de esta pequeña gama de productos.  Es por lo 
que en el informe se recomienda, opinión que compartimos, que a pesar de que el Gobier no ha 
tenido casi siempre durante el período estudiado un superávit fiscal, se trate de diversificar la base 
de generación de los ingresos, para que el país no esté tan expuesto a las fluctuaciones de los 
precios internacionales de los productos básicos qu e exportan y que mencionamos anteriormente.  
Por otro lado, se indica que los métodos de producción empleados en el sector del oro pueden 
degradar el medio ambiente y no son muy eficientes para la extracción de este metal, por lo que 
sugerim os a las autori dades de Suriname  supervisar los mismos a fin de hacerlos más eficientes y 
sostenibles.  
4.39.  Vemos con satisfacción que en Suriname , el promedio de los aranceles NMF es inferior al 
promedio de los aranceles consolidados en la Lista de compromisos aran celarios de Suriname  en la 
OMC.  También se han establecido mejoras en varias áreas, como el establecimiento de la Oficina 
de Normas de Suriname .   
4.40.  Por otro lado, el informe de la Secretaría indica que se pueden realizar mejoras en la 
actualización de la Ley de Inve rsiones del 2001, y que también se podría elaborar una Ley General 
de Aduanas, para unificar y actualizar las disposiciones de administración aduanera, y hacer las 
más modernas y eficientes. Otras áreas en las que se podrían real izar mejoras legislativas so n: 
propiedad intelectual, medidas de defensa comercial y política de competencia.  
4.41.  La República Dominicana ha present ado algunas preguntas a Suriname , en particular 
relativas a ciertas medidas tomadas en el área agrícola, y agradecemos las respuestas WT/TPR/M/282 • Suriname  
 
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  presen tadas las cuales vamo s a estudiar con detenimiento. Para terminar, so lo nos queda exhortar 
a Suriname  para que siga encaminando sus pasos por la senda del progreso, mejorando el nivel de 
vida de su población, haciendo las reformas legislativas e institucio nales necesarias, y les 
deseamos muchos éxitos en este segundo examen de política comercial y en el futuro  
CANADA  
4.42.  Indeed the key economic indicators for Suriname are very positive. At a time when many 
countries are experiencing significant challenges, Suri name boasts a projected GDP growth rate of 
4.5% for 2013 and 4.5% in 2014 (IMF World Economic Outlook Reports – Update) and an in flation 
rate, which stood at 5 % in 2012, down from 17.7% in 2011 as a result of successful stabilization 
measures taken by the government. Further, the Central Bank of Suriname reported that offic ial 
reserves have risen from US $237.2 million in 2006 t o just over a billion in 2012. And in April 2013 
Standard and Poor revised Suriname’s credit rating outlook upward from “stable to p ositive”.  
4.43.  Canada and Suriname have enjoyed an expanding trade and business relationship in the 
thirty eight years since formal diplomatic relations were established in 1975. Total two -way trade 
has expanded since the last review in 2004 to over US$600 mill ion, mostly due to Canada’s import 
of gold, inorganic chemicals (corundum), a nd mineral ores, slag and ash. Although this year 
Suriname was one of the countries from which Canada removed General Preferential Tariff, the 
bulk of Suriname’s exports to Canada  are admitted at the “MFN duty -free” rate.  
4.44.  Although investment is not subject to WTO disciplines, it is important to note that trade 
follows investment. One of the key elements of Canada’s relationship with Suriname is investment 
in the mining sector, whi ch dominates Surinam e’s exports and contributes mightily to the country’s 
foreign -exchange reserves. Canada is among the top 4 largest foreign investors in Suriname. 
Toronto -based IAMGold has developed the largest gold mine in Suriname, which accounts by  some 
estimate for closed to 15 -20% of the country’s GDP. Recently, Suriname’s National Assembly 
signed off on a new agreement with IAMgold to expand its operations and increase the 
government’s ownership in the expanded portion of the Gros Rosebel gold mine  to 30%. The new 
agreement will mean additional tens of millions of dollars in income for Suriname.  
4.45.  Given the strong global demand for gold, the number of Canadian exploration companies 
interested in doing business in Suriname has multiplied. From this pe rspective, it is very important 
to have clarity and transparency in the rules governing investment that there is a predictable 
regime in place.  
4.46.  While we acknowledge that the G overnment of Suriname is seeking ways to improve  the 
investment regime and has c onsulted with multilateral bodies (for example, the World Bank), and 
bilaterally with Canada, we regret to note that in the “Ease of Doing Business” 2012 report of the 
World Bank Group and as the Secretariat Report notes, Suriname ranked 164th overall of 1 85 
economies on the composite measure of ease of doing business. Protecting investors is more 
challenging. On the indicator for “protecting investors”, Suriname ranked 183rd of 185 and on “the 
enforcement of cont racts”, Suriname ranked 180th. Canada believ es that it is of fundamental 
importance for the government of Suriname to take additional measures to improve the business 
and investment climate by implementing a more predictable and rules -based regulatory regime. To 
this end, we would encourage the gove rnment to update or amend the Investment La w of 2001 on 
a priority basis. We understand that even the Suriname Business Forum considers the adoption of 
a new investment law as a main priorit y. Implementation of best practices can be stepped up as a 
positiv e signal to foreign investors.  
4.47.  In 1995, Suriname became a member of the Caribbean Community (CARICOM) with an 
important goal of becoming more integra ted into the regional economy. Canada continues to 
negotiate a comprehensive trade agreement with CARICOM, which would cover services, 
investment and trade in goods. A free trade agreement with CARICOM should contribute to the 
shared goal of facilitating development through economic integration within the Western 
Hemisphere. Such an agreement would contribute t o addressing a number of issues such as 
investment protocols, labour and the environment and would contribute to creating a more secure 
and predictable environment for investors, thereby encouraging further investment and 
contributing to a positive economi c climate.  WT/TPR/M/282 • Suriname  
 
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  4.48.  We congratulate Suriname on its achievements to date, and we would encourage Suriname 
to continue with the implementation of necessary reforms to place its economy on a sound footing 
to meet its development goals in partnership with its foreign investment partners. Finalement, le 
Canada souhaite à la délégation tout le succès possible dans l’accomplissement de sa tâche et 
aimerait réitérer qu’il apprécie l’opportunité qui lui est offerte de participer à cet examen.  
COLOMBIA  
4.49.  Durante el período de examen, se evidenciaron notables resultados de la economía de 
Suriname , manteniendo desde 2009 un crecimiento económico de alrededor del 4%, apoyado 
notablemente por el fuerte desempeño de los sectores del petróleo y la explotación del oro, así 
como la est abilidad del tipo de cambio.   
4.50.  El informe muestra que, a pesar de los notables resultados en el crecimiento de la economía 
de Suriname , se mantiene una elevada concentración de sus exportaciones en los productos 
minero -energéticos. Sin embargo, cabe destac ar reciente s esfuerzos del gobierno de Suriname  
para generar políticas que incentivan la  diversificación productiva, la facilitación del comercio y e l 
turismo, un sector cada vez má s rentab le para la economía de Suriname . 
4.51.  Esperamos que los esfuerzos de Suriname  para el cumplimiento de sus compromisos ante la 
OMC, actualización de su marco normativo en materia de i nversión extranjera, facilitació n del 
comercio, propiedad intelectual y nuevos negocios, generen los resultados que permitan preservar 
la senda d e crecimiento los pró ximos años.  
4.52.  Tomamos nota de que Suriname  aún está pendiente por presentar algunas notificaciones 
periódicas, e invitamos a que se pongan al día en la medida de lo posible.  
BARBADOS   
4.53.  Barbados wishes to commend Suriname on its credible p erformance since its last Trade 
Policy R eview. Over the last six years, the world has been challenged by economic and financial 
crisis, recession, rising oil and commodity prices, and burgeon levels of debt.  
4.54.  We are pleased to see that despite these challen ges, Suriname has managed to almost 
double its GDP and  GNI per capita income over the period. We also commend  the Government of 
Suriname on taking advantage of its robust output growth and several fiscal positions to 
significantly reduce its debt stock the reby reducing its  GDP ratio from 37%  in 2005 to 
approximately 19% today . This is a feat that many world economies have not succeeded in 
fulfilling . My delegation therefore applauds Suriname in this regard.  
4.55.  Barbados maintains an excellent trade relationship  with Suriname as we share a special 
relationship both as regional neighbours and as CARICOM members. Through this integration 
initiative, we together , both sub-regional counterparts in CARICOM , are committed to realize  an 
ambitious level of economic and p olitical integration t hrough the CARICOM Single M arket and 
Economy. This policy coherence it's evidenced in Suriname's trade policy and reflected in the 
relationship between our countries.  
4.56.  The importance of trade in the Surinamese economy should not be un derestimated and we 
recognize that trading goods and services averaged  100% of Suriname's GDP from 2005 to 2010. 
With respect to regional initiatives, regional trade forms an integral part of relationship within 
CARICOM and regional efforts at trade libera lization seeks to expand the export potential of small 
open economies that comprise CARICOM. The results have been reflected in Suriname's export 
performance.  We are four CARICOM members with in the Americas region that have been identified 
as main recipien ts of Suriname's exports. We admit that there is more work to be done to boost  
the trade within CARICOM integration and  we will continue to work with Suriname at increasing 
the competitiveness and the trade profile of the region.  We note the recommendation s for the 
efforts made by Suriname to diversify its exports to include more products than gold, alumina and 
oil. 
4.57.  However, as a small open economy like Suriname, we can relate to the difficulties Suriname 
has encountered in achieving this goal within its fo reign trade policy. Barbados, like Suriname, WT/TPR/M/282 • Suriname  
 
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  face inherent challenges which include limited export basis, high cost of production, limited human 
technical and financial resources. We therefore commend Suriname on the development of its 
medium -term Developm ent Plan 2012-2016. We know that the strategic goals  are aimed at 
enhanc ing socio-economic development of the country through increasing revenues, as well as 
increasing internal efficiencies, improving education, increasing entrepreneurial  export -oriented 
trade and increasing employment.  
4.58.  My delegation believes that it is necessary that small economies be allowed  the flexibilities 
that are required to devise and  apply trade policies and  development policies in line with our 
developmental needs. This will ena ble countries like Suriname to continue to successfully pursue 
their trade liberalization, economic reform and developmental objectives in an effort to further 
integrate into the multilateral trading system.   
ARGENTINA  
4.59.  La relación entre la Argentina y Suriname  constituye un caso, entre tantos otros, en el cual 
el fortalecimiento de los lazos pol íticos ha redundado positivamente en el comercio bilateral, lo que 
intentaré explicar a continuación.  
4.60.  En cuanto al plano político, la relación con la Argentina adqu irió una nueva dinámica a partir 
del ingreso de Suriname  a la Unión de Naciones Sudamericanas (UNASUR), en mayo de 2008. Sin 
pretender extenderme demasiado en este aspecto, quisiera señalar algunos acontecimientos de los 
más recientes. En octubre de 2012, el Embajador concurrente de Suriname  con sede en Brasilia, 
S.E. Marlon Hoesein, presentó sus cartas credenciales en nuestro país. Ese mismo mes, el 
gobierno argentino publicó el decreto por el cual se dispuso la apertura de la Embajada en 
Paramaribo, la qu e se concretará en el curso de 2013.  
4.61.  En el plano comercial, y aun tratándose de cifras bajas en términos relativos, las 
estadísticas del comercio bilateral entre la Argentina y Suriname  de la última década dan cuenta 
de un notable incremento justamente a p artir de 2008, no obstante algunas intermitencias 
producto de la profunda crisis financiera y económica internacional que se inició a fines de 2007, 
pero que alcanzó su vértice dos años más tarde. En concreto, nuestras importaciones anuales 
desde Suriname  ascendieron de 24.000 dólares EE.UU. en 2002 a 5,2 millones de dólares EE.UU. 
en 2012, concentradas casi en su totalidad en los rubros correspondientes a productos minerales, 
especialmente alumina. A su vez, las exportaciones desde nuestro país hacia Surin ame 
ascendieron a 1 millón de dólares EE.UU. en 2002 a 10 millones en 2012, de las cuales los aceites 
y productos alimenticios explican más de la mitad.  
4.62.  El carácter no competitivo –y por el contrario complementario - de los principales sectores 
que son part e del intercambio bilateral, sumado al crecimiento del PBI de ambas economías en los 
últimos años, nos hace verosímilmente prever que el comercio entre la Argentina y Suriname  tiene 
perspectivas de continuar incrementándose sostenidamente.  
4.63.  En tal sentido, celebramos y alentamos a que continúen los esfuerzos del gobierno 
Surinam és por diversificar su canasta exportadora de bienes, como así también las reformas 
estructurales emprendidas en al ámbito de los servicios y el turismo.  
4.64.  Finalmente, al tiempo de reit erar nuestro reconocimiento por esta nueva oportunidad de 
intercambiar elementos de juicio y consideraciones sobre la política comercial de Suriname , 
permítame señalar –a modo de conclusión - la relevancia de este ejercicio de transparencia en 
todos sus asp ectos y desear éxito a las autoridades de Suriname  en este segundo examen de su 
política comercial.  
TRINIDAD  AND  TOBAGO  
4.65.  Like Trinidad and Tobago, Suriname has a small open economy and therefore like us, 
experiences the same challenges concomitant with bein g a small and vulnerable economy. With 
this in mind, Suriname must be commended for not allowing its smallness and vulnerability to  
handicap its efforts to fulfil  its economi c growth and development goals.  My delegation was 
heartened this morning when duri ng his opening remarks, Minister Sapoen stated that the WT/TPR/M/282 • Suriname  
 
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  Government of Suriname’s main goal “is to transform Suriname into a small emerging economy 
with the capacity to perform as a regional hub”.   
4.66.  Suriname like many of its fellow CARICOM Members was negat ively affected by the global 
economic and financial crisis of 2008, mainly due to the fall in international commodity prices in 
the second half of 2008, Suriname was one of the few Caribbean states to po st positive growth 
during 2009.  Moreover, while recov ery still remains elusive for a number of CARICOM States, 
Suriname’s economy performed robustly in 2 010-2012.  We congratulate the Government of 
Suriname on this feat.  
4.67.  Suriname’s economic performance is buoyed by its natural resources, namel y gold, bauxite 
and petroleum. However, its reliance on the above -mentioned commodities makes it extremely 
vulnera ble to external shocks.  My delegation therefore commends Suriname for its plans to 
diversify its economy as outlined in its Multi -annual development Plan 2012 -2016. While several 
sectors have been targeted, noteworthy is the Government’s commitment to developing the 
Agricultural Sector to allow Suriname to become a major food provider of the Caribbean Region.  
This is commendable when one takes into considerati on the fact that agricultural trade can provide 
the opportunity to boost employment, promote rural development and reduce poverty.  
4.68.  In light of Suriname’s commitment to successfully integrate into the global trading system, 
my delegation encourages Surinam e to intensify its efforts to improve its business competitiveness 
and attract Foreign Direct Investment.    
4.69.  Trinidad and Tobago has a positive trading relationship with Suriname and it is with this in 
mind that we commend Suriname for its commitment to Re gional integration and the CARICOM 
Single Market and Economy (CSME) process.   
INDONESIA  
4.70.  Indonesia appreciates Suriname's commitment in keeping its economy open and continuing 
its path for further liberalization. We also recognize Suriname's continuous sup port to the 
multilateral trading system, and acknowledge our shared interests in two negotiating groups in this 
organization, the G -33 and the W/52 Coalition on the TRIPS issues.  
4.71.  Our statistic shows that Indonesia's bilateral trade relations with Suriname have increased 
significantly over the past three years. Our total trade value reached US$8.9 million in 2012, 
increasing 12.5% from 2011. Indonesia's exports to Suriname consist of manufacture products 
such as furniture, stationery, textile, footwear, spic es, trad itional medicine, pottery and 
automotive parts.  
4.72.  In light of improving our bilateral economic relations, Indonesia has signed four bilateral 
agreements with Suriname. Three of them were signed during 1990s, which focus ed on economic 
and technical co operation, on trade and on promotion of investments. Last year, Indonesia ratified 
the fourth one o n avoidance of double taxation.  
JAMAICA  
4.73.  I note that Suriname is a member of the Caribbean Community and participates in the 
Single Market and Economy of the Caribbean. We share much in common in terms of the profile of 
our economy and our trading partners. We have several similarities in terms of the structure of our 
economy which rely to some degree on mining and other extractive activities.  
4.74.  We are also chall enged with our efforts to deepening our integration in the multilateral 
trading system. As members of the Single Market and Economy, we are committed, Jamaica and 
Suriname,  to deepening regional integration.  
4.75.  As Suriname's participation in this Trade Policy  Review shows, we share a deep commitment 
to the multilateral trading system. We are mindful of the challenges that are faced in deepening 
integration and share with Suriname a desire for more effective measures for deepening the link 
between  trade and dev elopment.  WT/TPR/M/282 • Suriname  
 
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  4.76.  We will ende avour , as a member of the Regional Integration Process and as sister member 
of the Caribbean Community , to work together with Suriname in deepening its trade and economic 
efforts at the regional and multilateral level.  WT/TPR/M/282 • Suriname  
 
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  5  REPLIES BY THE  REPRESENTATIVE OF SURINAME  AND ADDITIONAL COMME NTS 
5.1.  Let me first express my gratitude to all the countries and representatives who offered 
suggestions and well wishes to Suriname on Monday.  
5.2.  As I listened to the comments from the delegations on Monday, I re alized that we have a lot 
in common.  
5.3.  From a trade and economic perspective, we all desire the same outcomes. We all want 
transparency, development in all corners of the world, we all want to solve the economic problems 
of our countries, we want more cooper ation between ourselves and a higher standard of living in 
our nations. But it wasn’t just a matter of nice words which were expressed on Monday. We have a 
good working relationship with all of the delegations who spoke on Monday.  
5.4.  Some countries are active ly involved in development projects in Suriname.  
5.5.  So I take this opportunity to express my gratitude on behalf of the Government of Suriname 
for any f orm of cooperation and support. Also to the WTO.  
5.6.  I believe that fair trade and transparency is achieved by a spirit of cooperation, sharing of 
resources and expertise, and a commitment to opening markets.  
5.7.  At the same time, we should pay attention to issues like environment in a time of changing 
weather patterns, sustainable agriculture in rural areas and unempl oyment among the young. To 
name a few.  
5.8.  In other words, fair trade and transparency will not come if we don’t fix the larger 
environment and its circumstances.  
5.9.  As politicians, we need to give people hope. Hopelessness and prolonged periods of economic 
decline in regions are a breeding ground for protectionism and that undermines fair trade and 
transparency.  
5.10.  My message is that the larger world economic and social environment deserves just as 
much attention as the energy we assign to achieving free trade, fair  trade, transparency, 
competitiveness and to increase the number of nations which participate effectively in world trade.  
5.11.  We took good notice of the suggestions for improvement which were offered to us and we 
are already seriously considering them.  
5.12.  This go es for customs procedures, notifications, Intellectual Property Rights, protection of 
investors, enforcement of contracts, and all other things which will make Suriname a better place 
to do business and a better trading partner.  
5.13.  I would like to thank the W TO and all delegations for taking time to make the 2nd Trade 
Policy Review of Suriname a success.  
DISCUSSANT  
5.14.  I also would like to congratulate His Excellency the Minister an d his team for concluding the 
Surinam e’s second round of Trade Policy Review in a s uccessful manner. I am of the view that the 
review provided an excellent opportunity for a frank exchange o f views by Members on the 
macro economic conditions and the trade and invest ment policy regime of Surinam e. I also believe 
that the review proved to b e a constrictive exercise for Surinam e as well, since it was a good 
occasion for Surinamese policymakers to refle ct on certain policy gaps or gre y areas, where they 
have to pursue expeditious action.   
5.15.  As regards the overall macro economic environment, the Members were appreciative of the 
level of GDP growth Suriname has been able to achieve over the recent years, considering 
particularly the global economic meltdown witnessed in 2008 and trickled down to the ensuing 
years.    WT/TPR/M/282 • Suriname  
 
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  5.16.  However, I noted several Member s expressing their concerns over the investment regime of 
Surinam e, which appear to remain cumbersome and cause undue delays. In the circumstances, 
Suriname is encouraged to introduce appropriate reforms to improve the present investment 
climate and make i t more efficient and business -friendly.  
5.17.  I was happy to hear that Suriname has recently made some progress in three specific 
aspects relating to “Ease of Doing Business”, namely, simplification of licensing requirements for 
several types of economic activi ties, reduction of the time spent for land registration and cutting 
down on the time frame needed for establishing a Limited Liability Company.   
5.18.  Suriname is currently in the p rocess of implementing its 2012 –2016 Multi -annual 
Developmen t Plan, which aims a t rationaliz ing its economic activities. It is pertinent to mention 
that economic diversification, public sector efficiency and infrastructure improvement rank very 
high priorities in the successful implementation of this strategy.  
5.19.  In the context of the t rade policy regime, the Members commended Suriname for the 
reforms undertaken during the period under review and establishment of the Suriname Standards 
Bureau is a case in point.  
5.20.  The Members also encouraged Surinam e to take early measures to formulate and  
implement dedicated and transparent legislation in several areas relating to trade. They include 
modernized customs law for customs efficiencies, effective protection of intellectual properties, 
competition policy, contingency measures, investment policy and government procurement.  
5.21.  Some Members have expressed their concerns on Suriname's tariff regime, where applied 
rates of a considerable number tariff lines remain  higher than their bound rates.  At the same time, 
it is pertinent to point out that their bo und rates of certain tariff lines are higher than the applied 
MFN rates.  
5.22.  Suriname is planning to initiate a pre -shipment inspection programme, which, according to 
the authorities, will be implemented for a period of 18 months for the purpose of revenue 
collection. Some Members expressed their interest in learning more about the main requirements 
of this program and the progress made so far.  
5.23.  As regards sectoral policies, the Members highlighted the importance of promoting 
agriculture and tourism as a way to  diversify Suriname's economy, minimising its heavy 
dependence on mineral and energy products. I note that Suriname has already initiated efforts in 
this direction and made substantial investments in tourism -related infrastructure, including hotels, 
tour o perators, and airp ort renovation. I believe these efforts will help Surinam e to transform its 
economy to a more broad -based and resilient one, which can weather the unpredictable external 
shocks with relative ease.  
5.24.  Before concluding, I should state that i t was an honour for me to attend the second Trade 
Policy Review of Surinam e as a discussant. I believe that the R eview was a productive exercise for 
both Members and the Surinamese authorities.   
5.25.  I wish Surinam e every success  in their economic endeavours.  I also wish Minister Sapoen 
and his delegation a safe return home.  
5.26.  Last, but not least, I would like to take this opportunity to place on record my sincere 
appreciations of the excellent cooperation extended to me by the WTO Secretariat, particularly th e 
Trade Policy Review Division.  I am also gra teful to Ambassador Muñoz, the C hair, for sharing with 
me his experience, which I found very useful in preparing my remarks.   WT/TPR/M/282 • Suriname  
 
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  UNITED  STATES  
5.27.  The United States thank Suriname for its responses to our advance writte n questions, as 
well as to our follow -up questions which we received this morning. We will overview them shortly.  
5.28.  We know that Suriname is still working on its new IPR law which has been in progress since 
2004 and we look forward to the conclusion of the n ew law.  
5.29.  We again thank Suriname for its responses to Members' questions and for its participation in 
this Review.  WT/TPR/M/282 • Suriname  
 
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  6  CONCLUDING REMARKS B Y THE CHAIRPERSON  
6.1.  The second Trade Policy Review of Suriname has given us a better understanding of trade 
and economic de velopments in the country over the nine years since the last review. It has also 
helped us to measure the challenges it faces in further developing its economy. The discussion was 
aided by the participation of the Suriname delegation, led by the Minister o f Trade and Industry, 
His Excellency Mr Raymond Sapoen, and by the remarks of the discussant, Ambassador Nimal 
Karunatilake of Sri Lanka. The questions and statements from delegations and the replies from 
Suriname were also very useful.  
6.2.  In this Trade Poli cy Review, Members commended Suriname for its prudent macroeconomic 
policies that enabled it to weather the global economic crisis that started in 2008 without resorting 
to any protectionist measures. They also appreciated the steps that had been taken to improve the 
trade and investment environment, including customs procedures, and noted that the new law on 
banking supervision had further improved oversight of the financial services sector.  
6.3.  Although the economy has grown strongly over the past few years and Suriname has fiscal 
and current account surpluses, the economy depends on minerals with 90% of exports being gold, 
alumina, and oil. The establishment of a sovereign wealth fund mentioned by Minister Sapoen in 
his opening remarks would help to insulate  the country from the impact of sudden changes in 
commodity prices. This, along with diversification, would make development more sustainable and 
less vulnerable to exogenous shocks.  
6.4.  As Minister Sapoen noted, Suriname is a stable, secure country with a go od system of 
education. Its natural resources are not limited to minerals as it also has good agricultural land 
and it has the advantage of being both a South American and a Caribbean country with strong 
historical or economic links to Canada, China, Europ e, India, Indonesia, and the United States. 
Therefore, the bases for development and diversification are there but there are also several 
constraints. Some of these constraints, such as poor infrastructure, are shared with other 
countries at similar levels  of development, while others are related to outdated national laws and 
public administration that could be improved.  
6.5.  The statements, questions and replies voiced in the course of this Review have highlighted 
the fact that Suriname is a generally open econ omy and trade is essential to its development. 
They also noted that reforms in some areas could help Suriname develop and diversify by 
improving conditions for trade and investment. Among the areas noted by Members were:  
 Legal and institutional reform:  Many Members noted that several pieces of legislation 
 were at various stages of development and that some of them had already been in the 
 process of being prepared at the time of the last Review in 2004. Several delegations 
 suggested that introducing or up dating legislation in areas like intellectual property, 
 competition policy, contingency measures, investment policy and government procurement 
 would provide a more conducive economic and investment environment thereby making the 
 country more competitive . 
 Diversification:  Members recognized Suriname's efforts at diversifying the economy away 
 from minerals and noted the priority given to this in the Government's plans. It was also 
 noted that Suriname's trade and investment patterns have been changing as trade and 
 investment links with new partners have been increasing;  
 Tariffs:  Some delegations welcomed the reduction in the average applied MFN tariff during 
 the review period, but they also noted that some applied tariffs were above bound rates 
 which wa s a result of adopting CARICOM's common external tariff;  
 Notifications:  Suriname was also urged to bear in mind the need to comply with other WTO 
 commitments, such as its notifications. The notification of the Suriname Standards Bureau 
 as an enquiry poin t was one of those mentioned;  
 Agriculture:  Several delegations noted the importance of agriculture and fishing and the 
 Government's emphasis on these sectors as avenues for diversification. Some delegations 
 also remarked on the relatively high levels of  protection of the agriculture sector.  WT/TPR/M/282 • Suriname  
 
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  6.6.  Suriname is an upper -middle income country but it is also a small vulnerable economy. 
Although oil, bauxite and gold are the basis for its wealth, dependence on minerals also represents 
its greatest challenge. While m inerals are probably going to remain the cornerstone of the 
economy, diversification will decide its further development because the capital intensive nature of 
minerals exploitation means employment for most people will probably be in other areas.  
Howeve r, in addition to minerals, Suriname has many other advantages, such as a stable society, 
a good standard of education, access to regional markets and several sectors, including agriculture 
and tourism, have a lot of growth potential. Therefore, I am confi dent that, with the 
implementation of the right policies and programmes, Suriname can reduce its dependence on 
minerals and continue to develop and raise living standards. The key issues that are part of the 
policy agenda mentioned by Minister Sapoen in hi s introductory remarks on Monday should serve 
as the basis to shape those policies and programmes.  
6.7.  In conclusion, this Review has confirmed the benefits of maintaining an open economy. Once 
again, I thank the delegation of Suriname led by Minister Sapoen,  the discussant and Members for 
contributing to an informative and interesting review. I also wish to expres s my appreciation to the 
delegation of Suriname for its oral and written responses during the meeting and recognise that, 
with no mission in Geneva, the TPR exercise must have been particularly difficult. We look forward 
to receiving any outstanding respon ses within the coming month.  
 
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