RESTRICTED  
  
WT/TPR/G/308  
16 December 2014  
(14-7259)  Page: 1/11  
Trade Policy Review Body  Original: English  
 
TRADE POLICY REVIEW 
REPORT BY 
BARBADOS  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Tr ade Organization), the policy statement by 
Barbados is attached. 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the first 
session of the meeting of the Trade Policy Review Body on Barbados. WT/TPR/G/308 • Barbados 
 
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  Contents 
 
1   INTROD UCTION  .......................................................................................................... 3  
2   MAJOR CHALLENGES ................................................................................................... 4  
3   MACROECONOMI C INDICATORS .................................................................................. 4  
3.1   Gross Domestic Product .............................................................................................. 4  
3.2   Fisca l Policy ........................................................................................................... ... 5 
3.3   National Debt ............................................................................................................ 5  
3.4   Inflation ............................................................................................................... .... 5 
3.5   Monetary Policy ......................................................................................................... 5  
3.6   Internatio nal Reserves ............................................................................................... 6  
4   MAJOR SECTORS ......................................................................................................... 6  
4.1   Agriculture ............................................................................................................. .. 6 
4.2   Manuf acturi ng ...........................................................................................................  6 
4.3   Services ................................................................................................................ ... 7 
4.4   Tourism ................................................................................................................. .. 7 
4.5   International Business ................................................................................................ 7  
5   TRADE AND TRADE RELATED POLICIES ....................................................................... 8  
6   TRADE RE LATION S ...................................................................................................... 8  
6.1   CARICOM Single Market and Economy .......................................................................... 8  
6.2   CARICOM Bilaterals .................................................................................................... 9  
7   MULTILATERAL TRADE RELATIONS ............................................................................. 9  
7.1   Trade Fa cilitation ...................................................................................................... . 9 
8   THE WAY FORWARD .................................................................................................... 9  
9   CONC LUSION............................................................................................................. 11  
 
 WT/TPR/G/308 • Barbados 
 
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  1  INTRODUCTION 
1.1.  Since its last Trade Policy Review in 2008, Barbados has sought to maintain and build on its 
growth and development programmes, through the implementation of targeted policy measures, 
as outlined in its Medium Term Growth and De velopment Strategy and the resourcefulness and 
dedication of a people whose ultimate goal is that of nation building. 
1.2.  For the past six years, Barbados and the rest of the world, has been gripped by the ravages 
of a global economic recession, the likes of which have not been seen since the great depression of 
t h e  l a t e  1 9 3 0 s .  S o  d e s t r u c t i v e  w e r e  t h e  f o r c e s  o f  t h i s  r e c e s s i o n  i n  B a r b a d o s  t h a t  i t  s o u g h t  t o  
unravel many of the social and economic develo pment programmes achieved by this country since 
independence in 1966. Barbados’ Social Partners hip of the Government, the Private Sector and 
Labour were fully aware that immediate action  was required as many of the key economic 
indicators were trending in the wrong direction. 
1.3.  Barbados’ response to this global catastrophe was the development of a Medium Term 
Growth and Development Strategy which sought to chart a clear direction for Barbados’ economic 
growth and development priorities from 2013 to 2 020. The strategy defined Government’s plan to 
institute a sequence of managed structural adjustment and reform programmes which were critical to the country’s sustainable economic, human and social development over the 2013 to 2020 
planning horizon. 
1.4.  The theme of Barbados’ Growth and Developm ent Strategy is "Adjustment, Reform, Recovery 
and Sustainability". 
1.5.  An analysis of the theme is critical as it will provide a clear picture of what Government is 
seeking to achieve. 
1.6.  Adjustment  is necessary in order that the fiscal deficit could be brought to more manageable 
levels thereby ensuring the continued parity of  the fixed exchange rate; reform, through the 
implementation of policies and programmes, is ne cessary in order that the economic and social 
fundamentals of the country could be strengthened; it is envisaged that the positive economic impacts of the adjustment and reform activities w ill facilitate a recovery in the country illustrated 
by a return to economic growth and development;  Barbados’ commitment to economic growth and 
development would be fuelled by the nation’s commitment to productivity, efficiency, competitiveness and service excellence.  
1.7.  Barbados sees its vision with regard to influencing this national agenda being indelibly linked 
to its export trade. The fulfilment of the national medium term agenda through international trade 
will therefore be achieved through the four (4) goals outlined below: 
 Advancing of the economic and social we ll-being of Barbados and its people; 
 Protection of regional integration and cooperation; 
 Maintaining and elevating the image and profile of Barbados in the international arena; and  
 Maintaining and enhancing operational capability. 
1.8.  Clearly, Barbados’ growth and development will  also be inextricably linked to its rights and 
obligations in the World Trade Organization (WTO).  The liberalization and globalization of trade 
have provided opportunities for small vulnerable economies to participate in the generation of increased trade which redounds to the growth and development of these economies. 
1.9.  Barbados’ growth and development is also linked to its rights and obligations under the 
Revised Treaty of Chaguaramas and Barbados therefore commits itself to abide by the provisions of the Revised Treaty. 
1.10.  Barbados therefore sees international trad e as the engine for its growth and development 
and consequently, will seek to enter those bilateral trading arrangements which best suits its needs and from which it can derive the maximum be nefits from new liberalised global trade and in 
the process fulfil the objectives under its Growth and Development Strategy. For this reason, 
Barbados continues to seek a conclusion to the bilateral trade arrangement with Canada. WT/TPR/G/308 • Barbados 
 
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  1.11.  It also pledges to do all which can possibly be done by a small vulnerable economy, with 
very limited resources, to ensure that the Do ha Development Round, which has been on-going 
since 2001 be brought to a conclusion where all Members are satisfied with the outcome. 
1.12.  This report will outline the major challenges which confronted Barbados from 2008, its last 
Trade Policy Review. It will also outline the performance of its key economic indicators. 
1.13.  The report will also discuss the performanc e of Barbados’ major sectors, its trade policies, 
the trade relationship with other countries and Barbados’ participation in the WTO. It concludes 
with some of the measures being taken by Barbados to generate growth and spur economic 
development in the country. This is captured under The Way Forward. 
2  MAJOR CHALLENGES 2.1.  Since its last Trade Policy Review in 2008, Barbados has been adversely affected by the 
depredations of the global economic crisis. This crisis has been particularly severe on small 
vulnerable open economies which depend to a great degree on the economic stability of the developed world. 
2.2.  The United Kingdom (U.K.) and the United  States of America (U.S.A.), Barbados’ main 
foreign exchange earners in the area of goods and services, were severely affected by this crisis, 
with the result that Barbados was also impacted. 
2.3.  The price of oil continues to be a major obstacle to the levels of development which Barbados 
can attain. Instability in the Gulf and surrounding areas played a major role in the elevated price which Barbados paid for oil since 2008 and this has dampened to some degree the level of development which could have been achieved during the period. 
2.4.  The issue of the Ebola virus has also been great concern to Barbados. Given the 
interconnectivity of the global market, the risk associated with the transmission of the virus became an issue as the focus of the Government was placed squarely on ensuring the continued 
stability of the economy and the protection of its citizens. All necessary precautions and the 
administration of the appropriate protocols were  implemented to prevent transmission among the 
populace. 
2.5.  Barbados, nonetheless, ever mindful of the need never to restrict international trade unless 
there were no credible alternatives, never closed it s borders to nationals from affected countries.  
2.6.  Barbados continues to battle the position taken by the Organisation for Economic Cooperation 
and Development (OECD) with regards to the nation being labelled a tax haven. Barbados has, on 
numerous occasions, indicated to the institutions overseeing these global tax matters that it is a 
low tax jurisdiction since all funds from off-shore businesses passing through its jurisdiction are subject to taxation, though not at the same rate as on-shore corporate entities. 
2.7.  The Government has sought to confront each of these problems with alacrity and has sought 
to put measures in place to either mitigate or eradicate the issues at hand. 
3  MACROECONOMIC INDICATORS 
3.1  Gross Domestic Product 
3.1.  Since 2008, the Barbados economy has been under an intense struggle to come to terms 
with the global economic recession. For the past six (6) years, Barbados’ economy has experienced mostly flat growth, a clear indication of the slowdown in economic activity in the 
major economies of Europe and North America whic h generate the majority of Barbados’ business. 
3.2.  In 2008, real growth in Barbados was 0.3%. However, in 2009, growth was negative 4.1%. 
During the years 2010 and 2013, growth hovered between 0.8 and - 0.1%. 
3.3.  Economic forecast predict that growth w ill remain flat throughout the remainder of 2014, 
increasing to approximately 1.5% in 2015. WT/TPR/G/308 • Barbados 
 
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3.2  Fiscal Policy 3.4.  Barbados’ fiscal deficit increased between 2008 and 2010 from 4.8% of GDP to 8.8% of GDP 
and fell in 2011 to 4.5% of GDP. In 2012, it rose to 6.6% of GDP and continued to rise until it 
reached the highest level since 2008 of 11.8% of GDP in 2013. 
3.5.  Government has recognized the urgency in bringing the deficit to more manageable levels 
and has therefore embarked on programmes of st ructural reform which encompass expenditure 
reduction and revenue generation to achieve its target. 
3.6.  Government’s expenditure reduction progra mmes included the retrench ment of some public 
sector workers, the reduction of subsidies and tran sfers to statutory corporations and the cessation 
of the payment of tuition fees for students at the University of the West Indies, Cave Hill Campus. 
The consolidation tax and the solid waste municipa l tax on property are new imposed measures to 
generate revenue. 
3.3  National Debt 
3.7.  During the period under review, Barbados’ national debt has been increasing. This debt was 
necessary as Government sought to boost its fore ign reserves in the face of a major economic 
slowdown and as they bought and also guarante ed investment in major projects which could 
redound to the economic recovery of the country. 
3.8.  At the beginning of 2008, Barbados’ national debt stood at 74.2% of GDP. The domestic 
component of this debt was 51.1% of GDP and the foreign component was 23.1% of GDP. 
3.9.  In 2012 and 2013, the national debt stood at 112.7% and 126.2% of GDP respectively. The 
domestic and foreign component of the debt for 2012 was 75.0% and 25.0% respectively, while 
for 2013 the domestic and foreign component of the debt was 95.1% and 31.1% respectively. 
3.10.  Government is however cognizant of the need  to reduce this debt and is in the process of 
transferring projects, for which it initially covered the investment, to the control of the private 
sector. 
3.11.  Government has also indicated that they will not be returning to the capital market for 
additional loans given the high interest costs associated with repayment. Government’s main aim 
currently is the reduction of the deficit to appr oximately 6.6% of GDP by the end of fiscal year 
2015. 
3.4  Inflation 
3.12.  Inflation fluctuated in Barbados over the period of the last review. In 2008, the rate of 
inflation was approximately 8.1%. In 2009 and 2010, the rates of inflation were 3.6 and 9.8% respectively. In 2011 and 2012, the inflation rates were recorded at 9.4 and 4.5% respectively. In 
2013, the inflation rate was estimated at 1.8%. 
3.13.  The increases in Barbados’ inflation rates can be attributed to some degree to the volatility 
of oil prices in the international market during the 6 year period. Notwithstanding that the price of 
oil had peaked in 2008 and subsequently fallen, it should be noted that there was an upward trend 
in oil prices thereafter, though not reaching US$147 per barrel which was recorded in July 2008. The upward trend has caused continued increases in  the price of goods and services in Barbados. 
3.5  Monetary Policy 
3.14.  During the period under review, the minimum deposit rates as set by the Central Bank of 
Barbados had trended downward. The rate stood at 4.5% at the beginning of 2008 and ended the year at 3.5%. The rate throughout 2013 was recorded at 2.5%. WT/TPR/G/308 • Barbados 
 
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  3.15.  The prime lending rate stood at 9.75% at the beginning of 2008 and was approximately 
7.5% at the end of 2013. 
3.16.  The reserve requirement ratio stood at 5% for domestic accounts, 2% for foreign accounts 
and 10% for securities. 
3.6  International Reserves 
3.17.  Barbados’ net international reserves have been steadily increasing since 2008. During 2008, 
Barbados’ net international reserve stood at approximately 903 million Barbados dollars. This 
increased to over a billion Barbados dollars from 2009 to 2012. 
3.18.  During 2013, international reserves fell to 983 million dollars, but were still adequate for all 
entities in the country to carry out their stated functions. 
4  MAJOR SECTORS 
4.1  Agriculture 
4.1.  The Government of Barbados continues to see the agriculture sector as of critical importance 
to the food security of Barbados. The sector, however, continues to undergo major challenges in 
both the domestic and external markets. Domestically, issues such as praedial larceny, the 
competition for scarce resources such as land, labour and capital and the need for improved marketing and agro processing continue to be areas where great focus must be placed if the 
industry is to survive. 
4.2.  The current external environment also cont inues to provide challenges to the industry. The 
high global energy cost and the high food import bill are just a few of the areas of concern. 
4.3.  In 2012, agriculture contributed approximately BDS$103.7 million to the Barbados economy. 
The sector’s contribution to GDP has been relatively constant over the period in review. It has 
averaged approximately 4.4% in 2008, 4.7% in 2009, 4.4% in 2010, 4.2% in 2011, 4% in 2012 and 4.1% in 2013.  
4.4.  Notwithstanding the challenging domestic and external environment, Government is seeking 
to ensure the viability of the sector given its impo rtance not only in the area of food security, but 
also in the revenue which can accrue through exports. 
4.5.  An area of focus to the Government current ly relates to the construction of a multi-purpose 
plant which will be used to process derivatives from the sugar-cane. To this end, the Government has ear-marked such a plant for construction to  carry out these functions. The Government is 
cognizant that sugar, as an export commodity, is  in decline and has therefore focused attention on 
deriving other products from the sugar cane which can generate far greater revenue than 
commodity sugar. To this end, attention will be  focused on the development of specialty sugars, 
molasses for the production of branded rums and electricity from the sugar cane plant. It is 
anticipated that construction to this plant will commence in 2015. 
4.2  Manufacturing 4.6.  The manufacturing sector remains resili ent during times of economic turmoil and is 
recognized as a critical sector which has the potential to contribute significantly to job creation and 
the generation of foreign exchange. During the period 2008 to 2012 the sector has maintained its relative contribution to real gross domestic production at 6% with the exception of the year 2011 when the sector’s contribution dropped marginally to 5%. Employment has been just over 9,000 or 
approximately 7% of the entire labour force. The major subsectors contributing towards 
employment are the food processing and beverage and tobacco subsectors. 
4.7.  Given its performance, the manufacturing sector remains a sector which the Government 
believes can play a critical role in realizing the economic fortunes of Barbados in the medium to 
long term. However there will be need for adju stments which can be achieved by creating an 
enabling framework that will propel the industrial  sector to be innovation driven and export WT/TPR/G/308 • Barbados 
 
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  oriented. In particular, this enabling framework may involve, inter alia , the following strategic 
initiatives: 
i. the creation of a strategic road map to help Barbados achieve economic 
diversification, growing the business sector and promoting investment; 
ii. promoting and encouraging inter-sectoral linkages with key sectors such as tourism, 
and agriculture; 
iii. facilitating the availability and accessibility of necessary business support and 
expertise from local and regional and international sources; 
iv. strengthening the legal and institutional framework for the development of the 
industrial sector; 
v. providing support for industrial deepening strategies through the creation of 
backward and forward linkages within th e industry and other related industries; 
vi. providing and upgrading strategies which focus on existing manufacturing activities 
through capacity expansion, product upgr ading, process upgrading and functional 
upgrading; 
vii. negotiating trade agreements with the vi ew of providing increased market access 
opportunities for export ready subsectors; and 
viii. encouraging the formation of common production facilities through clustering, 
strategic alliances and mergers. 
4.8.  The successful development and implementati on of these initiatives will depend largely on 
public sector and private sector cooperation. Th e Government of Barbados is therefore committed 
to placing the highest priority in engendering these purpose driven initiatives in its scheme of 
work. 
4.3  Services 
4.9.  The services sector continues to be a driving force in the social and economic development of 
Barbados. The chief foreign exchange earners in the services sector are tourism and financial services. In the face of the challenges facing thes e key sectors, due in part to the world economic 
downturn, a number of development initiative s have been advanced in recent years. 
4.4  Tourism 4.10.  The Ministry of Tourism has prepared a white paper to boost the attractiveness and 
sustainability of Barbados’ tourism product. Among its manifold goals are the capturing of local 
innovation in service and product development and the creation of a green economy. The initiative 
once implemented would assist in the expansion of the revenue base for all tourism services. 
4.11.  Additionally, in 2014, an amendment was ma de to the Tourism Development Act to provide 
concessions to the sector. These special concessions include tax concessions for food and beverage 
inputs as well as supplies necessary for the particular tourism product.  
4.12.  In 2008, long stay visitors to Barbados totalled 567,667 and cruise ship arrivals were 
597,523. In 2013, long stay arrivals stood at 508,520 and cruise ship arrivals totalled 570,263. 
Tourism receipts were estimated at BDS$2.4 billion in 2008 and in 2012, the figure had dropped to BDS$1.9 billion. 
4.5  International Business 
4.13.  Although the industry has seen some challenges, new licences were issued to 
481 international business companies in 2008 and 498 new licences were issued in 2013. A small WT/TPR/G/308 • Barbados 
 
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  but steady increase in the number of renewals for such licences has also been characteristic of the 
sector. 
4.14.  Barbados continues to expand its networ k of Double Taxation Agreements (DTAs) and 
Bilateral Investment Treaties (BITs) to bolster its attractiveness to foreign investment in its 
International business sector. Since 2008, eleven (11) new DTAs have been signed, of which eight 
are presently in force. In addition, four (4) Tax Information Exchange Agreements have been signed with three (3) currently in force. 
5  TRADE AND TRADE RELATED POLICIES 
5.1.  Barbados’ trade policy continues to be tran sparent with notifications being made where major 
changes in policy have occurred. 
5.2.  During the period under review, Barbados did not institute anti-dumping, countervailing or 
safeguard measures against any products entering  its borders from WTO Members. Additionally, 
there have been no increases from applied rates to the bound tariffs on any products from WTO Members. 
5.3.  During the period under review, Barbados also removed a number of products from import 
licenses as authorized under the Miscellaneous Controls (General Open License) Regulations. These products include a number of oils (olive oil, palm and colza oils, among others); pasta; 
biscuits; nuts; doors and frames; paper; bars and rods; accumulators; powdered laundry 
detergent; dishwashing liquids; liquid bleaches. 
5.4.  It should be further noted that the import licensing system is applied for monitoring, security, 
health and environmental purposes as well as protection of public morals. No quantitative 
restrictions are employed. 
6  TRADE RELATIONS 6.1  CARICOM Single Market and Economy 
6.1.  Barbados is a founding Member of the Caribbean Community (CARICOM) which was 
established in 1974. It fully implements the agreed duties in the Customs Union, which are currently set at 40% on agricultural goods and 20% on industrial goods imported from outside the 
region. Barbados, with the permission of CARICOM, imposes WTO bound rates on a number of 
sensitive products, particularly agriculture. 
6.2.  In 2006, Barbados joined other CARICOM countries in creating the CARICOM Single Market, 
which allowed for the free movement of some factor s of production, as well as goods and services 
produced in the region. In preparation for this, it passed the CARICOM Single Market and Economy 
Act in 2004 which amended a number of pieces of legislation to make them compatible with the Revised Treaty of Chaguaramas. 
6.3.  The CARICOM Single Market and Economy was to be established by 2015. However, Heads of 
Government at their retreat in Georgetown, Guyana, in May 2011 pronounced on this issue. The Heads stated that with regards the Single Economy,  it was recognized that the process towards full 
implementation would take longer than anticipated. It was agreed that the best option would be to 
pause and consolidate the gains of the Single Mark et before taking any further action on certain 
specific elements of the Single Economy, su ch as the creation of a single currency. 
6.4.  Barbados recognizes the Caribbean Court of Justice, which was established in 2001 in both its 
original and appellate jurisdiction. The Headquarters of the court are in Trinidad and Tobago. 
6.5.  Barbados also actively participates in other CSME institutions. These include the Caribbean 
Regional Organization on Standards and Quality (CROSQ) established in 2002 and the Caribbean 
Competition Commission which was inaugurated in January 2008 in Suriname. WT/TPR/G/308 • Barbados 
 
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  6.2  CARICOM Bilaterals 
6.6.  Barbados, under the CARICOM rubric, has signed bilateral agreements with five (5) countries 
of the hemisphere. These countries are Venezuela, Colombia, the Dominican Republic, Cuba and Costa Rica. Negotiations with Canada are still on-going. 
6.7.  In April 2006, Barbados ratified these five Agreements. Barbados, through its membership in 
CARICOM, continues to seek further liberalization in the area of goods through the Joint Council or Joint Commission mechanism allowed for under the Agreements. 
6.8.  Meetings of the Joint Council between CARICOM and the Dominican Republic occurred in 
May-June 2012. The Parties were unable to agree on the goods to be liberalized at that meeting. 
6.9.  Meetings of the Joint Commission between CARICOM and Cuba on the further liberalization of 
goods under the Agreement occurred in Septem ber-October 2014. Discussions are continuing 
between the Parties. 
6.10.  Barbados, along with the other CARICOM Member States, has been in negotiations with 
Canada for a Trade and Development Agreement since 2007. The Parties have been able to arrive 
at consensus on a number of Chapters such as  Transparency in Government Procurement, 
Sanitary and Phytosanitary (SPS) Measures, Technical Barriers to Trade (TBT), Customs Procedures, Intellectual Property, Institutional Arrangements, Rules of Origin, and Trade 
Facilitation. Outstanding areas relate to Market Access including National Treatment, Trade-related 
Co-operation, Labour and Trade in Services (including Financial Service and Temporary Entry) and Investment.  
7  MULTILATERAL TRADE RELATIONS 
7.1.  Barbados continues to place high priority on the completion of the Doha Development 
Agenda. Barbados sees the negotiations in this area as critical to the successful completion of its Medium Term Growth and Development Strategy as well creating a fair and level environment for 
all developing countries in the global trade of their goods. 
7.2.  Barbados sees the WTO mechanism, especially the single undertaking regime and its dispute 
settlement mechanism as possibly the most impartial systems which can work to the benefit of 
developing countries. These two mechanisms allow developing economies to air their objections to 
proposals which are not in their favour and to appeal to the dispute settlement mechanism when aggrieved. 
7.3.  Barbados will continue to make its voic e heard in this forum and will push for a speedy 
conclusion to all areas under negotiation. 
7.1  Trade Facilitation 7.4.  Trade Facilitation is an important issue for Barbados. Barbados pushed for Special and 
Differential Treatment provisions within the agreement that would acknowledge and accommodate 
the difficulties developing and least-developing country Members would have in implementing the 
terms of the Agreement. These provisions will allow developing countries like Barbados to delay 
implementation of the provisions of the Agreem ent until the implementation capacity has been 
acquired. 
7.5.  Barbados is currently in the process of scheduling its commitments into Categories as defined 
by the Agreement, based on the readiness and sensitivities of its competent authorities. 
8  THE WAY FORWARD 
8.1.  Notwithstanding the challenges which current ly face Barbados, the Government has sought to 
stabilize and position the economy to realize growth in the very short term and continue on its 
path of development. This process of stabilizatio n began with ensuring that the foreign reserves 
remained adequate for future import needs of the country. WT/TPR/G/308 • Barbados 
 
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  8.2.  The main objectives of Government over the short to medium term is to ensure that 
measures are implemented in key sectors which will allow for the necessary foreign exchange to be generated or conserved through their operations. It is through these initiatives that Government foresees the growth and development of the country occurring. 
8.3.  In its main revenue generating sector, tour ism, the Government has provided concessions to 
hoteliers. It is expected these will enhance the capacity of hoteliers to engage in significant improvement of their plant and facilities, undertake new marketing initiatives and generate on new 
employment opportunities. 
8.4.  Additionally, there has been significant foreign investment in the tourism sector with projects 
which have commenced this year or which will be commencing in mid-2015. The Sandals Hotel Chain has commenced work on one of its two properties on the island with the other to commence 
shortly. The Sam Lord’s Castle project and the Four Seasons projects will be commencing before 
or during the second quarter of 2015. Taken together  these will serve to increase tourist arrivals. 
8.5.  The Government is also working assiduou sly to boost airlift out of the U.S.A. and the 
Canadian markets commencing from December 2014 and this airlift will continue well into the 
summer of 2015. This additional airl ift will see new flights emerging from the U.S. cities of Atlanta 
and New York and the Canadian city of Toronto. 
8.6.  In its effort to reduce its fuel import bill, Government is committed to the construction of a 
waste to energy facility. Given Government’s commitment to a clean and sustainable environment, this investment is seen as one which will assist in reducing much of the country’s solid waste, while generating a significant portion of the island’s power requirements. 
8.7.  It is expected that the waste to energy project will assist Barbados in reaching its target of 
replacing 29% of its oil based electricity by the generation of renewable and alternative energy.  
8.8.  Government is also granting incentives to encourage the use of solar and photovoltaic 
systems in both commercial and residential sectors in its efforts to reduce the high fuel import bill 
of the country. 
8.9.  The Government is committed to introducing clean energy technologies and energy 
conservation techniques thereby minimizing its dependence on fossil fuel. 
8.10.  The Government has also conducted political and commercial missions to Brazil in 2013 and 
Panama and Costa Rica in 2011. The purpose of these missions was to seek new markets for exports of goods and services into these countries. The private sector accompanied Government 
on these missions and is in consultation with some importers for the exports of their goods and 
services. 
8.11.  Government has also secured an IDB loan  to facilitate a Water and Sanitation System 
Upgrade in Barbados in the amount of US$50,000,000. 
8.12.  The goal of the Project is to improve water resources management in Barbados and 
sustainable water and wastewater service provisio n by the Barbados Water Authority (BWA). The 
Project will support the Government’s efforts to modernize the institutional setting of the water 
and sanitation sector; improve water production infrastructure and the efficiency of the operations of BWA by reducing unaccounted-for-water an d implementing adequate cost recovery 
mechanisms. 
8.13.  Government recognizes the critical importan ce of business facilitation to the achievement of 
its growth and development objectives. It has therefore established a Business Facilitation Unit which will seek to increase the ease and speed of  doing business. The Unit is in the process of 
addressing a number of issues pertinent to the de velopment of business activity within Barbados. WT/TPR/G/308 • Barbados 
 
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  9  CONCLUSION 
9.1.  Barbados has previously experienced many  economic challenges in prior years and has 
overcome these challenges through the creativi ty, dedication and resilience of its people. 
Barbados’ sound institutional structure along with its good governance has enabled the country to 
weather these past crises putting it back on a tr ajectory of growth and development. The current 
crisis will be no different. 
9.2.  The trading arrangements to which Barbados is a signatory will also play a prominent role in 
ensuring that it returns to a path of growth and de velopment. It will therefore continue to give its 
full support and commitment to the continued work in both the multilateral and regional fora. 
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