WT/TPR/S/308/Rev.1  
30 March 2015  
(15-1781)  Page: 1/109  
Trade Policy Review Body   
 
 TRADE POLICY REVIEW 
REPORT BY THE SECRETARIAT 
BARBADOS  
Revision 
This report, prepared for the third Trade Policy Review of Barbados, has been drawn up by the 
WTO Secretariat on its own responsibility. The Se cretariat has, as required by the Agreement 
establishing the Trade Policy Review Mech anism (Annex 3 of the Marrakesh Agreement 
Establishing the World Trade Organization), sought clarification from Barbados on its trade policies and practices.  
Any technical questions arising from this report may be addressed to Mr Angelo Silvy 
(tel.: 022 739 5249) and Mr Usman Ali Khilji (tel.: 022 739 6936).  
Document WT/TPR/G/308 contains the policy statement submitted by Barbados. 
 
 
Note: This report was drafted in English. WT/TPR/S/308/Rev.1 • Barbados 
 
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  CONTENTS 
SUMMARY ....................................................................................................................... . 6 
1   ECONOMIC ENVIRONMENT ........................................................................................ 11  
1.1   Real  economy .......................................................................................................... 11 
1.2   Monetary and ex change rate  policy ............................................................................. 13 
1.3   Fiscal policy and debt sustai nability ............................................................................. 14 
1.4   Structural reform ...................................................................................................... 15 
1.4.1   Fiscal consolidation and public sector enterprises ........................................................ 15 
1.5   Balance of payments ................................................................................................. 16 
1.6   Developmen ts in trade .............................................................................................. 18 
1.6.1   Composit ion of trade .............................................................................................. 18 
1.6.2   Direction of trade ................................................................................................... 19 
1.7   Outlook ................................................................................................................... 21 
2   TRADE AND INVESTMENT REGIME  .................................................................................. 22  
2.1   Genera l framework ................................................................................................... 22 
2.2   Trade policy formulation and implementation ................................................................ 22 
2.3   Trade agreements  and arrang ements .......................................................................... 23 
2.3.1   World Trade Organization ........................................................................................ 23 
2.3.2   Regional and pr eferential agreements ....................................................................... 26 
2.3.2.1   CARICOM ........................................................................................................... 26 
2.3.2.2   CARIFORUM-EU Economic  Partnership Ag reement (EPA) ........................................... 27 
2.3.2.3   Bilateral agreements ........................................................................................... 30 
2.3.2.3.1   CARICOM-Colombia .......................................................................................... 30 
2.3.2.3.2   CARI COM-Costa Rica ........................................................................................ 31 
2.3.2.3.3   CARICOM-Cuba ................................................................................................ 31 
2.3.2.3.4   CARICOM-Dominican Republic Free Tr ade Agreement ............................................ 31 
2.3.2.4   Non-reciprocal agreements ................................................................................... 32 
2.3.2.4.1   CARICOM-Venezuela ......................................................................................... 32 
2.3.2.4.2   Other non-reciprocal agreements ........................................................................ 32 
2.4   Investme nt regime ................................................................................................... 33 
3   TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 37  
3.1   Measures Direct ly Affectin g Imports ............................................................................ 37 
3.1.1   Customs procedur es and requirements ..................................................................... 37 
3.1.2   Custom s valuation ................................................................................................. 38 
3.1.3   Rules of origin .......................................................................................................  38 
3.1.4   Tariffs ............................................................................................................... ... 40 
3.1.4.1   MFN a pplied tariffs .............................................................................................. 40 
3.1.4.2   Bo und tariffs ...................................................................................................... 43 
3.1.4.3   Tariff preferences ................................................................................................ 43 
3.1.5   Other charge s affecting imports ............................................................................... 45 WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.1.6   Import prohibitions, restrictions, an d licensing ........................................................... 46 
3.1.7   Anti-dumping, countervai ling, and safegu ard measures ............................................... 49 
3.1.8   Technical regu lations and standards ......................................................................... 50 
3.1.9   Sanitary and ph ytosanitary measures ....................................................................... 52 
3.2   Measures Directly Affecting Exports ............................................................................. 55 
3.2.1   Export procedur es and requirements ........................................................................ 55 
3.2.2   Export taxes, charges, an d levies ............................................................................. 56 
3.2.3   Export prohibitions, restrictions, and licensing ............................................................ 56 
3.2.4   Expo rt support ...................................................................................................... 57 
3.2.5   Export finance, insurance and guarantees ................................................................. 61 
3.2.6   Export promotion ................................................................................................... 62 
3.3   Measures Affectin g Production and Trade ..................................................................... 63 
3.3.1   In centives ............................................................................................................  63 
3.3.2   Competition policy and price controls ........................................................................ 68 
3.3.2.1   Competition policy .............................................................................................. 68 
3.3.2.2   Pric e contro ls ..................................................................................................... 73 
3.3.3   State trading, state-owned enterprises, and privatization ............................................. 74 
3.3.4   Governme nt procurement ....................................................................................... 75 
3.3.5   Intellectual property rights ...................................................................................... 77 
4   TRADE POLICIES BY SECTOR ..................................................................................... 83  
4.1   Agriculture and fisheries ............................................................................................ 83 
4.1.1   Overview ..............................................................................................................  83 
4.1.2   Policies in agriculture ............................................................................................. 84 
4.1.3   Fisheries ............................................................................................................... 87 
4.2   Manuf acturi ng .......................................................................................................... 88 
4.3   Services ................................................................................................................ .. 90 
4.3.1   Financial services ................................................................................................... 90 
4.3.1.1   Banking .............................................................................................................  90 
4.3.1.1.1   Onshore banking .............................................................................................. 90 
4.3.1.1.2   Offshore banking .............................................................................................. 91 
4.3.1.1.3   Legislative chan ges and policy development ......................................................... 91 
4.3.1.2   Insura nce .......................................................................................................... 92 
4.3.1.2.1   Onshore insurance ............................................................................................ 93 
4.3.1.2.2   Offs hore insurance ........................................................................................... 93 
4.3.1.3   Cred it Unions ..................................................................................................... 94 
4.3.1.4   Securities ..........................................................................................................  94 
4.3.2   Telecommunications ............................................................................................... 96 
4.3.2.1   Mark et structure ................................................................................................. 96 
4.3.2.2   Legal framework ................................................................................................. 96 
4.3.3   Tourism ................................................................................................................ 97 WT/TPR/S/308/Rev.1 • Barbados 
 
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  4.3.4   Transport .............................................................................................................  99 
4.3.4.1   Air transport ....................................................................................................... 99 
4.3.4.2   Mariti me transp ort ............................................................................................ 100  
4.3.5   Other offshore services ......................................................................................... 101  
REFERENC ES ................................................................................................................ 103  
5   APPENDIX TABLES .................................................................................................. 103  
 
CHARTS 
 Chart 1.1 Merchandise trade by product, 2007 and 2013 ....................................................... 19
 
Chart 1.2 Merchandise trade by main origin and destinat ion, 2007 an d 2013 ............................ 20 
Chart 3.1 Frequency distribution  of MFN tariff  rates,  2014...................................................... 41 
 
TABLES 
 
Table 1.1 Basic macroeconomic indicators, 2007-14 .............................................................. 12 
Table 1.2 Balance of payments, 2007-13 ............................................................................. 17 
Table 2.1 Notifications to the WTO, 2008-14 (October) .......................................................... 24 
Table 2.2 Bilateral Investment Agreemen ts signed by Barb ados, Augu st 2014 .......................... 35 
Table 3.1 Rules of origin applied by Barbados and other CARICOM countries ............................. 38 
Table 3.2 Tariff structure, 2014 .......................................................................................... 40 
Table 3.3 Summary analys is of MFN tariff, 2014 ................................................................... 42 
Table 3.4 Summary analysis of preferential  tariffs under the EP A with the EU, 2014  .................. 43 
Table 3.5 VAT rates, 2014 ................................................................................................. 45 
Table 3.6 Prohibited and restricted imports under the Customs (List of Prohibited and 
Restricted Imports and Exports) Or der, 2009 ....................................................................... 46 
Table 3.7 Imports requiring a licence under the Miscellaneous Controls (General Open 
Import Licence) Re gulations,  2014  ..................................................................................... 47 
Table 3.8 Companies that benefited from the Fiscal Incentives Programme during 2010–14 ........ 58 
Table 3.9 Benefits under the Export Allowanc e Programme .................................................... 59 
Table 3.10 Main Competition Policy Cases Rulings by the FTC,  2008- 14 ................................... 69 
Table 3.11 Overview of  IPR protec tion, 2014........................................................................ 78 
Table 4.1 Barbados suga r production , 2007-12  .................................................................... 83 
Table 4.2 Production of livestock, an imal products and main crop s, 2007- 12 ............................ 84 
Table 4.3 Agricultural incentive sch emes, 2014 .................................................................... 85 
Table 4.4 Commercial Bank Credit to the Agricultural Sector, 2007-12 ..................................... 87 
Table 4.5 Barbados' financial system struct ure, 2008 -13 ....................................................... 90 
Table 4.6 Tourist arrivals, 2007-13 ..................................................................................... 98 
 
 
 WT/TPR/S/308/Rev.1 • Barbados 
 
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  APPENDIX TABLES 
 Table A1.1 Merchandise exports and re-exp orts by groups of products, 2007-13 ..................... 103
 
Table A1.2 Merchandise imports by groups of products, 2007–13 .......................................... 105  
Table A1.3 Merchandise exports and re-e xports by trading partner, 2007-13 .......................... 107  
Table A1.4 Merchandise imports by trading part ner, 2007– 13 .............................................. 108  
 WT/TPR/S/308/Rev.1 • Barbados 
 
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  SUMMARY 
1. Barbados was severely affected by the global economic crisis, which resulted in a sharp 
decline in tourism receipts on which it is highly dependent. GDP contracted sharply in 2009, and has been growing at very moderate rates since 2010. GDP is expected to contract by some 1% in 
2014, before recovering slightly in 2015. Reflecting weak economic activity, inflation has been 
falling in recent years, from some 9.4% in 2011 to less than 2% in 2013 and 2014.  
2. The Barbados dollar continues to be pegged to the U.S. dollar, at a rate of 2 to 1. Despite 
the apparent overvaluation of the currency, the au thorities consider that the peg is a pillar for 
macroeconomic stability. Investment transfers and capital remittances are regulated by the Central Bank under the Exchange Control Act. Fore ign or non-resident investors are encouraged to 
register all funds brought into Barbados with the Central Bank. Foreign currency funds may 
generally be freely repatriated for current transactions. However, if substantial capital gains have 
been realized, repatriation must generally be phased over a period which can be of up to five years. 
3. Barbados' fiscal position remains precarious. Since its last Trade Policy Review in 2008, 
Barbados has registered mounting fiscal deficits resulting in rising public debt. The deficits have reduced the Government’s fiscal capacity to respond to exogenous shocks and crises. The fiscal 
deficit rose from 3.4% of GDP in 2007/08 to 12.7% of GDP in 2013/14, after briefly declining to 
4.4% of GDP in 2011/12 due mainly to the increase  in the VAT rate from 15% to 17.5%. Although 
expenditure has remained steady during the review period at around 33-35% of GDP, there has been a decline in revenue as a share of GDP, from 30% of GDP in 2008/09 to 24% of GDP in 
2013/14. This decline can be attributed to a num ber of factors such as the slowdown in the 
economy brought about by the financial crisis, which resulted in lower collection of corporate and income tax, as well as significant prevalence of tax exemptions, concessions and ad-hoc waivers 
( e s t i m a t e d  a t  o v e r  5 %  o f  G D P )  t o  h e l p  s e c t o r s  w e a t h e r  t h e  c r i s i s .  A l t h o u g h  g r a n t i n g  o f  t h e s e  
concessions has decreased recently, it did contribute to an erosion of the tax base. The mounting fiscal deficit led to an increase in the debt-to-GDP ratio over 126%. 
4. The fiscal consolidation programme is expected to lead to a decline in the deficit this year 
and in the medium term, and to restore fiscal sust ainability. However, fiscal reform falls short of 
addressing certain structural issues. Barbados ne eds to make further efforts to streamline the 
continuing large number of tariff and tax concessions to investors. Although the authorities 
consider that granting these benefits is necessary to attract investment due to stark regional 
competition, they have not undertaken a full cost-b enefit analysis in this respect. The main issue 
remains enhancing competiveness in the provision of goods and services, since Barbados already 
offers investors a stable business climate, good  infrastructure and an educated workforce. 
5. Barbados has been running persistent external  current account deficits during the review 
period. In 2013, the deficit reached 11.6% of GDP, up from 9.6% in 2008. The deterioration of the 
deficit has reflected falling service exports (mainly tourism receipts) and an increasingly negative 
investment income balance. Barbados runs a considerable merchandise trade deficit, as imports of goods are double its exports. Barbados' main merchandise export products are fuels, foods and chemicals. Its main trading partners are the United States, the EU, and Trinidad and Tobago. 
6. Barbados is a founding member of the Caribbean Community and Common Market 
(CARICOM), and participates in the CARICOM Single Market and Economy (CSME). Through CARICOM, Barbados has bilateral trade agreem ents with Colombia, Cuba, Costa Rica, the 
Dominican Republic and Venezuela. Barbados, as a more-developed country (MDC) within 
CARICOM must reciprocate tariff concessions to the first four of these countries. The agreement with Venezuela is non-reciprocal. 
7. Barbados is an active player in the WTO, and a supporter of the multilateral trading system. 
During the period under review, Barbados has co ntinued to actively advocate the particular 
vulnerability of small economies to price and suppl y fluctuations, higher fixed costs of production 
and marketing, and to natural disasters. Barbados sees the WTO as providing a multilateral 
rules-based framework for the conduct of all trade. Barbados deems of utmost importance its 
participation in the CARICOM, and in the bilateral trade agreements subscribed within its framework. Of particular economic significan ce is the CARIFORUM-EU Economic Partnership WT/TPR/S/308/Rev.1 • Barbados 
 
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  Agreement (EPA), signed in October 2008, and ratified by Barbados in July 2014. Barbados has 
established a Unit to coordinate the implementation  of the EPA and is in the process of making the 
legal adjustments required. 
8. Barbados' investment regime is open, with few restrictions except those related to the 
capital controls applied by the Central Bank. Liberal market access and establishment conditions 
prevail and there are no specific foreign investment restrictions. The Government seeks to attract foreign investment by offering a favourable business environment and a number of incentive 
schemes. In general, foreign investors are granted national treatment; however, exchange control 
permission is required for a non-resident to hold shares in a company incorporated in Barbados, except for offshore companies. Moreover, Barbados has no overall law guaranteeing market access or national treatment to foreign investors. MFN and national treatment are guaranteed for 
CARICOM nationals and companies, and since 2009, for EU countries under the EPA, as well as 
under the different bilateral investment treaties signed by Barbados. Incorporation of MFN and national treatment as well as investment guarantees in an Investment Act, to be applied to all 
trading partners and which could be invoked in the courts, would enhance the stability and 
predictability of the investment regime. 
9. Barbados has made considerable progress with respect to the adoption of trade-facilitation 
measures. Customs clearance can be carried out electronically and mechanisms for advanced 
ruling are in place, as is risk assessment, with merchandise channelled through four lanes according to risk; this includes a "blue" lane, for post-clearance assessment. Currently, only about 10% of imports are subject to physical inspec tion. The main exception to the use of the 
transaction value relates to imports of used vehicles, for which a valuation method based on the 
depreciation of the vehicle is used. 
10. Barbados applies CARICOM's Common External Tariff (CET) with a number of exceptions. 
The general tariff ceiling is 20% for industrial goods and 40% for agricultural goods, but as an 
exception to the CET, Barbados applies a 60% tari ff on certain manufactured goods. Reflecting this 
and some tariff peaks in agriculture which can be  as high as 216%, Barbados' average applied 
tariff in 2014, at 15.9%, was above the CARICOM average. Barbados grants duty-free treatment 
to imports from CARICOM countries and preferences to countries with which CARICOM has preferential trade agreements, such as Colombia , Costa Rica, Cuba and the Dominican Republic. 
Under the EPA, Barbados has granted tariff preferences to imports from EU countries since 2011. 
In 2014, the average tariff applied on EU import s was almost 30% lower than the average MFN 
rate. Value added tax (VAT) is applied at a general rate of 17.5%; there is a reduced rate of 7.5% for accommodation in guest-houses, hotels, inns  and others. A number of goods and services 
considered essential are zero-rated.  
11. Barbados continues to maintain a dual-licensing regime that favours imports from other 
CARICOM partners. Accordingly, there are two sched ules listing goods for which licences must be 
obtained: one for imports originating outside CARICOM countries, and another for goods 
originating within CARICOM. The first list is the more extensive. Licences are non-automatic for imports for which concerns relate to health and safety, public morals and security. Other licences are granted automatically. Import licences are valid for three months and may be extended by 
renewal upon expiry but are not transferable between importers. Barbados' domestic legislation 
with respect to contingency measures is outdated. There is no authority in charge of conducting investigations in the area. 
12. Barbados' standards body is responsible for th e drafting and implementation of standards 
and technical regulations, in addition to certification, conformity assessment and metrology activities. There are no sunset clauses for technical regulations, but standards are generally 
reviewed every five years. Technical regulations are usually standards that have been made 
compulsory by the Minister of Commerce. A standard may be declared compulsory for human, animal or plant health or safety reasons, to ensure quality or provide adequate information to the consumer, to protect the economy, to prevent fr aud or deception, or to safeguard the public 
interest or national security. Procedures for the adoption of a technical regulation include the 
publication of a notice in the Official Gazette and in a daily newspaper, and must allow a period of 
at least 60 days from the publication of the notice for comments. As at November 2014, a total of 
44 technical regulations were in force in Barbados.  WT/TPR/S/308/Rev.1 • Barbados 
 
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  13. Barbados is in the process of establishing a National Agricultural Health and Food Control 
Agency (NAHFCA), to be responsible for sanitary and phytosanitary (SPS) issues, including review of the existing legislation to ensure coherence with international agreements and codes of practice. This is expected to help address current shortcomings, namely fragmented and/or outdated 
legislation, multiple jurisdictions as well as weaknesses in surveillance, monitoring and 
enforcement. Sanitary restrictions are in place for the importation of animals and animal products for which importers must obtain an import permit. Meat and meat products may be imported only 
from approved countries. Import permits are also  required for plants and plant products, which 
must be accompanied by a phytosanitary certificate issued by the country of export. The importation of any planting material is highly scrutinized.  
14. During the period under review, Barbados continued to implement a number of incentive 
programmes targeted solely or partly at the promotion of exports. Five of these programmes: the 
Fiscal Incentive Programme; the Export Allowance Scheme; the Research and Development Allowance Schemes; the International Business Incentives Programme; and the Societies with 
Restricted Liability Scheme have been notified to the WTO along with the internal steps to be 
undertaken to bring these subsidies into confor mity with the SCM Agreement by 31 December 
2015. Barbados also grants a large number of other tax and tariff concessions under a number of 
programmes. There are also a number of credit facilities available to businesses. For instance, the 
Enterprise Growth Fund Ltd. (EGFL), a joint public/private sector institution, provides loans and equity-financing to small- and medium-size Barbadian companies in the production sectors with funds provided mainly by the Government. To benefit, businesses must be incorporated in 
Barbados and meet certain employment, assets, and annual sales parameters. Loans provided by 
the EGFL have preferential conditions with rela tively long repayment periods. Loans outstanding 
under some of the main programmes totalled approximately US$45 million at end-2013. 
Additionally, the Central Bank, through the Industrial Credit Fund (ICF), provides medium- and 
long-term credit to production enterprises. Between 2009 and 2012, disbursements totalled US$28.3 million. A further serious reform of thes e programmes within Barbados' process of fiscal 
consolidation aimed at gradually reducing its deficit and debt may be appropriate. 
15. Since its last review, Barbados has continued efforts to encourage competitive markets 
through competition policy and consumer protection enforcement activities, as well as utilities regulation. Considering the small size of its economy and number of suppliers of certain products 
and services, enforcement of competition policy rules is crucial for Barbados to enhance 
competitiveness and consumer welfare and attract foreign investment. The competition authority has been granted ample investigative powers and a strong enforcement mandate. During 2008-14, 
78 inquiries and investigations of anti-competitive conduct were conducted, of which some 13% 
resulted in decisions of breaches of competition policy legislation. The investigations conducted were related to telecommunications, distribution, sh ipping, financial services, air transport, cement 
and foodstuff, mining, and waste processing /treatment, among others. Under Barbados' 
competition policy law, mergers likely to result in the control of in excess of 40% of any market in Barbados must be approved by the competition auth ority. Pre-merger notification is mandatory in 
these cases, and approval depends on the exte nt to which the proposed transaction impacts 
competition in the domestic market. Between 2008 and 2014, five mergers were approved for 
companies in the telecommunications, shipping and petroleum industries.  
16. Barbados maintains a generally liberal trade regime, with few barriers to entry. However, 
the State intervenes in the economy, mainly thro ugh the provision of incentives and credit as 
stated above, but also by controlling certain prices and maintaining a stake in a range of enterprises. In late 2014, price controls at both wholesale and retail levels were applied on diesel 
fuel, gasoline, kerosene, liquefied petroleum gas, chicken wings, chicken backs and necks, turkey 
wings and regular sugar. Additionally, prices of ut ilities are regulated by the competition regulator. 
The Barbados Agricultural Development and Marketing Corporation (BADMC) as the sole state-trading enterprise for poultry meats and onions. Although it does not have statutory state-trading 
rights, the Barbados National Oil Company is the sole importer of gasoline and fuel oil. Also, a 
number of commercial companies in Barbados remain partly or totally state-owned, and the State is involved in a number of commercial activities.  
17. Government procurement rules were modified in 2011, the procurement method for 
contracts over US$100,000 being open tendering. Government procurement below that threshold may take place through direct offers or negotiations  or through examination of written quotations 
from interested suppliers, depending on the amount of tendering. Procurement is generally WT/TPR/S/308/Rev.1 • Barbados 
 
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  centralized and contracts are normally awarded to the "lowest evaluated tender", considering 
price, guarantee of supply, completion time, and transportation costs. Barbados' legislation does 
not contemplate granting preferences to domestic or regional suppliers. There are no set-asides; 
however, the Government has implemented a programme to facilitate participation of small 
businesses in the procurement process as advancing them the money needed to participate in the 
process at favourable conditions. A new procur ement law aimed at enhancing transparency and 
efficiency is currently being drafted. It woul d raise the tendering threshold and decentralize 
procurement; it also deals with procurement meth ods and the registration and pre-qualification of 
suppliers.  
18. There were no major changes to Barbados' intellectual property rights (IPRs) legislation 
during the review period. However, Barbados is curre ntly reviewing this legislation so as to enable 
it to join certain WIPO agreements, such as the Budapest Treaty on the International Recognition 
of the Deposit of Microorganisms for the Purpos es of Patent Procedures which will require 
amendments to Barbados' patents law, and the Hague Agreement Concerning the International 
Registration of Industrial Designs, which will require changes to Barbados' Industrial Designs Act. 
Barbados is also giving consideration to legal changes with respect to geographical indications.  
19. Agriculture generally plays a small role in the economy, except the sugar industry, which 
provides the raw material for Barbados' main export product, rum. A National Agricultural Strategy 
is currently under development, the main emphasis being on food security and boosting production and productivity. Additionally, the authorities are considering expanding the scope of sugar-related 
activities to include the production of ethanol and electricity-generation. The main instrument of 
border protection is the tariff: Barbados' average applied tariff on agricultural products was 33.9% 
(WTO definition) in 2014. Apart from the state-trading activities of the BADMC, the dairy market is dominated by the activities of a single comp any. Under the WTO Agreement on Agriculture, 
Barbados has reserved the right to use the special safeguard mechanism for the 36 products for 
which it has a tariff quota regime. However, special safeguards are currently in force for only 24 products. The agricultural sector may benefit from import duty concessions under the 
Agricultural Incentives Programme and also enjoys a number of specific incentive schemes. 
20. Despite the numerous incentives programmes at its disposal and strong tariff protection for 
certain products, the manufacturing sector contracted by 30% in volume terms between 2007 and 2012. The most affected industries were textiles and apparel, non-metallic mineral products, 
electronic components, with declines of over 50%  in volume terms, while the decline was lower 
(some 20%) in food, beverages and tobacco. The decline in manufacturing may reflect the global economic crisis and weak domestic demand in Barbados, but also an erosion of competitiveness, 
due to high costs of production and a real currency appreciation. 
21. Services are the backbone of Barbados' econom y with tourism and related activities being, 
by a large margin, the main contributors to GDP. There are important spillover effects from 
tourism on construction, distribution services, electricity, agriculture and manufacturing. The 
tourism sector was considerably affected by the global crisis which led to a significant decline in the number of visitors, from nearly 1.2 million in 2007 to approximately 1.1 million in 2013. Total expenditure by stay-over tourists declined fr om US$1.14 billion in 2008 to US$713 million in 2013. 
The sector may benefit from numerous incentives, including those provided by the Tourism 
Development Act which was amended in 2014 to widen the scope of beneficiaries and benefits. Tourism activities may also benefit from income tax concessions and exemptions from import 
duties and VAT. In addition, investors are eligible for an investment tax credit to be offset against 
tax payable. 
22. Financial services are open to foreign investment: all six commercial banks operating in 
Barbados are foreign-owned. The offshore financ ial sector is large, comprising 45 banks, 
228 captive insurers, 12 holding companies and 21 management companies. In addition, there are nearly 4,000 international business companies licensed in Barbados. The financial sector was impacted by the collapse of the CL Financial Group, which resulted in a liquidity shortage for its 
Barbadian subsidiary, CLICO International life (CIL). The Central Bank intervened to provide 
liquidity support to CIL, and the Supreme Court of Barbados subsequently appointed a judicial manager to oversee its affairs and several restructuring proposals were advanced. However, as at 
October 2014, the matter was still unresolved. Partly as a response to the crisis, during the period 
under review Barbados improved its legal, regulatory and supervisory framework in line with the recommendations of the 2008 Financial System Assessment Programme (FSAP). The most WT/TPR/S/308/Rev.1 • Barbados 
 
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  fundamental change was the introduction of consol idated risk-based supervision. However, many 
of the FSAP's recommendations await implementation.  
23. Barbados' telecommunications industry has been fully liberalized and there is competition in 
all market segments, although a single provider still dominates the fixed telephony market. 
Telecommunications rates and interconnection agreements are regulated by the competition 
authority. Grantley Adams International Airport is the only international airport in Barbados and serves as one of the main regional hubs. However, the airport does not meet the International 
Civil Aviation Organization's category 1 status, which limits its potential, particularly with respect 
to direct flights to the United States. A government-owned limited-liability company has responsibility for managing and maintaining the airport, but private companies are allowed to provide ground-handling services. While there is no  national airline, the Government has a 49.04% 
share in the regional airline, LIAT. Barbados-registered airlines must be majority-owned by 
Barbadian or CARICOM nationals. A number of bilateral air services agreements have been subscribed or initialled and are administratively applied. 
 WT/TPR/S/308/Rev.1 • Barbados 
 
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  1  ECONOMIC ENVIRONMENT 
1.1  Real economy 1.1.  Barbados is a small and open economy located in the Caribbean. Barbados has a population 
of approximately 278,000 and a GDP per capita of around US$13,600. The relatively small size 
and island location makes the country highly dependent on imports. Merchandise imports 
accounted for approximately 40% of GDP in 2013, while the share of merchandise exports was around 18% of GDP. 
1.2.  Barbados has a narrow economic base with the tourism sector and related activities 
responsible for over 50% of economic activity, and government and financial services accounting 
for most of the rest. Furthermore, Barbados has be en running persistent fiscal deficits, which have 
resulted in mounting public debt. In 2013 public debt stood at nearly 126% of GDP.
1 The lack of 
diversification, high dependence on imports and a high level of debt leave Barbados extremely 
vulnerable to exogenous shocks. 
1.3.  As such, the global financial crisis in 2008 seriously affected Barbados. Real GDP contracted 
by an annual average of 0.7% between 2008 and 2013 (Table 1.1) and is projected to decline by a 
further 1.2% in 2014.2 The authorities consider that the decline can be partly attributed to the 
dampening effect of public sector layoffs and to other fiscal consolidation measures (see below). 
They also noted that the economy had been performi ng slightly better than expected in 2014, with 
a real GDP decline of 0.1% in the first half of 2014 compared to the same period in 2013. 
1.4.  The financial crisis adversely impacted the tourism source markets, resulting in a significant 
decline in stay-over tourist arrivals. Additionally, per capita expenditure by tourists declined by an 
annual average of 5% between 2008 and 2011, befo re recovering somewhat in 2012 and 2013. As 
can be seen from Table 1.1, the crisis prompted a strong decline in receipts from exports of services, which lost a considerable share of GDP during the period (some six percentage points 
between 2008 and 2012). It also considerably impa cted building activity and other gross capital 
formation, resulting in a 4-5 percentage points decline in its share of GDP. After declining dramatically in the aftermath of the crisis, imports of goods recovered somewhat in the following 
years; but, although their share of GDP has re covered, in value terms imports are still below 
pre-crisis levels. The financial crisis also resulted in the collapse of CL Financial, a regional financial holding company with subsidiaries in Barbados, and this has had an impact on Barbados' economy.
3 The situation was further exacerbated by th e high level of debt and the scant fiscal 
space to manoeuvre. 
1.5.  The global financial crisis had an adverse effect on the onshore and offshore financial sectors 
in Barbados: non-performing loans of local and foreign banks have been rising since 2008 and 
bank profitability has declined (section 4). However, it appears that the banks have adequate loan 
loss provisioning and are currently well capitalized. 
1.6.  Against this backdrop, the authorities realize the need for structural changes in order to 
restore growth and macroeconomic stability in the medium–term. The authorities are focusing on 
improving productivity and diversifying the econom y, as well as achieving fiscal consolidation and 
debt sustainability. 
1.7.  Barbados' growth strategy focusses on increa sing the country's market share in the activities 
in which it has established its international competitiveness, namely: tourism, international 
business and finance, agro-processing, and gree n energy. The authorities envisage a growth 
strategy driven by the private sector, with the Government providing appropriate fiscal incentives, 
as well as reducing the cost of doing business. 
                                               
1 The public debt figure  includes National Insu rance Scheme holdings. 
2 IMF (2014), Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52 , February 2014. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2014/cr1452.pdf . 
3 The liquidity constraints faced by the Barbadian entities CLICO General Insurance Limited and CLICO 
International Life Insurance Limited, impacted policyholders of traditional insurance policies and holders of Executive Flexible Premium Annuity policies and through them had an effect on Barbados' economy. WT/TPR/S/308/Rev.1 • Barbados 
 
- 12 - 
 
  Table 1.1 Basic macroeconomic indicators, 2007-14  
 2007 2008 2009 2010 2011 2012a 2013b 2014b 
Real sector         
Nominal GDP at market prices (BDS$ million) 9,027  9,083  9,185  8,867  8,738 8,450 8,568  8,631  
Nominal GDP at basic prices (BDS$ million) 7,810  7,850  7,907  7,757  7,794 7,327 ..  .. 
Real GDP growth (constant 1974 prices, %) 1.7 0.3 -4.1 0.3 0.8 -0.2 -0.7 -1.2 
GDP per capita at basic prices (US$) 14,750  14,300  14,350  14,050  14,100 13,250 ..  .. 
Unemployment rate (%) 7.4 8.1 10.0 10.8 11.2 11.6 11.7 11.7c 
Sectoral share (% of GDP at basic prices)  
Agriculture 1.5 1.6 1.6 1.5 1.4 1.4 .. .. 
  Suga r 0.3  0.3 0.2 0.1 0.1 0.1 ..  .. 
  Non-sugar agriculture (including fishing) 1.2 1.3 1.4 1.4 1.3 1.3 .. .. 
Mining and quarrying 0.2  0.2 0.2 0.3 0.3 0.3 ..  .. 
Manufacturing 7.1 7.2 6.8 6.7 6.1 6.7 .. .. 
Construction 6.3  6.9 5.8 4.8 4.6 5.1 ..  .. 
Electricity, gas and wate r 2.0 2.1 2.4 2.7 2.8 3.1 .. .. 
Wholesale and retail trade 10.9  9.9 10.9 10.4 10.1 10.1 ..  .. 
Hotels and restaurants 15.9 15.9 14.3 14.3 13.0 13.2 .. .. 
Transport, storage and communications 11.6  11.2 10.1 10.8 11.1 11.5 ..  .. 
Finance and business services  29.7 29.7 30.8 30.8 31.6 30.5 .. .. 
Personal and other services (incl. education 
and health) 3.9 4.7 5.0 5.5 6.2 5.2 ..  .. 
Government services 10.6 10.7 12.1 12.3 12.7 13.0 .. .. 
GDP components by expenditure (% of GDP at  market prices)  
Consumption expenditure 85.9 88.8 87.1 89.4 96.3 96.4 .. .. 
  Personal consumption 69.1  70.2 67.6 70.6 76.2 80.2 ..  .. 
  Government consumption 16.8 18.6 19.5 18.8 20.2 16.1 .. .. 
Gross capital formation 18.5  18.4 15.0 13.6 14.8 14.3 ..  .. 
  Building activity 9.3 10.0 8.5 7.1 7.0 7.4 .. .. 
  Machinery/equipment 9.1  8.2 6.4 6.3 7.6 6.6 ..  .. 
  Change in stocks of finished goods 0.1 0.2 0.2 0.2 0.2 0.2 .. .. 
Exports of goods and services  45.3 46.0 41.5 46.3 39.3 42.5 ..  .. 
  Goods 11.7 10.8 8.3 9.7 10.9 13.4 .. .. 
  Services 33.6  35.2 33.2 36.6 28.5 29.1 ..  .. 
Imports of goods and services  49.1 53.6 44.5 50.5 53.7 54.3 .. .. 
  Goods 35.7  38.1 29.7 34.0 40.7 41.7 ..  .. 
    Services 13.4 15.4 14.8 16.5 13.0 12.6 .. .. 
Statistical discrepancy -0.5  0.3 0.9 1.2 3.2 1.2 ..  .. 
Consumer price index (period average) 4.0 8.1 3.7 5.8 9.4 4.5 1.8 2.0 
Exchange rate (national currency per US$) 2.0  2.0 2.0 2.0 2.0 2.0 2.0  .. 
Interest rates         
   Treasury bill 4.9  4.8 3.4 3.4 3.4 3.6 3.2  3.2 
   Average deposit rate 4.8 4.1 2.7 2.7 2.7 2.5 2.5 2.5d 
   Average loan rate 10.7  10.3 9.7 9.4 8.8 8.4 8.5  8.1d 
Central government operations (BDS$ million)e 2008/09  2009/
10 2010/
11 2011/
12 2012/ 
13 2013/
14 2014/ 
15 
Total revenue  2,622  2,296  2,279  2,550 2,341 2,054  2,163  
Current revenue  2,615  2,260  2,275  2,536 2,309 2,028  2,137  
   Tax revenue  2,484  2,152  2,168  2,346 2,194 1,953  2,061  
    Income and profits  893 801 690 706 608 441 486 
    Goods and services  1,079  977 1,157  1,298 1,237 1,099  1,115  
    Taxes on property  158 115 118 134 139 205 243 
    Taxes on international trade   220 178 191 196 198 198  208 
    Other (levies, stamp duties)   19 14 12 12 11 9 9 
   Non-tax revenue  131 108 107 191 115 75  75 
Capital revenue and grants  7 35 4 14 32 27 27 
Total expenditure  2,899  2,895  3,055  2,935 3,018 2,878  2,590  WT/TPR/S/308/Rev.1 • Barbados 
 
- 13 - 
 
   2007 2008 2009 2010 2011 2012a 2013b 2014b 
Current expenditure  2,787  2,814  2,920  2,817 2,895 2,747  2,458  
   Wages, salaries and NIS contributions  833 866 860 867 870 786  691 
   Goods and services  421 414 378 400 392 355 345 
   Interest  396 437 507 527 560 631  651 
   Transfers  1,137  1,097  1,174  1,022 1,073 975 772 
Capital expenditure and net lending  112 81 135 118 123 131  132 
Overall balance  -278  -599  -776  -384 -677 -823  -427  
   Of which, primary balance  .. .. -268 143 -118 -193  224 
Financing  .. .. 776 384 677 823 427 
Foreign financing  .. .. 254 19 -25 168  -113 
Domestic financing  .. .. 522 366 702 656 539 
.. Not available. 
a Provisional. 
b IMF projections. c Central Bank estimates for January-June 2014. d Average as of end April 2014. e Fiscal year is from April to March.  Source: Ministry of Financ e and Economic Affairs, Economic and Social Reports 2010, 2011, and 2012 ; 
Central Bank of Barbados online statistics, available at: http://data.centralbank.org.bb/default.aspx ; 
and International Monetary Fund (IMF), Barbados: Staff Report for 2013 Article IV Consultation , 
available at: http://www.imf.org/external/pubs/cat/longres.aspx?sk=41335.0 , a Barbados: Staff 
Report for the 2011 Article IV Consultation, available at: 
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25655.0 , and IMF online information, 
available at: http://elibrary-data.imf.org/DataExplorer.aspx/ . 
1.8.  Recognizing the need for urgent action, the authorities announced ambitious fiscal 
consolidation measures during the second half of 2013 aimed at strengthening the fiscal position 
arresting the slide in reserves and bringing down the level of public debt to sustainable levels 
(see below). These measures are focused mainly on expenditure reduction and to a lesser extent on revenue generation.
4 
1.2  Monetary and exchange rate policy 
1.9.  The Central Bank of Barbados (CBB) is resp onsible for conducting monetary policy. The main 
objective of monetary policy is to maintain the ex change rate's fixed parity with the U.S. dollar, 
which involves ensuring there is a sufficient buffer of foreign exchange reserves to protect the peg. 
In addition, promoting monetary stability and a sound financial structure, developing money and capital markets, and maintaining credit and exchange conditions that foster development, are also 
monetary policy objectives. 
1.10.  The main instruments available to the Central Bank to implement monetary policy are the 
discount rate on short term liquidity loans to commercial banks, reserve requirements, and moral suasion. Currently, commercial banks must hold  2% of foreign deposits and 5% of domestic 
deposits in cash reserves, and 10% of deposits in government securities. 
1.11.  Monetary policy is carried out under the fr amework of a fixed exchange rate system with 
the U.S. dollar. The Barbados dollar is pegged to the U.S. dollar at BDS$2 per US$1. 
1.12.  Current account transactions are fully liberalized. However, certain capital account 
restrictions remain in place. Purchases of all securities abroad by residents require exchange 
control approval. Earnings on these securities must  be repatriated to Barbados and surrendered to 
an authorized dealer. All credit operations, as we ll as direct investments, also require exchange 
control approval. 
                                               
4 Among the revenue generation meas ures undertaken, Barbados introduc ed a Fiscal Consolidation Tax, 
levied on incomes beyond a certain threshold; a tax on  commercial banks' assets; and a municipal waste tax. 
There was also a reduction in disc retionary import duty, VAT and exci se tax waivers (see below for more 
details). WT/TPR/S/308/Rev.1 • Barbados 
 
- 14 - 
 
  1.13.  The liquidation of proceeds of direct investments is permitted provided the original 
investment was registered with the CBB, all liabilities related to the investment have been discharged, and that evidence is submitted docume nting the validity of the remittance. As a result 
of its participation in the CARICOM Single Market and Economy, Barbados has committed to 
liberalize the capital account vis-à-vis  other CARICOM countries and the authorities confirm that 
the purchase and sale of equities have been liberalized.  
1.14.  During the period under review, changes to the monetary policy framework were put in 
place. These included: the introduction of a requ irement for authorized foreign exchange dealers 
to surrender 5% of their gross foreign exchange  purchases to the CBB; and the reduction in the 
CBB’s selling rate on currency trades from  BDS$2.035 per U.S. dollar to BDS$2.017 per 
U.S. dollar, thereby lowering the margin for trades  between authorized dealers and the general 
public. 
1.15.  The 5%  surrender requirement is intended to increase the supply of foreign exchange to the 
CBB. However, this could be seen as a backward step in the  liberalization process as it is likely to 
increase the role of the Central Bank in foreign-exchange  transactions and slow down the  
development of the interbank market.
5 The authorities disagreed with this view. To their mind, 
CBB intervention in the foreign-exchange market is a measure of last resort; in this case it was 
required as, at the time of the change in policy, it was discovered through market research that 
the foreign-exchange market was not functioning as efficiently as it should. The introduction of new players and the increased treasury operations of banks had resulted in some unpredictability 
in foreign-exchange market activity. The changes were intended to introduce an incentive 
structure to encourage active trading in the foreign-exchange market.  
1.16.  Monetary policy implementation has not al ways been consistent with the fixed exchange 
rate framework. In 2013, a new interest rate policy was put in place, which made the 3-month 
Treasury-Bill rate the benchmark rate and directed  the Central Bank to intervene in the auction 
market.
6 Under this policy, the CBB bought Treasury bills issued in the first 11 months of 2013 and 
short-term interest rates fell by about 50 basis points. Although the purpose was to inject more 
liquidity into the economy, credit to the private sector, which had been contracting since 2011, 
continued to fall after the introduction of the measure. Also, the impact on liquidity was overshadowed by the decline in net foreign assets (reflecting increased indebtedness). Furthermore, monetization of the deficit has created uncertainty and confusion about the primary 
objective of monetary policy (maintaining the exchange rate peg).
7  
1.17.  Inflation, as measured by the retail price index (RPI), has been on a downward trajectory in 
recent years. After peaking at over 9% in 2011, the RPI has decreased slightly over 2% in 2013. 
The decline has come about due to low commodity prices as well as weak demand in the economy. 
1.3  Fiscal policy and debt sustainability 1.18.  Barbados has been registering fiscal deficits persistently since the early 2000s. These 
deficits have resulted in rising public debt and have reduced the Government’s ability to respond 
to exogenous shocks and crises due to lack of fiscal space. 
1.19.  During the period under review, the fiscal deficit rose from 3.4% of GDP in 2007/08 to 
12.7% of GDP in 2013/14.
8 However, the deficit declined to 4.4% of GDP in 2011/12, mainly on 
account of a temporary increase in tax revenue, be fore increasing again. The surge in tax revenue 
was due mainly to the increase in the VAT rate  from 15% to 17.5% and to a higher compliance 
                                               
5 IMF (2012), Barbados  2011 Article IV Consultation, IMF Country Report No. 12/7 , January 2012. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2012/cr1207.pdf . 
6 This policy replaced the previous minimum deposit rate policy. The authorities noted that the key focus 
of the new interest rate policy was to lend confidence to  the overall policy stance by  offering guidance on the 
interest rate considered most suitable given factors such  as the banking system's domestic liquidity level, the 
spread between domestic and U.S. in terest rates, and the Government's  financing requirements. Under the 
policy, the CBB intervenes in the Treasure bond market  from time to time to influence the average rates at 
which Treasury bills are sold. The CBB also stipulates a minimum savings rate design ed to protect depositors 
from inflation. This rate is currently fixed at 2. 5%. Banks are free to set a ll other interest rates. 
7 IMF (2014), Barbados 2013 Article IV Consultation, IMF Country Report No. 14/52 , February 2014. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2014/cr1452.pdf . 
8 Information provided by the authorities. WT/TPR/S/308/Rev.1 • Barbados 
 
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  rate in the payment of property taxes. Revenue  subsequently declined, owing to a number of 
measures which were introduced such as: the adjustment in the income tax threshold from BDS$24,000 to BDS$35,000, a reduction in the effective personal income tax rate from 20% to 17.5%, and a decrease in the IBCs tax rate to 0.25% in 2013, from 1% in 2012. Expenditure 
remained steady during the review period, fl uctuating between 33-35% of GDP. On the other 
hand, changes in revenue were starker, fluctuating between 30% of GDP in 2008/09 and 24% of GDP in 2013/14. 
1.20.  The secular decline in revenue can be attributed to a number of factors. The slowdown in 
the economy brought about by the financial crisis resulted in lower collection of corporate and income tax, and in the significant prevalence of ta x exemptions (estimated to be over 5% of GDP) 
to help sectors weather the crisis. Furthermore, there was a systematic erosion of the tax base 
over a period of time fed by the award of tax co ncessions as well as of ad-hoc waivers, although 
these have decreased significantly in recent time s. Additionally, the lack of a Central Revenue 
Authority until recently, has also hampered revenue collection. 
1.21.  During the period under review, the Government implemented a 19-month fiscal adjustment 
programme aimed at achieving a significant reductio n in expenditure. However, as expenditure is 
dominated by items where rigidities exist, such  as wages, interest payments on account of 
debt-servicing, and budgetary transfers to govern ment entities, the authorities have found it 
difficult to reduce it in recent times. Barbados has the highest wage bill in the Caribbean coupled with rigidities in the labour market, which make re dundancies and wage reductions difficult as they 
must be agreed with the private sector and unions.
9 Consequently reducing the wage bill has 
proved difficult, although a public sector two-ye ar wage freeze has been put in place. Labour 
market rigidities also increase the cost of doing business in Barbados resulting in a loss in competitiveness. 
1.22.  State-owned enterprises (SOEs) have co st the exchequer approximately 2.5% of GDP 
per year. Most SOEs operate at a loss; in additi on, there seems to be a lack of oversight or 
accountability with respect to SOEs, as these have not submitted financial reports for many years, 
which, inter alia,  makes budgeting for such entities difficult. The authorities have put in place the 
Barbados State Enterprises Oversight Committee to  review the operations of SOEs in order to 
provide the Ministry of Finance with recommendations for improving the governance of these entities, especially with respect to financial reporting, as well as for addressing financing gaps and 
arrears and reducing the costs of operations. The Committee is also expected to provide the 
Ministry of Finance with recommendations on alternatives for restructuring the operations of some SOEs.  
1.23.  As a result of the need to finance fiscal deficits over a number of years, public debt 
(inclusive of NIS holdings) has risen from 82% of GDP in 2007 to over 126% of GDP in 2013.
10 
1.24.  The authorities are cognizant of the urgent need for fiscal stability and consolidation as well 
as for reducing public debt to sustainable levels so as to reinvigorate growth. In this regard they 
have taken measures to restore fiscal stability, reduce the deficit, and embark on a medium-term consolidation plan and debt reduction (see below). 
1.4  Structural reform 
1.4.1  Fiscal consolidation and public sector enterprises 
1.25.  In 2010, the authorities developed a medium-term fiscal strategy (MTFS). The objective of 
the strategy was to reduce the fiscal deficit, ba lance the budget over the medium-term and reduce 
the debt-to-GDP ratio to 90.5% by 2014/15, while at the same time achieving moderate growth. 
                                               
9 Labour issues in Barbados are traditionally discus sed at a tri-partite level, where the Government, the 
private sector and unions participate. The wage freeze fo r public sector employees was agreed at the tri-partite 
level. The authorities stated that the tri-partite arrangement has been targeting the unemployment rate and that it has managed to stabilize it at  around 10-11% for a number of years. 
10 IMF (2012), Barbados  2011 Article IV Consultation, IMF Country Report No. 12/7 , January 2012. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2012/cr1207.pdf , and IMF (2014), Barbados 2013 
Article IV Consultation, IMF Country Report No. 14/52 , February 2014. Viewed at: 
http://www.imf.org/external/pubs/ft/scr/2014/cr1452.pdf . WT/TPR/S/308/Rev.1 • Barbados 
 
- 16 - 
 
  To achieve the above strategy goals, measures addressing both revenue and expenditure were 
proposed. 
1.26.  On the revenue front measures proposed included raising the VAT by 3 percentage points to 
18%, and broadening the tax base by eliminating tax exemptions and making tax administration 
more efficient. Proposals on the expenditure side included reducing public sector wages, 
decreasing expenditure on goods and services, and increasing tariffs for public utilities. 
1.27.  As at October 2014, some of the above measures had already been implemented, including: 
raising the VAT to 17.5%; increasing the excise tax on gasoline by 50%; eliminating some tax-free 
allowances on travel and entertainment, as well as reducing ad-hoc tax waivers by 10%. 
Furthermore, fees and charges for some services were increased.11 
1.28.  In August 2013, the authorities announced further consolidation measures, which are 
expected to improve the fiscal position by 6%  of GDP by 2015/16. Revenue measures announced 
include a temporary high-income surtax (consolidation tax), the introduction of a lottery tax, the end of the car excise rollback, the introduction of a tax on bank assets, a tobacco excise tax, a 
“waste” tax on property, and the elimination of certain tax waivers.
12 In contrast, the VAT rate 
applied on tourism services was reduced, from 8. 75% to 7.5%, to foster further development of 
the sector.13 These measures are expected to yield gains of 1.5% of GDP by 2015/16.  
1.29.  Expenditure measures include the layoff of 2,000 central government employees, as well as 
a wage freeze. Subsidies and transfers to PEs were  also to be cut and 1,000 employees of these 
enterprises were to be made redundant. As of March 2014, 1,800 public employees were made redundant. The expenditure measures are expected to result in a reduction of the expenditure to 
GDP ratio of 5 percentage points by 2015/16. 
1.30.  These measures were also accompanied by institutional reform steps. With a view to 
improving the efficiency of tax administration, as well as the consolidation of tax administration 
services, the Barbados Revenue Authority was formally established in 2014. 
1.31.  The full implementation of the expenditure and revenue measures would put the 
debt-to-GDP ratio on a steep downward trajectory. It is projected that debt would amount to 85% 
of GDP (not including NIS holdings) in 2018/19. 
1.32.  As already mentioned, SOEs are a significan t drain on the Government budget. A full reform 
of these would be needed to lower the structural deficit and provide the authorities with much needed fiscal space to spur growth. Suggestions to  this end have been made, and have included, 
inter alia,  the need for a stronger legislative framework which would cover reporting, audit and 
accounting provisions, and reform of the tariffs ch arged by the different SOEs in order to improve 
the targeting of services provided. 
1.5  Balance of payments 
1.33.  Barbados has been running persistent cu rrent account deficits. During the period under 
review Barbados' current account deficit increased from US$418 million in 2008 (9.6% of GDP) to 
US$488 million in 2013 (11.6% of GDP), reflecting a widening of the gap between gross domestic 
investment and gross national savings (Table 1.2). The deterioration in the current account deficit was due both to a worsening of the trade an d services balances. Between 2007 and 2012 both 
exports and imports declined. The fall in imports was brought about by the recession, which 
dampened demand. 
                                               
11 IMF (2012), Barbados  2011 Article IV Consultation, IMF Country Report No. 12/7 , January 2012. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2012/cr1207.pdf . 
12 The municipal tax is applied at the rate of 0.3% on the improved site value, which includes the value 
of the land and the property. 
13 The VAT rate on tourism services had been increased from 7.5% to 8.75% in 2010. The reversion to 
a 7.5% rate was effective September 2013, and the new rate was extended to services directly related to tourism. WT/TPR/S/308/Rev.1 • Barbados 
 
- 17 - 
 
  Table 1.2 Balance of payments, 2007-13 
(US$ million) 
 2007  2008  2009  2010  2011 2012 2013a 
Current account -183  -418  -247  -258  -498 -426 -488  
Exports 2,114 2,088 1,859 2,055 2,192 2,047 1,984 
  Exports of goods 479 488 379 431 948 827 759 
    Of which: re-exports 116 120 68 98 124 134 137 
Imports 2,342 2,412 2,039 2,240 2,298 2,118 2,102 
  Imports of goods 1,526 1,710 1,294 1,507 1,728 1,584 1,567 
    Of which: oil 265 366 255 302 394 398 383 
Services (net) 819 899 735 892 674 686 690 
  Credit 1,635 1,601 1,481 1,624 1,244 1,220 1,224 
    Of which: travel 1,194 1,194 1,068 1,035 963 907 912 
  Debit 816 702 746 733 570 534 534 
Investment income (net) -101 -121 -87 -112 -348 -325 -332 
  Credit 199 178 233 236 140 138 133 
  Debit 300 300 320 348 487 463 465 
    Of which: interest on public debt 76 83 80 74 74 74 74 
Current transfers (net) 145 27 20 39 -45 -30 -39 
  Credit 256 121 94 111 149 149 142 
  Debit 111 94 73 72 194 178 181 
Capital and financial accounts 319  400 251 132 122 173 128  
Long-term 658 155 223 371 388 340 175 
  Public sector -72 -61 204 153 45 14 98 
  Private sector 730 216 19 217 342 326 77 
    Of which: FDI flows 233 216 19 217 342 326 77 
Short-term -238 92 3 -115 -4 4 3 
  Public sector 0 0 0 0 0 0 0 
  Private sector -238 92 3 -115 -4 4 3 
Change in commercial banks assets -101 154 25 -124 -261 -170 -50 
Errors and omissions 41 -76 -28 99 370 269 195 
Overall balance 177  -94 -23 -27 -6 17 -165  
Reserve movements -177  94 -64 27 6 -17 165 
Memorandum items        
Current account (% of GDP) -4.1 -9.2 -5.4 -5.8 -11.4 -10.1 -11.4 
Exports of goods and services (annual growth rate) 11.5 2.1 -11.0 7.9 6.7 -6.6 -3.1 
Imports of goods and services (annual growth rate) 7.4 8.9 -15.4 9.5 2.6 -7.8 -0.8 
Net international reserves (US$ million)b 774 680 744 718 712 729 563 
  In months of imports 4.0 3.4 4.4 3.8 3.7 4.1 3.2 
Real effective exchange rate -2.4 3.9 2.6 0.1 2.1 4.7 0.9 
 
a IMF projection. b Gross international reserves for the years 2007 to 2009.  Source: International Monetary Fund (IMF ), Country Reports No.12/7 and 14/52. 
1.34.  The services surplus declined considerably during the review period. The decline was mainly 
on account of a reduction in the travel credit. Travel was hit due to the global financial crisis in 2008, which in turn had an adverse effect on tourist arrivals and spending. As such the travel 
surplus declined from US$1.2 billion in 2008 to US$900 million in 2013. The investment income 
balance worsened and net current transfers declined during the review period. 
1.35.  The capital and financial account surplus sh owed a marked decline during the review period. 
The change was brought about primarily by change s in commercial bank assets. These changes in 
banks assets were offset to a certain degree by FDI inflows and to a lesser extent by long-term public sector inflows. Consequently, the overall balance-of-payments moved from a deficit of US$94 million in 2008 to a deficit of US$165 milli on in 2013. As a result, foreign exchange WT/TPR/S/308/Rev.1 • Barbados 
 
- 18 - 
 
  reserves declined from US$680 million in 2008 (3.4 months of import cover) to US$563 million in 
2013 (3.2 months of import cover). 
1.6  Developments in trade 1.36.  In 2012, the share of merchandise exports in GDP was over 13%, an increase from nearly 
12% in 2007. The share of merchandise imports also increased, from nearly 36% of GDP to 
approximately 42% over the same period. However, this was due primarily to a sharper contraction of other GDP components, particularly investment, which lost share of GDP, and not to 
good performance of external trade. On the other hand, the share of exports of non-factor services 
declined from over 33% of GDP in 2007 to under  30% of GDP in 2012. The share of imports of 
non-factor services also declined. Consequently, the share of trade in goods and services declined from nearly 95% of GDP in 2007 to less than 85% of GDP in 2012.  
1.6.1  Composition of trade 
1.37.  In 2013, Barbados' main merchandise exports were fuels, food and chemicals. During the 
period under review, the shares of fuels and chemicals rose, while that of food declined (Chart 1.1 
and Table A1.1). The reason for the increase in the share of fuels was due to increasing global 
prices for oil, while the decline in food exports co uld be attributed to the collapse of sugar exports. 
In sharp contrast, the shares of manufactured  goods, machinery and transport equipment and 
miscellaneous manufactured articles rose significantly. 
1.38.  The share in imports of fuels rose between 2007 and 2013, while the shares of 
manufactures (mainly machinery and transport equipm ent) declined significantly. Fuels and food 
are the largest import categories accounting for nearly 50% of total imports (Chart 1.1 and 
Table A1.2). WT/TPR/S/308/Rev.1 • Barbados 
 
- 19 - 
 
  Chart 1.1 Merchandise trade by product, 2007 and 2013 
2007 2013
(a)    Exports and re-exports
Total: US$314 million
(b)    Imports
Manufactures
73.8%
Total: US$1,299 million Total: US$1,769 millionTotal: US$467 millionOther consumer 
goods
9.4%
Other semi-
manuf.
8.1%Other 
agriculture
0.3%Other 
manuf.
9.7%
Other semi-
manuf.
13.0%Agri.
21.3%
Chemicals
13.3%Food
21.1%
Other 
agriculture
0.3%
Fuels
32.6%
Other mining
0.6%Chemicals
15.5%Other 
manuf.
6.5%
Mining
33.2%Agri.
29.4%
Mining
24.4%
Other agriculture
2.6%
Chemicals
11.4%Other consumer 
goods
11.2%
Machinery & 
transport equip.
32.7%Other 
manuf.
5.6%
Other mining
1.3%Fuels
1.5%Food
20.4%
Chemicals
10.1%Other 
agriculture
1.1%Food
19.6%
Agri.
20.8%
Manufactures
50.8%Mining
28.0%Agri.
23.0%
Mining
2.7%
Fuels
27.3%
Other 
mining
0.7%Other semi-
manuf.
8.2%Machinery & 
transport equip.
18.6%Other 
manuf.
3.4%Food
29.1%
Manufactures
45.4%Manufactures
44.2%
Other mining
2.4%Fuels
21.9%
Other  semi-
manuf.
12.8%Other 
consumer 
goods
10.5%Other
0.8%
Other consumer 
goods
14.0%Other
1.3%
Other
0.5%Other
0.5%
 
Source: UNSD, Comtrade database (SITC Rev.3). 
1.6.2  Direction of trade 
1.39.  Barbados' main export destination in 2013 was the United States followed by Trinidad and 
Tobago and EU28 (Chart 1.2 and Table A1.3). During the review period, the share of the 
United States rose; on the other hand, the shares  of the EU28 and Trinidad and Tobago showed a 
sharp decline. WT/TPR/S/308/Rev.1 • Barbados 
 
- 20 - 
 
  1.40.  The United States remains Barbados' largest import supplier accounting for over a third of 
total imports, followed by Trinidad and Tobago and the EU28. During the period under review, the 
import shares of the United States and the EU28 de clined. In sharp contrast, the share of Trinidad 
and Tobago rose more than threefold (Chart 1.2 and Table A1.4). 
Chart 1.2 Merchandise trade by main origin and destination, 2007 and 2013 
2007 2013
(a)    Ex ports and re-ex ports
Total: US$314 million
(b)    Im ports
Total: US$1,299 million Total: US$1,769 millionTotal: US$467 millionTrinidad & 
Tobago
27.8%Others
0.3%
United States
14.2%
Trinidad & 
Tobago
11.5%
Other 
America
33.5%America
62.4%United States
18.2%
Guyana
2.9% Other America
23.7%EU(28)
6.6%Other Europe
0.4%Asia
3.0%Others
27.7%
America
83.7%
Canada
4.4%Other 
America
11.1%EU(28)
17.2%Other Europe
0.7%Japan
4.5%
China
3.8%Other 
Asia
5.8%Others
1.0%
Canada
2.8%Other America
8.6%EU(28)
11.3%Other Europe
1.2%Japan
2.0%China
4.4%Other 
Asia
5.1%Others
0.3%
America
66.9%America
75.6%EU(28)
12.6%
Guyana
4.6%
United 
States
43.7%United States
33.0%
Suriname
4.9%Europe
6.9%Europe
13.5%
Europe
17.9%Asia
14.2%Asia
11.5%
Europe
12.6%Other 
Europe
0.9%
Jamaica
5.3%Asia
2.4%
Jamaica
4.4%
Trinidad & 
Tobago
7.7%Trinidad & 
Tobago
26.2%
 
Source: UNSD, Comtrade database (SITC Rev.3). WT/TPR/S/308/Rev.1 • Barbados 
 
- 21 - 
 
  1.7  Outlook 
1.41.  Barbados' short term economic growth outl ook is relatively negative. The IMF projects a 
contraction of GDP of 0.6% in 2014, and relative ly slow growth of 0.5%, in 2015. Inflation is 
expected to remain subdued, at between 1.7-2% per year. Since Barbados continues to be highly 
dependent on tourism, its economic prospects continue to hinge on developments in the sector. 
1.42.  In the medium-run, the fiscal reform meas ures currently being implemented are expected 
to reduce the deficit, however, the decline in employment caused by the reform in the public 
sector and wage reductions could have a negative impact on domestic consumption. To achieve a 
lasting improvement in the fiscal balance, Barbados must increase its tax base, for which it needs to conduct a mainstream review of the number of incentives it grants.  These are costly in terms of revenue, and do not seem to be yielding the re sults expected in terms of fostering growth. 
Barbados also needs to address the issue of competitiveness in order to be able to compete more 
effectively with countries of the region in the provision of goods and services, including tourism. 
 WT/TPR/S/308/Rev.1 • Barbados 
 
- 22 - 
 
  2  TRADE AND INVESTMENT REGIME 
2.1  General framework 2.1.  Barbados is a constitutional monarchy with a parliamentary system based on the 
Westminster model. The Head of State is the British Monarch represented in Barbados by the 
Governor-General. The Government of Barbados is formed by the political party which gains a 
simple majority in the general elections. Executiv e authority is vested in the Prime Minister and 
Cabinet, who must collectively respond to Parliament. The Prime Minister is appointed by the 
Governor-General among the members of the House of Assembly and chosen on the principle of 
being the most suitable person to command the su pport of the majority of the members elected. 
Other Ministers are appointed from either House of Parliament by the Governor-General as advised by the Prime Minister. 
2.2.  Barbados' Parliament is bicameral, composed of the Senate and the House of Assembly. The 
Senate has 21 members; they are appointed by the Governor-General, 12 on the advice of the 
Prime Minister, two on the advice of the Leader of the Opposition, and seven at the 
Governor-General's discretion.
1 The House of Assembly has 30 members, all elected by popular 
vote. Although both Houses debate all legislation, the House of Assembly has generally decisive power since it may ultimately override the Senate's  rejection of bills, with the exception of those 
amending the Constitution. At the end of a legislat ure, both Houses of Parliament are dissolved by 
the Governor-General acting on the advice of the Prime Minister. According to the Constitution of 
Barbados, elections must take place no later than every five years after the first sitting of Parliament; however, they may be called at any time by the Prime Minister. The last elections took 
place in February 2013. 
2.3.  The Constitution (1966) is Barbados' supreme law. As a consequence, any law that is not 
consistent with the Constitution is void to the extent of its inconsistency. International 
agreements, including legislation and decisions emanating from the WTO and from CARICOM, 
cannot be invoked directly before national courts, but only to the extent that they have been incorporated in domestic legislation. 
2.4.  Requests for new legislation or for amendments of existing laws may stem from the Cabinet 
or from a Member of Parliament. The drafting of the corresponding bills is the responsibility of the office of the Attorney-General. Bills may be intr oduced in either the House of Assembly or the 
Senate. In practice, most bills usually begin in th e House of Assembly. A Bill introduced in a House 
of Parliament must be passed at its third readin g, with or without amendments, before moving 
onto the other House. Bills become law only after receiving the assent of the Governor-General. 
2.5.  Barbados' judicial system is based on Engl ish common law; there is no judicial review of 
legislative acts. The common law rules of conflict of laws apply. Magistrates' courts deal with civil 
and criminal cases. The Supreme Court of Judicatu re consists of the High Court and the Court of 
Appeal, and deals with the more serious criminal and civil cases and with issues related to 
interpretation of the Constitution. Judges are appointed by the Governor-General on the advice of 
the Prime Minister. The final Court of Appeal is the Caribbean Court of Justice (CCJ) in Port of Spain, Trinidad; the decisions of the CCJ are binding on all parties. 
2.2  Trade policy formulation and implementation 
2.6.  Barbados' trade policy aims at promoting and facilitating the development of Barbados' 
international trade, particularly export trade, and to strategically position Barbados to operate in, 
and derive the maximum trade benefits from, new liberalized global trade.
2 Barbados considers 
trade agreements as vehicles to obtain increased market access for its goods and services, at the 
multilateral, regional and bilateral levels. This is complemented by export promotion strategies. Barbados deems of utmost importance its participation in CARICOM, in tandem with bilateral trade 
                                               
1 Constitution of Barbados. Viewed at: 
http://www.parliament.go.th/parcy/sapa_db/cons_ doc/constitutions/data/B arbados/Barbados.htm. 
2 Ministry of Foreign Affairs and Foreig n Trade online information. Viewed at: 
http://www.foreign.gov.bb/pageselect.cfm?CFID=d0 dfacff-a33f-40eb-b125-5bdd4edb6b2e&CFTOKEN=0 &page 
=7. WT/TPR/S/308/Rev.1 • Barbados 
 
- 23 - 
 
  agreements subscribed within the framework of CARICOM. Of particular economic significance 
among these is the CARIFORUM-EU Econ omic Partnership Agreement (EPA). 
2.7.  As a small island economy, Barbados values its participation in the WTO, where it is an active 
Member. Barbados sees the WTO as providing a multilateral rules-based framework for the 
conduct of all trade, including all trade agreements. This is evident from Barbados' approach to 
regional trade arrangements, including the CARICOM Single Market and Economy (CSME), which requires that all such arrangements be WTO-compatible. 
2.8.  During the period under review, Barbados continued to advocate actively in international 
fora, including the WTO, the particular vulnerability of small economies to price and supply fluctuations, higher fixed costs of production and marketing, and susceptibility to natural disasters. 
2.9.  The Ministry of Foreign Affairs and Foreign Trade advises the Government on all trade policy 
matters and has responsibility for negotiating trade agreements and coordinating their 
implementation, and for representing Barbados in the WTO. The Ministry's Foreign Trade Division 
formulates and oversees Barbados' foreign tr ade policy. These tasks are accomplished in 
consultation with other Ministries, and with inputs from the private sector and trade unions. No 
formal consultation bodies have been established to this end; consultations take place in an ad hoc fashion, as required.
3 Some of the main private bodies that participate in the process include: the 
Barbados Manufacturers' Association, the Barb ados Chamber of Commerce and Industry, the 
Congress of Trade Unions and Staff Associations  of Barbados, the Barbados Hotel and Tourism 
Association, the Barbados Agricultural Society, the Barbados Private Sector Trade Team (BPSTT), 
the Barbados Coalition of Services Industries, and the Barbados International Business Association 
(BIBA).  
2.3  Trade agreements and arrangements 2.3.1  World Trade Organization 
2.10.  Barbados is an original Member of the WTO.
4 Barbados grants at least MFN treatment to all 
its trading partners. During the Uruguay Round, Barbados made specific commitments under the 
General Agreement on Trade in Services (GATS)  i n  f o u r  o f  t h e  1 2  s e c t o r s ,  a n d  2 1  o f  t h e  
160 subsectors of the services classification list contained in WTO document MTN.GNS/W/120 of 
10 July 1991. In 1997, Barbados undertook specific commitments in the negotiations on basic telecommunications and ratified th e Fourth Protocol to the GATS.
5 Barbados did not, however, 
submit an offer in the financial services negotiations concluded in 1998. Barbados is not a party or 
observer in any WTO plurilateral agreements, or the ITA. 
2.11.  Barbados has never invoked the WTO's dispute settlement provisions as a complainant, nor 
have any complaints been lodged against Barbados . However, Barbados reserved its rights to 
participate as third-party in four cases: a dispute relating to U.S. provisions on foreign sales 
corporations; and three cases relating to EC export subsidies on sugar.6 All these cases were prior 
to the period under review. 
2.12.  Barbados has also continued to actively participate in the WTO in the context of the DDA 
negotiations. In the MC9 at Bali, speaking on its behalf and on behalf of the Group of Small, Vulnerable Economies (SVEs), Barbados highlighted the importance of the multilateral trading s y s t e m ,  a n d  i n  p a r t i c u l a r  t h e  W T O ,  f o r  S V E s  a s  t h e y  s o u g h t  t o  e n s u r e  f a i r  a n d  e q u i t a b l e  
participation in world trade. Barbados stated that it is imperative that as the WTO moves forward, 
the concerns and needs of SVEs be adequately addressed, for example through enhanced support for the accession of SVEs and by ensuring that  the economic growth and development possible 
with increased world trade are inclusive of SVEs like Barbados and the wider CARICOM region. 
Barbados also stressed the need for continued acknowledgement of S&D treatment in the WTO 
                                               
3 In the context of the present review, the authoritie s indicated that the private sector and trade unions 
are providing substantial inputs in the bilateral negotiations CARICOM-Canada. 
4 WTO document WT/LET/1/Rev.2, 22 May 1995. 
5 WTO document GATS/SC/9/Suppl.1, 24 February 1998. 
6 For more information on these cases, see WTO online information. Viewed at: 
http://www.wto.org/english/thewto_e/countries_e/Barbados_e.htm ; or in WTO documents series DS108, 
DS265, DS266, and DS283. WT/TPR/S/308/Rev.1 • Barbados 
 
- 24 - 
 
  negotiations. Barbados also expressed its hope that the WTO would seek to ensure that work 
undertaken in the area of Dispute Settlement was enhanced and made more effective, particularly 
for SVEs. Barbados recognized the great importan ce of the regular work programme of the WTO 
and noted that the Committee on Trade and Development and the Dedicated Session on Small 
Economies remained vital bodies for SVEs.7 
2.13.  Since its last review, Barbados has submitted numerous notifications to the WTO but some 
are yet to be made (Table 2.1): the last notifica tion under the Agreement on Agriculture was made 
in March 2004, and just one SPS measure had been notified. In the area of TBTs, a number of 
notifications were made between 2002 and 2005 but no new notifications have been made since early 2006. The authorities noted that the delay in no tifications was not a reflection of their lack of 
commitment to the process, but was due to capacity constraints within Ministries. 
Table 2.1 Notifications to  the WTO, 2008-14 (October)
 
Legal basis Periodicity WTO documents Comment 
Agreement on Agriculture 
Articles 10 & 
18.2 Annual G/AG/N/BRB/18, 18 July 2009 Export subsidies. 
Article 18.2 Annual G/AG/N/BRB/19,  
25 October 2011 G/AG/N/BRB/20,  8 November 2011 Domestic support measures. 
Agreement on the Application of Sanitary and Phytosanitary Measures 
Article 7, 
Annex B Ad hoc G/SPS/N/BRB/2, 29 April 2009 Notification of legislation on all plants and 
plant products. 
Agreement on Technical Barriers to Trade 
Article 2.9 Ad hoc No new notification since 2006  
Agreement on Implementation of Article VI of the GATT 1994 (Anti-Dumping) 
Articles 16.4 
and 16.5 Ad hoc G/ADP/N/193/BRB,  
11 January 2010 Notification that Barbados has not 
established an authority competent to 
initiate and conduct an investigation within the meaning of Articles 16.4 and 16.5 of the Agreement on Anti-Dumping Subsidies ("the Agreement") and thus has not, to-date, taken any countervailing actions within the meaning of Articles 16.4 and 16.5 of the Agreement and does not anticipate taking any countervailing actions for the foreseeable future. 
Agreement on Implementation of Article VII of the GATT 1994 (Agreement on Customs 
Valuation)  
Decision of 
the Committee on Customs Valuation (12.5.95) Once No notification made Responses to the checklist of issues. 
Article 22.2 
and Decision 
of the 
Committee 
on Customs 
Valuation  Once and, 
subsequently 
notification of 
changes No notification made Legislation. 
Agreement on Import Licensing Procedures  
Article 7.3 Annual G/LIC/N/3/BRB/5,  
26 January 2010 
G/LIC/N/3/BRB/6,  
10 August 2012 Import licensing proc edures; answers to 
annual questionnaire. 
                                               
7 WTO document WT/MIN(13)/ST/100, 24 January 2014. WT/TPR/S/308/Rev.1 • Barbados 
 
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  Legal basis Periodicity WTO documents Comment 
Agreement on Preshipment Inspection 
Article 5 Once  No laws or regulations notified. 
Agreement on Subsidies and Countervailing Measures 
Article 25.1 Annual G/SCM/N/253/BRB, 
G/SCM/N/260/BRB,  
27 September 2013, and 
G/SCM/N/275/BRB, 
9 September 2014 (latest) New and Full Notification Pursuant to 
Article XVI:1 of the GATT 1994 and 
Article 25 of the Agreement on Subsidies 
and Countervailing Measures. 
Article 25.11 Ad hoc G/SCM/N/202/BRB,  
14 January 2010 (latest) Notification that Barbados has not 
established an authority competent to initiate and conduct an investigation within the meaning of Article 25.12 of the Agreement on Subsidies and Countervailing Measures ("the Agreement") and thus has not, to-date, 
taken any countervailing actions within 
the meaning of Article 25.11 of the Agreement and does not anticipate taking any countervailing actions for the foreseeable future. 
Paragraph 
1(a) of 
WT/L/691 Ad-hoc G/SCM/N/243/BRB,  
11 October 2011 and 
G/SCM/N/253/260/BRB,  
27 September 2013. 
 
 
 
 
G/SCM/N/275/BRB,  
9 September 2014 Request of Continuation of Extension 
under SCM Article 27.4 of the Transition 
Period for the Elimination of Export 
Subsidies Pursuant to the Procedures 
Concluded in the General Council 
Decision Contained in Document 
WT/L/691. 
 
Transparency Notification Concerning the 
Extensions Provided for in Article 27.4 of 
the Agreement on Subsidies and 
Countervailing Measures of the Transition 
Period For the Elimination of Export 
Subsidies, Granted Pursuant to the 
Procedures in the General Council 
Decision WT/L/691. 
Agreement on Trade-Related Aspects of Intellectual Property Rights  
Article 63.2 Once, then 
changes IP/N/1/BRB/3, 2 December 
2011 IP/N/1/BRB/I/2, 
IP/N/1/BRB/D/1/Add.1, 
IP/N/1/BRB/D/2/Add.1, 
IP/N/1/BRB/P/3/Add.1, 
IP/N/1/BRB/T/1/Add.2, 
IP/N/1/BRB/T/2/Add.1,  
14 December 2011  Amendments to legislation. 
New legislation amending previous Acts. 
General Agreement on Trade in Services 
Article III,3 Ad hoc S/C/N/552, 3 June 2010 
S/C/N/553, 3 June 2010 
S/C/N/554, 3 June 2010 
S/C/N/555, 3 June 2010 
S/C/N/556, 3 June 2010 Liberalization measures in 
telecommunications. 
Article V.7(a) Once only S/C/N/469, 20 October 2008  
S/C/N/469/Rev.1,  
24 October 2008 Economic integration agreements. 
General Agreement on Trade in Goods 1994  
Article XVII Annual None No notification received since 1996. 
Source: WTO Central Registry of Notifications. WT/TPR/S/308/Rev.1 • Barbados 
 
- 26 - 
 
  2.3.2  Regional and preferential agreements 
2.3.2.1  CARICOM 2.14.  Barbados is a founding member of the Caribbean Community and Common Market 
(CARICOM), established through the Treaty of Chaguaramas in 1973. The Treaty of Chaguaramas 
was revised between 1989 and 2000 to allow for the creation of the CARICOM Single Market and 
Economy (CSME), intended as a single economic space with free movement of goods, services, 
capital and CARICOM nationals between Member States.
8 To facilitate the consolidation of the 
CSME, ten Chapters were established; these form the legal basis for the establishment and 
operation of the CSME and were incorporated into the revised treaty.9 
2.15.  A total of 15 countries and territories participate in CARICOM: Antigua and Barbuda; the 
Bahamas; Barbados; Belize; Dominica; Grenada; Guyana; Haiti; Jamaica; Montserrat; 
St. Kitts and Nevis; St. Lucia; St. Vincent and the Grenadines; Suriname; and 
Trinidad and Tobago. The Bahamas is a full member of the Community but not of the CSME; Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands and the Turks and Caicos 
Islands, are associate members. Barbados, to gether with the Bahamas, Guyana, Jamaica, 
Suriname, and Trinidad and Tobago is one of the more developed countries (MDCs) of the Community. 
2.16.  CARICOM member States have sought to implement a common external tariff (CET), 
through a phased process which started in 1991. However, as at end 2014 tariff schedules across countries still differed considerably, partly due to the exceptions allowed (lists A and C) and partly to mechanisms permitting the suspension of  the application of the CET under certain 
circumstances.  
2.17.  The Conference of Heads of Government is CARICOM's highest decision-making body and 
final authority. At the second decision level, several ministerial councils deal with policy issues in 
different areas. The Council for Trade and Econom ic Development (COTED), composed of the trade 
ministers from all member States participating in the CSME, is responsible for the promotion of trade and economic development in CARICOM. CO TED must approve any change in tariffs by a 
CARICOM member. The Council for Foreign and Comm unity Relations (COFCOR) is responsible for 
relations between CARICOM, international organizations, and third countries, while the Council for Finance and Planning (COFAP) is responsible for economic policy coordination and the monetary and financial integration of the member states. 
2.18.  Under the Revised Treaty of Chaguarama s, member States may make use of safeguard 
measures in the event of serious balance-of-pay ments and external financial difficulties. The 
safeguard provisions allow for the adoption of restrictions on the rights to establishment, to 
provide services and to move capital, as well as permit the use of quantitative restrictions on 
imports. These restrictions must not discriminate among Member States, must seek to minimize damage to the commercial, economic or financial interest of any other Member State, must not 
exceed those necessary to deal with the circumst ances, and must be applied for no longer than 
18 months. Barbados has not resorted to the use of CARICOM's safeguard provisions during the period under review. 
2.19.  The Caribbean Court of Justice (CCJ), based in Trinidad and Tobago, has functioned as the 
Regional Judicial Court since April 2005. The CCJ, established to ensure a single unified 
interpretation of the Revised Treaty of Chaguarama s, has both original and appellate jurisdiction 
and all its decisions are final. The CCJ's original jurisdiction regards the interpretation and 
application of the Treaty Establishing the Caribbean Community, including the CARICOM Single 
Market and Economy. In its original jurisdiction, the Court has exclusive jurisdiction in contentious 
                                               
8 With respect to the free movement of goods, the Revised Treaty of Chaguaramas prohibits imposing: 
export or import duties  on other CARICOM members (but not customs service charges); quantitative 
restrictions on the importation of goods of CARICOM orig in; and export subsidies or subsidies contingent upon 
the use of domestic over imported goods. 
9 The Chapters are: I Principles; II Institutional A rrangements; III Establishment, Services and Capital; 
IV Policies for Sectorial Development; V Trade Policy; VI Transpor t Policy; VII Disadvantaged Countries, 
Regions and Sectors; VIII Competition Policy and Consum er Protection; IX Dispute Settlement and X General 
and Final Provisions. WT/TPR/S/308/Rev.1 • Barbados 
 
- 27 - 
 
  proceedings on a number of issues10, and issues advisory opinions on the interpretation or 
application of the Treaty. With respect to the CCJ's original jurisdiction, all member States are obligated by Treaty to recognize and give effect to the jurisdiction of the Court. 
2.20.  The CCJ is also an appellate jurisdiction th at considers and determines appeals in both civil 
and criminal matters from common law courts of member States. In the exercise of its appellate 
jurisdiction, the Court is a Superior Court of record in relation to national courts.
11 CARICOM 
States may choose to substitute the jurisdiction of the London-based Privy Council with that of the 
CCJ. This has occurred in the case of Barbados. 
2.21.  Trade-related cooperation has also deepened with the establishment of the CARICOM 
Regional Organization for Standards and Quality (CROSQ). Barbados has enacted the agreement establishing CROSQ into domestic law. CARICOM members also decided in 2004 to establish a 
Community Competition Commission. 
2.22.  The Caribbean Agricultural Health and Food Safety Agency (CAHFSA) was launched on 
12 March 2010 in Suriname, when the legal instrument establishing the CAHFSA entered into force 
upon signature by the CARICOM Heads of Governme nt. The CAHFSA was established to coordinate 
SPS measures and strengthen the agricultural heal th and food safety systems and infrastructure 
related to agricultural trade in CARICOM. As at  October 2014, the CAHFSA was in the process of 
becoming operational. 
2.23.  Since 1997, CARICOM has worked through the Caribbean Regional Negotiating Machinery 
(CRNM) to coordinate information and strategy in external trade negotiations, including in the WTO. In 2009, the CRNM was incorporated into the CARICOM Secretariat as a specialized 
department. Subsequently, it was renamed the Office of Trade Negotiations (OTN). The OTN works 
to develop a cohesive framework for the coordination and management of CARICOM's negotiating resources. It also assists member States in preparing national positions, coordinates the 
formulation of unified strategies for the region, and undertakes and leads negotiations where 
appropriate.
12 
2.24.  Barbados is a member of the Association of Caribbean States (ACS), a forum for economic 
and trade policy coordination at the regional level, comprising 25 Caribbean Basin countries. 
2.3.2.2  CARIFORUM-EU Economic Partnership Agreement (EPA) 2.25.  The Economic Partnership Agreement (EPA) between the EU and 15 Caribbean States in the 
CARIFORUM group, including Barbados, was signed in Bridgetown in October 2008. Its provisional 
application started on 29 December 2008. A ratifica tion Bill was passed by the House of Assembly 
on 15 July 2014, was approved by the Senate on  22 July and was subsequently signed by the 
Governor-General. As of late October 2014, the legi slation was in the process of being printed and 
gazetted to officially enter into force.  
2.26.  The EPA replaced the expired preferen ces under the ACP-EU Cotonou Agreement. The 
nature of the EPA, which is based on the principle of asymmetric reciprocity, is different from the 
Cotonou Agreement's which was unilateral. The asymmetry in the granting of preferences is 
reflected in market access for goods and services, the MFN provisions, trade defence measures, and development cooperation. The Agreement also covers trade in services, public procurement, 
intellectual property rights and environmental pr otection. The EPA encourages deeper integration 
among CARIFORUM States and introduces a region al preference principle by which any more 
                                               
10 This includes: disputes between contracting parties to the Agreement Establishing the CCJ; disputes 
between any contracting parties to th e Agreement and CARICOM; referrals from national courts or tribunals of 
contracting parties; and applications  by national courts and the Eastern Caribbean Supreme Court concerning 
the interpretation and application of the Treaty of Chaguaramas. 
11 Appeals of decisions by a Court of  Appeal may be presented where a fi nal decision in civil proceedings 
involves a dispute with a value of not less than EC$25,000 and for final decisions in proceedings that involve a question regarding the interpretation of th e Constitution of the contracting party. 
12 Office of Trade Negotiations online information. Viewed at: 
http://www.crnm.org/index.php?option=com_content&view=article&id=45&Itemid=69&0872a8d70c6252b772
61d45b4779477d=207f7b7ec587 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 28 - 
 
  favourable treatment or advantage offered by any CARIFORUM State to the EU must be granted to 
each CARIFORUM State. 
2.27.  The EPA has led to the establishment of five new joint CARIFORUM-EU institutions: (a) the 
Joint Council composed of the CARIFORUM Minist ers, the EU Trade Commissioner and European 
High Representatives and tasked with providing political direction, and reviewing the main EPA 
implementation issues; the Council meets at least every two years; (b) the Trade and Development Committee (T&DC), composed of senior officials of both sides, and responsible for 
reviewing EPA implementation in detail; it meets at least once a year; (c) the Parliamentary 
Committee, composed of Caribbean MPs, and Members of the European Parliament (MEPs), and in charge of reviewing EPA implementation and advisi ng the T&DC and the Joint Council; its meetings 
are convened ad hoc; (d) the Consultative Co mmittee, composed of business and civil society 
representatives, and also tasked with reviewin g EPA implementation and advising the T&DC and 
the Joint Council; and (e) the Special Committee on Customs Cooperation and Trade Facilitation, composed of customs and trade officials, and responsible for reviewing technical issues concerning 
customs and trade facilitation. 
2.28.  The EPA guarantees Barbados and other CARIFORUM countries MFN treatment in trade in 
goods with respect to preferences granted by the EU to other countries. More specifically, any 
concession granted by the EU to another trading partner through an FTA that may go beyond the 
CARIFORUM-EU EPA will immediately be extended to CARIFORUM States. The same applies with respect to the improvement or relaxation of rules of origin. CARIFORUM must provide MFN 
treatment to EU products only in cases of FTAs signed with major trading economies.
13 In this 
respect, the EU and CARIFORUM States must enter into consultations where any signatory 
CARIFORUM State enters into an FTA with a major trading economy that offers wider concessions than the EPA. 
2.29.  With respect to market access, the EU co mmitted to the immediate removal of all tariffs and 
quotas on CARIFORUM exports except for arms and ammunition as well as sugar and rice, which were initially granted quota-free but full-duty access. Products originating in CARIFORUM countries 
and exported to the EU except for arms and amm unition and other than rice and sugar, entered 
into a duty- and quota-free access (DFQF) regime as from 1 January 2008. In the case of rice, a 
DFQF regime has applied since 1 January 2010, as it was granted a transition period of two years ending on 31 December 2009. In 2008 and 2009, rice quotas were 187,000 tonnes and 250,000 
tonnes, compared with the former quota of 125,000 tonnes. For sugar, a DFQF regime has applied 
since 1 October 2009, subject to a transi tional automatic safeguard mechanism until 
30 September 2015.
14 Imports of sugar from CARIFORUM were subject to a minimum price 
(not lower than 90% of the EU reference price) between 1 October 2009 and 30 September 2012. 
The EPA also provides for a standstill of other duties and charges applied on imports, leading to a phase-out starting seven years after signature, with complete elimination within ten years. 
2.30.  CARIFORUM States committed to gradual reduct ions in their tariffs over a period of up to 
25 years with a three-year moratorium. Certain sensitive products were excluded from the reductions. In accordance with the programme of liberalization set for CARIFORUM countries, it is estimated that some 61% of tariff lines would be  duty-free over 10 years, 83% over 15 years, and 
87% over 25 years.
15 The main exclusions and lengthier implementation periods apply to sensitive 
products, including poultry and other meat; dairy products; certain fruits and vegetables; fishery products; sauces; ice cream; syrup; beverages; ethanol; rum; vegetable oils; paints and 
varnishes; perfumes; cosmetics; soaps; shoe polish; glass or metal polishes; candles; 
disinfectants; furniture and parts; and some apparel, such as cotton pullovers/jerseys/cardigans. M o s t  a g r i c u l t u r a l  p r o d u c t s  h a v e  b e e n  e i t h e r  e x c l u d e d  f r o m  l i b e r a l i z a t i o n  o r  s u b j e c t  t o  l o n g  
transition periods of 20 or 25 years. 
                                               
13 Under the EPA, a major trading economy is defined as  a country or group of countries with a share of 
world merchandise trade exceeding 1% or 1.5%, respectively. 
14 Certain products with high su gar content were subject to a special surveillance mechanism from 
1 January 2008 to 30 September 2015 to avoid trade circumvention: if imports of these products increase by 20% in volume during 12 consecutive months, the EU Commission may analyse trade patterns and, in case of 
circumvention, suspend preferential treatment for these products. 
15 This is based on the original HS nomenclature (HS 2007); the shares could differ considering the 
current HS 2012 nomenclature. WT/TPR/S/308/Rev.1 • Barbados 
 
- 29 - 
 
  2.31.  A separate Protocol attached to EPA concerns rules of origin; it is based on the Cotonou 
Agreement's Protocol on rules of origin, wi th some major amendments. These include the 
relaxation of product-specific rules of origin for some fisheries products, for chosen processed 
agricultural products and the switch  from double transformation to single transformation for fabrics 
of Chapter 60. The Protocol also includes specific provisions regarding sugar, rice, and high-sugar-
content products in order to avoid possible circum vention of the provisions in force during the 
transition period and amended provisions on cu mulation with neighbouring countries (adding 
Mexico to the list of such countries). 
2.32.  The EPA gives the parties the right to susp end the application of the preferential rate of 
duty for the product concerned for a period not exceeding six months, renewable, in cases of fraud or other irregularities. The parties may also make use of anti-dumping and countervailing 
measures in intra-party trade in accordance with WTO rules. The use of safeguards is allowed for a 
maximum of two years, with a po ssible extension for no more than two years. Under the EPA, the 
EU committed not to include products from CARIFORUM on any GATT Article XIX investigations for 
a period of five years. Safeguard measures must all be price-based and may include the 
suspension of the rate of tariff reductions, the application of MFN applied rates (at a maximum), and the introduction of tariff quotas. CARIFORUM countries are allowed to impose safeguards to 
protect infant industries for ten years after signing the EPA, based only on an increase in imported 
quantities (there are no price triggers). 
2.33.  Annex IV to the EPA contains commit ments on services and investment. CARIFORUM 
countries took a negative-list approach with respect to their commitments on investment, while 
the EU used a positive listing approach to investment, listing all the sectors liberalized. The 
coverage of commitments on both services and investment by Barbados is wide. The commitments in investment are particularly wide-ranging, since Barbados liberalized fully all sectors with the 
exception of fisheries and onshore and offshore drilling of petroleum.
16 In its schedule of services 
commitments, Barbados inscribed a horizontal limitation with respect to capital flows.17 
2.34.  The EPA's chapter on government procurement sets out some basic principles and minimum 
transparency rules that procuring entities should  respect when tendering. These rules include: 
publishing a notice of intended procurement inviting eligible suppliers to submit a request for participation; selecting the suppliers to participate in the selective tendering procedure in a fair manner; and indicating the time-limit for submitting requests for participation. The rules apply to 
contracts over a US$200,000 threshold tendered by central authorities. In practice, a substantial 
portion of Barbados' government procurement is not covered by these provisions. The chapter does not establish any preference for EU suppliers. The EPA also contains a competition policy 
chapter, which identifies the types of anti-competitive conduct that are prohibited, mainly 
restrictive agreements and abuse of a dominant position. The chapter does not cover mergers or state aid. The EPA has provisions on public enterprises and enterprises with special rights, 
including monopolies mandating that they be made subject to competition laws, to the extent that 
the application of these laws does not obstruct th e execution of the special task assigned to them. 
With respect to IPR protection, the CARIFORUM States must ensure adequate and effective implementation of the international treaties dealing with intellectual property to which they are 
parties and of the TRIPS Agreement. 
2.35.  In September 2008, the Government decided to establish a unit to coordinate the 
implementation of the CARIFORUM-EU Economic  Partnership Agreement in Barbados. The EPA 
Implementation Unit became operational in July 2009 and the Foreign Trade Division of the 
Ministry of Foreign Affairs and Foreign Trade retained the services of an EPA implementation consultant to advise the Ministry on EPA matters and to assist with the establishment of the Unit. 
To date, the Unit consists only of this consultant since engaging further resources has been limited 
due to Barbados' policy of reducing the number of public employees (section 1). 
                                               
16 A fishing vessel must be either  totally owned by Barbadians or the ownership must be deemed as 
having substantial economic connection with Barbados. Fo reign fishing vessels are required to have a foreign 
fishing vessel licence, subject to the Fisheries Act and Re gulations. As regards onshor e and offshore drilling of 
petroleum, the State reserves the right to adopt or maintain measures concerning activities pertaining to these 
activities. 
17 The limitation states that, for all modes of servic e supply, transfers and payments of currency are 
governed by the Exchange Control Act. WT/TPR/S/308/Rev.1 • Barbados 
 
- 30 - 
 
  2.36.  The EPA Unit mandate includes: liaising and interacting with public and private sector 
institutions to identify EPA-related needs and possible sources of development assistance; developing an information outreach programme about EPA-related benefits and opportunities; working with government ministries and other agencies in developing or strengthening Barbados' 
regulatory environment in order to facilitate the exploitation of EPA-related opportunities by the 
private sector; advising the private sector about market access opportunities in the EU and how to take advantage of those opportunities; and developing a set of indicators and benchmarks to 
facilitate the monitoring of EPA implementation in Barbados. In this respect, the authorities have 
indicated that the elaboration of indicators and benchmarks remains a work in progress. The EPA Implementation Unit has undertaken the preparation of a "Barbados' Roadmap for Implementation of the EPA" to highlight the obligations resulting from commitments under the EPA and the 
opportunities which should be exploited by Barbadian institutions and economic operators. The 
Unit has also developed an EPA implementation and monitoring matrix, and is intent on the organization of a project to evaluate market-access opportunities in certain EU countries for 
services from Barbados. 
2.37.  After the end of the three-year moratori um period, the phased reduction of tariffs by 
CARIFORUM countries began on 1 January 2011. This gradual tariff reduction process is scheduled 
to continue over the 25-year period to 2033. The authorities indicated that Barbados lowered 
tariffs both in 2011 and 2013 on an administrative basis. Up to October 2014 Barbados was still lacking the legal instrument to make the tariff cuts permanent and was therefore applying them 
administratively. The authorities noted that it is envisaged that the necessary legislation to apply 
the cuts will be introduced after certain areas and tasks of the Customs and Excise Department 
have been incorporated into the new Barbados Revenue Authority and the adoption of the HS2012 nomenclature has been completed. The applied ta riff resulting from the implementation of the 
tariffs cuts is presented in Section 3.1.4. 
2.38.  In the context of the current review, the authorities noted that there are some challenges 
for the full implementation of the EPA, one being energizing and engaging the private sector to 
reap possible benefits from the Agreement. They co nsidered that for this to be accomplished it was 
necessary for the business community in Barbados to build better connections with the corresponding communities in EU countries so as to establish a strategic relationship. The authorities also identified challenges with respect to domestic export capacity to respond to the 
new opportunities presented by the EPA. Other remaining challenges included the implementation 
of the changes necessary to give legal coverage to the EPA implementation process; many of the changes required to this end have alre ady been accomplished administratively. 
2.3.2.3  Bilateral agreements 
2.39.  CARICOM has bilateral trade agreements with Colombia, Cuba, Costa Rica, the Dominican 
Republic, and Venezuela.  
2.3.2.3.1  CARICOM-Colombia 
2.40.  The CARICOM-Colombia Agreement on Trade, Economic and Technical Cooperation, was 
signed in 1994 and amended by a Protocol signed  in 1997. The agreement is administered by a 
CARICOM-Colombia Joint Council on Trade, Economic and Business Cooperation. Colombia initially 
granted unilateral preferential access to its market for four years to a select group of products 
originating in CARICOM. After the four-year period the preferential trade scheme became reciprocal for CARICOM MDCs.
18 
2.41.  The agreement also provides for the phasing out of any non-tariff barriers and has its own 
rules of origin regime. The parties agreed to review their technical, industrial, commercial, and public health standards, as well as their sanitary and phytosanitary measures through the Joint 
Council. The use of safeguard measures is permitted under the agreement when imports from 
their counterpart in the agreement are in such qu antities that they may damage local industries. 
Safeguards shall take the form of a suspension of  preferential treatment and the reinstatement of 
the MFN treatment. Safeguard measures may also be used for balance-of-payments purposes. The 
                                               
18 The agreement phased-in tariff reduct ions on a list of selected products. Annex II contains a list of 
products on which tariffs were elim inated in mid-1999, and Annex III a list of products for possible phased 
reduction of duties, but these have not been implemented. WT/TPR/S/308/Rev.1 • Barbados 
 
- 31 - 
 
  measures may initially be for no longer than a year, with the possibility of renewal for a further 
year. The application of anti-dumping measures is permitted.  
2.3.2.3.2  CARICOM-Costa Rica 
2.42.  The Free Trade Area Agreement with Costa Rica was signed in 2003 and ratified in 2006. 
A CARICOM-Costa Rica Joint Council was established to implement the agreement as well as "free 
trade coordinators" (Ministry of Foreign Trade in Costa Rica and CARICOM Secretariat) to monitor the implementation of the Agreement. 
2.43.  The Agreement is reciprocal with respect to CARICOM's MDCs, and provides for free trade or 
preferential access for a wide range of products, excluding sensitive goods. Tariffs on 95% of products have been phased-out and 3.9% of lines are excluded from any reduction. Duty continues to apply for CARICOM on meat, dairy products, fruit and vegetables, and a few 
manufactured goods, such as furniture, some paints, bottles, and candles. Imports of a number of 
agricultural products are subject to seasonal MFN duties but are duty-free for the rest of the year. 
The FTA contains anti-dumping and sanitary and phytosanitary provisions, and dispute settlement 
dispositions, and provides for a review of developments in relation to trade in services, 
investment, competition policy, and government procurement within two years of its entry into force. The Agreement excludes from preferential  treatment goods produced in or shipped from 
export-processing zones from. A system of rules of origin was established for this Agreement.
19 
2.3.2.3.3  CARICOM-Cuba 2.44.  The CARICOM-Cuba Trade and Economic Cooperation Agreement was signed in 2000 and 
entered into force for Barbados in 2006. The agreem ent provides for duty-free access of a list of 
goods agreed by both sides. The concessions on the CARICOM side are limited to MDCs, including 
Barbados. 
2.45.  The Agreement provides for duty-free tr eatment on specified goods. Cuba's list of 
concessions to CARICOM is included in Anne x I, while Annex II includes CARICOM MDC's 
preferences to Cuba. Tariffs on a specialized list of  products are to be eliminated by Cuba through 
four annual reductions (Annex III and IV). Preferential market access for certain agricultural 
products is dealt with on a seasonal and specific basis. In addition, the Agreement deals with 
taxation, trade promotion and facilitation, services, tourism, investment, intellectual property rights and other topics. Goods produced in free zones are exempted from preferences. 
2.3.2.3.4  CARICOM-Dominican Republic Free Trade Agreement 
2.46.  The CARICOM-Dominican Republic Free Trade Agreement entered into force in 1999. The 
FTA allows for the mutual granting of tariff concessions, including duty-free access for a number of products, from 1 January 2004. The exchange of concessions is between CARICOM MDCs, 
including Barbados, and the Dominican Republic; CARICOM less-developed countries did not grant 
any concessions. 
2.47.  Barbados, as an MDC, is bound by the Agreement to provide duty-free access for all goods 
originating in the Dominican Republic other than those set out in Attachment II to the Protocol 
Implementing the Agreement. Barbados also agreed to the phased reduction of the rate of duty on 
goods in Attachment I; no duty reduction will take place on goods in Attachment V.
20 The phased 
duty reduction for goods in Attachment I was scheduled to start in 2000 and be completed by 
1 January 2004 in the Dominican Republic and in the CARICOM MDCs; however, the schedule was 
subsequently reviewed. Barbados had already comp leted all the necessary phased reductions as 
required by the FTA by 2008. Attachment III to th e Protocol contains the rules of origin for the 
                                               
19 OAS online information. Viewed at: http://www.sice.oas.org/TPD/CAR_CRI/Negotiations/CRI_ 
BRB_s.pdf. 
20 Goods in Attachment I include: coffee, sausages, bacon, pasta, biscuits, jams and marmalades, soups 
and broths, rum, perfumes, boxes, plastic sacks and ba gs, plastic tableware, crates and boxes of paper or 
paperboard, footwear with rubber sole s, and mattresses. Goods in Attachment V to the Protocol are mostly 
agricultural products. WT/TPR/S/308/Rev.1 • Barbados 
 
- 32 - 
 
  Agreement. In addition to trade in goods, th e Agreement deals with services, investment and 
government procurement.21 
2.48.  A Joint Council was established under the Agreement, with representatives of both 
CARICOM and the Dominican Republic. The Joint Council meets once per year or at special 
sessions; it supervises the implementation and administration of the Agreement, and resolves 
disputes. The Council presides over specific committees on: trade in goods; technical barriers to trade; SPS measures; rules of origin; trade in services; investment; intellectual property rights; 
and anti-competitive business practices. The two parties have also established a 
CARICOM-Dominican Republic Business Forum to analyse trade and investment opportunities, exchange business information and organize business engagements with the aim of encouraging the private sectors of the two parties to participate in the FTA. 
2.49.  Under the Agreement, CARICOM and the Dominican Republic have set procedures for 
settling disputes emerging from trade under the FTA. The procedures involve initial informal consultations to arrive at a mutually satisfactory solution; if an agreement cannot be reached 
within 30 days (10 days for perishable goods), the case may be referred to the Joint Council. The 
Council may seek compromise among the parties or make a ruling. 
2.3.2.4  Non-reciprocal agreements 
2.3.2.4.1  CARICOM-Venezuela 
2.50.  The CARICOM-Venezuela Agreement on Trade and Investment, which was signed in 
October 1992, is a unilateral preferential agreement through which the Bolivarian Republic of Venezuela grants duty-free access or phased tari ff reductions to a substantial number of CARICOM 
export products. The Agreement also seeks to promote investment and facilitate joint ventures 
between the two parties. The Agreement allows the signatories to apply measures to counter dumping and subsidies. Disputes may be resolved through the Joint Council, but its 
recommendations are not binding. 
2.51.  The Agreement is quite comprehensive in that most CARICOM exports to the Bolivarian 
Republic of Venezuela are granted eith er preferential or duty-free access. 
2.3.2.4.2  Other non-reciprocal agreements 
2.52.  Barbados also benefits fr om the Caribbean Basin Initiative (CBI), and CARIBCAN, both of 
which are non-reciprocal and unilateral. 
2.53.  Under the CBI, in effect since 1984 as part of the Caribbean Basin Economic Recovery Act 
(CBERA), Barbados is eligible for duty-free access to the U.S. market subject to rules of origin. 
Preferences were expanded in 2000 by the United States-Caribbean Basin Trade Partnership Act (CBTPA), which, for a specified period, accorded the same preferential tariff and quota treatment 
granted to certain textile and apparel articles imported into the United States from NAFTA 
countries, subject to conditions. The CBTPA expires on 30 September 2020. In 2009, the United States requested, and was granted, an extension of the WTO waiver for CBERA (as 
amended) up to end-December 2014.
22 
2.54.  Exports originating in Barbados and other CARICOM countries are granted duty-free 
treatment by Canada under CARIBCAN, implemented in 1986. Eligible products exclude textiles, clothing, footwear, luggage and ot her leather goods, lubricating oils, and methanol. To qualify for 
duty-free access, 60% of the ex-fac tory price of eligible products must originate in a beneficiary 
country or in Canada. CARIBCAN was set to expire on 31 December 2011, but since negotiations between Canada and CARICOM towards an FTA were ongoing, an extension was requested by 
Canada for the waiver of its obligations under paragraph 1 of Article I of the GATT, allowing it to 
                                               
21 CARICOM online information. Viewed at: http ://www.caricom.org/archi ves/agreement-caricom-
domrep-protocol.htm. 
22 WTO document WT/L/753, 29 May 2009. United States-Caribbean Basin Economic Recovery Act, 
Renewal of Waiver, decision of 27 May 2009. The waiv er allows the United States to provide duty-free 
treatment for eligible products of the Caribbean Basin countries without having to extend the same treatment 
to like products of any other WTO Member. WT/TPR/S/308/Rev.1 • Barbados 
 
- 33 - 
 
  extend duty-free treatment to imports from Commonwealth Caribbean countries until 
31 December 2013.23 
2.55.  A reciprocal Canada-CARICOM Trade Agr eement set to replace the unilateral preferences 
granted under CARIBCAN is currently being negotiating.24 Negotiations started in 2009 and Canada 
and CARICOM have held seven rounds of negotiatio ns to date (the last was in June 2014). Talks 
have covered market access in goods, trade defence and safeguards measures, rules of origin, trade facilitation, customs procedures, government procurement, technical barriers to trade, 
sanitary and phytosanitary measures, services, labour, and environment. Both parties agreed that 
with respect to market access, the chapter on financial services should go beyond Canada's and CARICOM's respective  GATS commitments.
25 
2.56.  Barbados' products are eligible for the Generalized System of Preferences (GSP) schemes of 
Australia, Canada, the European Union, Japan, New Zealand, the Russia Federation, Switzerland, 
and the United States. 
2.4  Investment regime 
2.57.  Barbados' investment regime, including fore ign investment, is open with few restrictions, 
except those related to Barbados' capital controls. The Government's general stance is to seek to attract foreign investment by offering a favourable business environment and a number of 
investment incentives schemes. In general, foreign investors are granted national treatment. 
2.58.  The establishment of companies in Barbados is regulated by the Companies Act 1982. The 
Companies Regulations 1984 establish registration fees for companies formed under the Companies Act. Establishment procedures are relatively straightforward as Barbados seeks to 
attract foreign investment in different areas. Companies may choose to be established as: public 
companies or private companies, comprising sole traders, partnerships, companies or societies with restricted liability. The Franchise (Registr ation and Control) Act of 1991 provides for the 
licensing, registration and control of businesses wishing to operate a franchise in Barbados.  
2.59.  Barbados does not have specific legislation with respect to foreign investment. No specific 
legal references are made with respect to any fo reign investment restrictions, except those made 
in the context of the CARIFORUM-EU EPA. Simi larly, and despite liberal market access and 
establishment conditions in practice, there is no specific piece of legislation explicitly guaranteeing market access or national treatment to foreign investors, except for CARICOM nationals and companies, and, since 2009, the commitments made to the EU under the EPA. These guarantees 
as well as MFN and national treatment commitments are, however, specified in the different 
bilateral investment treaties signed by Barbados. In this respect, it would be desirable for Barbados to incorporate this treatment as well as investment guarantees in an Investment Act, 
which would apply to all trading partners and could be invoked in the courts. This would enhance 
the stability and predictability of the investment regime and would contribute to attracting new investors, including from countries with which Barbados has a bilateral investment agreement. 
2.60.  The responsibility for the formulation and implementation of investment policy in Barbados, 
including foreign investment, lies with the Ministry of Industry, International Business, Commerce, and Small Business Development. The economic de velopment agency Invest Barbados, established 
in 2007, is responsible for attracting and sustaining international investment for Barbados; it is 
also in charge of helping to develop and manage the Barbados international business brand.
26 The 
Barbados Investment Development Corporation (BIDC) is responsible for analysing the impact of incentives under the Fiscal Incentives Act and other legislation and for allocating space in 
Barbados' ten industrial zones.
27 The BIDC and Invest Barbados also provide advisory services and 
                                               
23 WTO document G/C/W/657, 27 October 2011. 
24 Government of Canada online information. Viewed at: www.international.gc.ca/trade-agreements-
accords . 
25 CARICOM online information. Viewed at: 
http://www.crnm.org/index. php?option=com_content&view=article&id=51&Itemid=121 . 
26 Invest Barbados online information. Viewed at: http://www.investbarbados.org/ . 
27 The Barbados Investment and De velopment Corporation (BIDC) owns and operates ten industrial 
parks and provides approximately 1.6 million sq. ft. fo r the manufacturing and services sectors. Units are 
available in sizes from 1,500 sq. ft. to 40,000 sq. ft. BIDC online information. Viewed at: http://www.bidc.org/index.php?opti on=com_xmap&sitemap=1&Itemid=118 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 34 - 
 
  other assistance to companies looking to establish businesses in Barbados. Barbados Tourism 
Investment Incorporated (BTI) also participates in policy formulation. The Corporate Affairs and Intellectual Property Office (CAIPO) is responsible for the registration of businesses. 
2.61.  Registration is mandatory for both domestic and external (foreign) companies and may be 
subject to certain requirements.
28 A BDS$30 name reservation fee and an incorporation fee of 
BDS$750 is payable on registration with the CAIPO. External companies pay an incorporation fee of BDS$3,000.
29 Barbadian companies must have a registered office. Audits are required only if 
total assets exceed BDSS$2 million (US$1 million). Otherwise, a statutory declaration stating that 
assets do not exceed that amount must be presented. The Companies Act does not set any 
minimum capital requirements. 
2.62.  In accordance with the Companies Act,  all external companies – that is, companies 
originally established under the laws of another country – must also be registered in Barbados to 
do business there. There are different categories of companies that conduct "international" business and require specific licences. International business companies (IBCs) are the most 
widely used modality of incorporation for offshore operations in Barbados. 
2.63.  Barbados imposes corporation tax on all co mpanies incorporated or registered in Barbados, 
and on foreign companies that conduct business or have an office or place of business in Barbados 
in accordance with the Income Tax Act. Resident companies are taxed on their world-wide income. 
Non-resident companies are taxed only on income derived from Barbados. The corporate tax rate is 25%, except where certain entities benefit from special incentives. In addition, under the Small Business Act, companies can qualify for a 15% corporate tax rate. Manufacturing companies also 
pay a tax rate of 15%. Branches pay an additional 10% corporation tax if profits have been 
remitted, or are deemed to have been remitted, unless profits are reinvested in Barbados other than for the replacement of fixed assets. 
2.64.  Barbados-resident companies must apply withholding tax at a rate of 15% on interest, 
royalties, management fees, and dividend payments from taxed profits to residents and non-residents alike, except if there are specific provisions under double taxation treaties.
30 The 
withholding tax rate is set at 20% for payments under settlements, and 25% for services and the 
earnings of entertainers. Preference dividends an d dividends paid by a Barbados-resident company 
out of tax-exempt profits are subject to withholding tax at 25%. 
2.65.  An annual land tax is levied on all properties, with rates varying according to the category of 
property. Rates have been applied on a national treatment basis since 1 April 2008. A tax rebate 
of 0.5% is granted for lands used exclusively for agricultural purposes, with the relevant certification. Hotels are entitled to 50% rebate under specified conditions. 
2.66.  In general terms, Barbados allows 100% fo reign ownership. Only a few general restrictions 
on foreign investment are in place. Water and postal services are Government monopolies. Tour operators and travel agents must be Barbados-owned (or owned by CARICOM nationals) as part of 
government policy to reserve some services for locals. Private investment in broadcasting, 
banking, international business and insurance is subject to prior Government approval in the form of licences. 
2.67.  Investment transfers and capital remittances are regulated by the Central Bank under the 
Exchange Control Act. Exchange control permission is required for a non-resident to hold shares in 
a company incorporated in Barbados, except in the case of offshore companies. Foreign or 
                                               
28 Companies must register with th e Corporate Affairs and Intellectual  Property Office (CAIPO), the 
National Insurance Department, an d the Barbados Revenue Authority.  Importers must also register with the 
Computer Department of Cust oms to receive an import number before proceeding with the importation of any 
items. Manufacturers must register with the Approved Undertakings Di vision of Customs to benefit from 
concessions.  Franchises must be registered with the Ministry of Finance; special conditions may be imposed on 
non-nationals. 
29 Invest Barbados (2014), Guide to Doin g Business in Barbados. Viewed at: 
http://www.investbarbados.org/docs /Doing%20Business%20in%20Barbados.pdf . 
30 For example, under the treaties with the United St ates, Finland, Norway and Malta, a rate of 5% is 
applied on royalties, interest and di vidends if the receiving company owns 10% or more of the capital of the 
paying company. See LowTax.Net, Barbad os Double-Tax Treaties. Viewed at: 
http://www.lowtax.net/lowtax/html/jbs2tax.html . WT/TPR/S/308/Rev.1 • Barbados 
 
- 35 - 
 
  non-resident investors must register with the Central Bank all funds brought into Barbados in 
order to facilitate repatriation of these funds. Foreign currency funds may generally be freely repatriated for current transactions. However, if substantial capital gains have been realized, repatriation must generally be phased over a peri od determined by the Central Bank, which can be 
of up to five years. Exemption from exchange control restrictions is provided for offshore business. 
Acquisition of real estate by foreigners requires permission from the Central Bank. Expropriation requires the authority of a written law and is subject to compensation. 
2.68.  Both domestic and foreign investors may be nefit from a number of incentives administered 
by the Ministry of Finance, Economic Affairs and Energy and the Ministry of Tourism, in 
coordination with the BIDC (section 3.3.1).
31 
2.69.  As per the Revised Treaty of Chaguaramas, Barbados has double taxation avoidance 
agreements with the other CARICOM countries (since July 1994). Barbados has subscribed 
agreements for the avoidance of double income tax taxation with the United Kingdom (2012)32, 
Canada (1980, first Protocol signed in 2011), United States (1984, second Protocol signed in 
2004), Finland (1989, first Protocol signed in 2011) , Norway (1990, first Protocol signed in 2011), 
Sweden (1991, first Protocol signed in 2011), Venezuela (1998), Cuba (1999), China (2000, first Protocol signed in 2010), Malta (2001, first Protocol signed in 2013), Mauritius (2004), Botswana 
(2005), Austria (2006), the Netherlands (2006, first Protocol signed in 2009), the Seychelles 
(2007), Mexico (2008), Ghana (2008), Luxembourg (2009), Panama (2010), Portugal (2010), Spain (2010), Czech Republic (2011), Iceland (2011), Bahrain (2012), Qatar (2012), San Marino (2012), and Singapore (2013).
33 A tax agreement with Switzerland, which pre-dates independence 
(1954), is an extension of a U.K. agreement. The main differences among the treaties relate to the 
rates of withholding tax on dividends, royalties, and interest. Tax information exchange agreements (TIEAs) were concluded in 2011 with Denmark, Greenland and the Faeroe Islands.
34 
2.70.  Bilateral investment promotion and protection treaties (BITs) with the United Kingdom, 
Venezuela, Germany, Switzerland, Italy, Canada , Cuba, China, and Mauritius were in place in 
August 2014.  Barbados has also concluded investment treaties with Ghana and Belgium-
Luxembourg (Table 2.2). 
Table 2.2 Bilateral Investment Agreem ents signed by Barbados, August 2014  
Country Date of signature Entry into force 
United Kingdom  7 April 1993 April 1993 
Venezuela  15 July 1994 31 October 1995 
Germany  2 December 1994 11 May 2002 
Switzerland  29 March 1995 26 June 1995 
Italy  25 October 1995 21 July 1995 
Cuba 19 February 1996 13 August 1998 
Canada  29 May 1996 17 January 1997 
China  20 July 1998 1 October 1999 
Mauritius  28 September 2004 28 June 2005 
Republic of Ghana 22 April 2008 Awaiting ratification 
Belgium–Luxembourg Economic 
Union  29 May 2009 Awaiting ratification 
Source: Invest Barbados. 
                                               
31 Ministry of Finance, Econ omic Affairs and Energy onli ne information. Viewed at: 
http://www.bidc.com/barbados_link.cfm?WebLink=27. 
32 The agreement with the United Kingdom was signed on 26 April 2012, and has been in force since 
19 December 2012, replacing the treaty that was signed on 26 March 1970. 
33 As at August 2014, the agreements with Ghana, Portugal, Qatar and San Marino had yet to come into 
effect. Invest Barbados onli ne information. Viewed at: http://www.investbar bados.org/dtas.php . 
34 As at August 2014, only the agreements with  Denmark and Greenland had come into effect. WT/TPR/S/308/Rev.1 • Barbados 
 
- 36 - 
 
  2.71.  With respect to treatment in the case of disputes related to an investment, foreign investors 
receive the same protection as national investors and can resort to the same procedures. The Barbados Arbitration Act (1976) and the Foreign Arbitral Awards Act (1980) contain provisions for arbitration of investment disputes. Barbados is a member of the International Center for the 
Settlement of Investment Disputes (ICSID), and of most of the conventions and model laws 
emanating from the work of the United Nati ons Commission on International Trade Law.
35 
Barbados is also a member of the Mu ltilateral Investment Guarantee Agency. 
 
                                               
35 UNCITRAL online information. Viewed at: http://www.un.or.at/uncitral . WT/TPR/S/308/Rev.1 • Barbados 
 
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  3  TRADE POLICIES AND PRACTICES BY MEASURE 
3.1  Measures Directly Affecting Imports 3.1.1  Customs procedures and requirements 3.1.  The Customs Act (Cap. 66) of 1962, as am ended, and the Customs Regulations of 1963, as 
amended, remain Barbados' main customs legi slation. The Barbados Customs and Excise 
Department is responsible for customs procedures. As at October 2014, Customs was in the process of being integrated into the Barbados Reve nue Authority. The proposed date of completion 
is April 2015. Barbados is a member of the World Customs Organization. 
3.2.  The use of a customs broker is not mandat ory for customs clearance, but it is recommended 
by the authorities. Imports can be cleared by th e importer or by a licensed broker. However, all 
importers must be registered as traders with the Customs Department. No registration fees are 
charged. Upon registration, importers have access to information and forms on the Customs 
Department website. All imports must be accomp anied by an Import Declaration form (Barbados 
Customs Goods Declaration Form C63), as well as by a number of documents, as required: a 
commercial invoice; a carrier's bill-of-lading or airway bill; a declaration of value form (C60) for 
goods valued over BDS$2,500; a certificate of origin for goods from CARICOM and from countries with which it has bilateral agreements; an import licence and a health and sanitary certificate is 
required. In cases where Customs requests goods to  be physically examined, a packing list may be 
required. 
3.3.  Barbados migrated to the ASYCUDA++ system in 2005; as at October 2014, it was in the 
process of moving to ASYCUDA World. The authorities stated that the new system is due to be put 
in place in February 2015. Import documents may be sent electronically in advance and clearance 
can be carried out electronically. The authorities indicated that advanced ruling has been implemented administratively, but that there are no legal provisions for it as yet. The use of risk 
assessment methods will be consolidated with  the implementation of ASYCUDA World. The 
authorities indicated in the context of the current review, that they are working towards the consolidation of a single window for import procedures; however, as at October 2014, this was not 
yet the case. The authorities noted that the establishment of the single window should follow the 
implementation of ASYCUDA World. 
3.4.  In the course of the current review, the au thorities stated that imports clear customs within 
48 hours; perishable goods clear customs the same day. There is a four-lane system for imports: a 
green lane, where imports may pass through rapidly without inspection; a yellow lane, where 
imports are subject to documentary inspection; a re d lane where they are also subject to physical 
inspection; and a blue lane for goods subject to post-clearance inspection and verification. The 
authorities report that around 10% of imports ar e subject to documentary and physical inspection 
(red channel). Barbados has no PSI requirements.  
3.5.  Since 2008 Barbados has a Post Clearance Audit Unit (blue channel) for audits on companies 
and brokers identified by Customs. These companie s are included in a list held by Customs: the 
list is compiled based on frequency of use and the importer's history with respect to compliance with customs regulations, and solvency. Up to now, Post Clearance Audit was limited in scope and conducted on an administrative basis. A Bill to amend the Customs Act to incorporate legislation 
on Post Clearance Audit (The Customs (Amendment) Act, 2013) was subject to its second reading 
in Parliament in October 2014. The draft legislation authorizes the Comptroller of Customs to order the inspection of documents, data and the examinat ion of goods after these have been released; it 
also confers on Customs the power to enter and search premises where the goods may be found. 
This power would apply to both imports and exports. 
3.6.  Barbados' Customs laws and regulations al low for imported goods to be cleared pending 
payment of duties and/or other taxes if a bond or guarantee by a commercial bank or insurance 
company is executed. Duties and taxes must be paid within three months of Customs granting 
permission to clear the goods. The authorities have noted that this happens only occasionally. 
3.7.  Although there is no specific appeals syst em for Customs decisions, they along with those 
regarding the valuation of imports, may be subjected to an administrative review by Customs prior WT/TPR/S/308/Rev.1 • Barbados 
 
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  request to the Comptroller of Customs by the inte rested party. Complaints may also be brought 
directly to the appropriate court, including the Administration Appeal Tribunal and the High Court. Decisions of the High Court may be appealed to the Court of Appeal. The authorities note that valuation continues to be the main source of disputes in the customs area: during the review 
period one case was before the High Court regarding the undervaluation of motor vehicles. 
3.1.2  Customs valuation 3.8.  As at end October 2014, Barbados had not su bmitted replies to the checklist of issues on the 
implementation and administration of the Customs Valuation Agreement (CVA). 
3.9.  Barbados' legislation governing customs valuation is contained in the Customs Act, Cap. 66. 
More precisely, the Second Schedule to the Act contains the rules for determining customs value, which follow the sequence laid out in the WTO rules on customs valuation. The use of minimum 
values is prohibited under Barbados' laws. In the course of the current review, the authorities 
reiterated that, in practice, the transaction valu e is used on average for the vast majority of 
imports. Although there are no official statistics reporting the different valuation methods used, 
the authorities estimate that the transaction value is used in roughly 90% of the cases. If the 
transaction value cannot be accepted, the customs value is determined in accordance with the methods set out in the CVA. 
3.10.  The main exception to the use of the transaction value relates to imports of used vehicles. 
In this case, a particular valuation method, based on the depreciation of the vehicle, is used.  
3.11.  To counter under-invoicing, the value of certain products is routinely verified on 
importation. These products include: used motor vehicles; motor vehicle parts; and marine and 
sea craft. In these cases, prior to the determination of value, Customs may resort to documentary 
checks, requests for additional information, and the physical examination of goods. The authorities main valuation concerns continue to involve used vehicles.  
3.1.3  Rules of origin 
3.12.  Barbados does not have non-preferential ru les of origin; it maintains preferential rules of 
origin for CARICOM-origin imports. In general, and in accordance with these rules, goods are 
deemed to have CARICOM origin if they have been: (a) completely produced within CARICOM; or 
(b) produced within CARICOM wholly or partly from materials imported from third countries, or from materials from undetermined origin, provided a substantial transformation has taken place within CARICOM. Substantial transformation may be  achieved by change of tariff heading, or by 
complying with the requirements defined specifically for each tariff heading in Part A of the list in 
Schedule I of the CARICOM Treaty. Furthermore, under a "safeguard" mechanism, a manufacturer may use materials from outside the region when they are not available in a CARICOM State. The 
Council for Trade and Economic Development (COT ED) must provide a waiver to authorize such 
imports. Additionally, a certificate of origin from the exporting country is required with verification taking place at the importing end. Barbados and other CARICOM member Stat es were expected to 
implement the rules of origin contained in the Amended Schedule I of the Revised Treaty of 
Chaguaramas, based on the HS 2012, as of 1 January 2014. In late 2014, this was still not the case. The authorities indicated that there was no definite date for the adoption of HS2012. Presently they apply rules based on the HS2007 nomenclature. 
3.13.  Rules of origin provisions are also contained in CARICOM's preferential schemes with third 
countries, as shown in Table 3.1. In most of these agreements, while goods must generally be 
shipped directly between parties, transit through third countries is permitted under certain 
conditions. There are also provisions regarding accumulation. 
Table 3.1 Rules of origin applied by Barbados and other CARICOM countries  
Agreement Rules 
CARICOM Wholly produced: 
A range of: meat products; fish; vegetables (frozen, preserved or dried); fruits (frozen, preserved or 
dried) and nuts; products of milling industry; oil seeds; vegetables materials; cocoa beans; sugar; molasses. 
 
Produced from regional materials: WT/TPR/S/308/Rev.1 • Barbados 
 
- 39 - 
 
  Agreement Rules 
A range of: oils; animal products; suga r confectionery; vegetable, fruit and nut preparations; mineral 
waters; liqueurs and other spirituous beverages; vinegar; wood, wood products and carpentry work; 
wicker work; ceramic products; articles of cement; articles of plaster; steel products.  Produced by chemical transformation: A range of chemical products included in HS Chapters 28-39 
 
Non-regional material content must not exceed 10% of the export price of the finished product: A range of plastics products  Produced from materials not included in HS 43.03 and not being fur skins assembled in plates, crosses or 
similar forms: 
Articles of apparel, clothing, accessories and other articles of fur skin (HS 43.03)  Value of extra-regional materials must not exceed 30% of the export price of the finished product: 
Dyed or printed fabrics. 
 Value of extra-regional materials must not exceed 50% of the export price of the finished product: 
Paper products; a range of products included in HS Chapters 73-96: copper, nickel and aluminium and articles thereof; lead, tin and zinc and articles thereof;  other base metals; miscellaneous articles of base 
metal; tools; machinery and mechanical appliances; boilers; electrical machinery and parts; railway or 
tramway locomotives and parts thereof; vehicles othe r than railway and tramway locomotives and parts 
thereof; aircraft and parts thereof; ships and boats and floating structures; optical, photographic, cinematographic, measuring, checking, medical or surgical instruments and apparatus and parts and accessories; clocks and watches; musical instruments; furniture; jewellery; arms and ammunition; toys;  
miscellaneous articles. 
CARICOM–
Colombia Rules of origin on imports into Barbados (as a CARICOM MDC) from Colombia only apply to a limited 
number of goods listed in the Agreement. Rules of origin on imports are set out in Article 9 of the 
Agreement and in Annex III to the Protocol Amen ding the Agreement, effective since June 1998. 
Substantial transformation is generally determined by a change in tariff classification. Accumulation among 
parties applies. 
CARICOM–
Cuba Rules of origin on imports into Barbados (as a CARICOM MDC) from Cuba only apply to the specific goods 
listed in Annex II and IV to the Agreement. Rules of origin are set out in Annex VI to the Agreement. Goods must be wholly obtained or produced in the territories of the parties Accumulation among parties applies. Otherwise, products which incorporate parts from third countries must undergo a change in tariff classification or the value of materials used from thir d countries must not exceed 50% of the f.o.b. price of 
the goods. 
CARICOM–
Dominican 
Republic Rules of origin are set out in Appendix I to Annex I of the Agreement. Goods must be wholly obtained or 
produced in the territories of the parties. Accumulation among parties applies. Otherwise, products which 
incorporate parts from third countries (which account for over 7% of the transaction value) must in most 
cases undergo a change in tariff classification. For chemicals, plastics and some fertilisers, the criteria for 
substantial transformation is that a chemical reaction or purification must have taken place. Origin is 
determined in some specific cases by a regional value content as specified in an attachment to Appendix I. 
There are also some instances where rules of origin criteria have yet to be developed. 
CARICOM-
Costa Rica  Rules of origin are spelled out in Chapter IV of the Agreement. Specific rules of origin are spelled out in 
Annex IV.03. 
A good is considered to be an originating good if the value of all non-originating materials used in the 
production of the good that do not undergo an applicable change in tariff classification set out in 
Annex IV.03 does not exceed 7% of the transaction va lue of the good adjusted on an f.o.b. basis.  
Except as specified in a product-specific rule of origin of Annex IV.03 the previous definition does not apply 
to a non-originating material used in the production of a good included in HS Chapters 1-24, unless the non-originating material is provided for in a different subheading from the good for which origin is being determined.  
A good provided in HS Chapters 50-63, that is a non-originating good because certain fibres or yarns used 
in the production of the component of the good that determines the tariff classification of the good do not undergo an applicable change in tariff classification set out in Annex IV.03, shall nonetheless be considered an originating good if the total weight of all such fibres or yarns in that material does not 
exceed 10% of the total weight of that material.  
Accumulation is permitted provided all non-originating materials used in the production of the good 
undergo an applicable tariff classification change. 
 
Source: Information provided by the authorities and OAS online information. Viewed at: 
http://www.sice.oas.org/agreements_e.asp . 
3.14.  There are also rules of origin provisions in  the EPA with the European Union. These rules are 
spelled out in a separate Protocol attached to the EPA. This Protocol is based on the 
Cotonou Agreement's Protocol on rules of origin, with some major amendments. These include: 
specific provisions regarding sugar, rice, and high-sugar-content products in order to avoid possible circumvention of the provisions in force during the transition period; amended provisions 
on accumulation with neighbouring countries; and the addition of Mexico to the list of countries 
that can benefit from accumulation. The Agreement calls for the review and further simplification of the Protocol on the Rules of Origin within five years of implementation of the EPA. WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.1.4  Tariffs 
3.1.4.1  MFN applied tariffs 3.15.  Barbados applies the CARICOM CET with exceptions contained in Lists A and C. In 
accordance with the CET, there is a general tariff ceiling of 20% for non-exempt industrial goods 
and 40% for non-exempt agricultural goods. Goods in  List A are often imported at rates lower than 
the CET, while rates for goods in List C may be modified at the national level and the goods may be imported at higher rates than the CET. Additi onally, countries may request a suspension of the 
CET from CARICOM's COTED.
1 Barbados has scheduled a number of minimum duty rates in List C 
of the CET, which contains products for which MFN (extra-CARICOM) duties are higher than CET 
rates. Furthermore, in May 2001, Barbados applied to COTED to increase its applied tariffs on extra-CARICOM imports on a number of mainly ma nufactured products to 60%; these rates were 
still applied in 2014. In accordance with Barbados' 2014 MFN tariff, there were 214 tariff lines with 
applied rates of 60%, which related mainly to HS Sections 10, 11, 14, and 20.
2 Consequently, 
although Barbados' average applied tariff in 2014 was 15.9%, below the 16.2% reported for 2007 
in its last review, it is higher than those applied by some other CARICOM countries. 
3.16.  Barbados' 2014 tariff schedule is based on the Harmonized Commodity Description and 
Coding System 2007. During this review, Barbados was in the process of migrating to HS 2012; as 
at late-2014, the process had not yet been completed. The tariff, as applied in 2014, comprised 
6,507 tariff lines at the eleven-digit level (Tables 3.2 and 3.3). 
3.17.  Although the simple average MFN tariff in 2014 was 15.9%, lower than in 2007 when it was 
16.2%, the difference is mostly explained by the change of HS nomenclature (from 2002 to 2007), 
which reduced the number of tariff lines by 5.6% (there are 383 fewer tariff lines in the 2014 tariff 
than in 2007). The average MFN tariff for agricultural products (WTO definition) was 33.9% in 2014, slightly higher than the 33.7% reported in the previous review, while for non-agricultural 
products, the average applied MFN tariff was 12.3%, below the 12.8% reported for 2007 in the 
previous review. Peak tariffs have remained in pl ace compared to the situation in 2007: tariff rates 
continue to range from zero to 216% for agricultural products, and from zero to 145% for 
non-agricultural products. The highest rate for non-agricultural products continues to be applied on 
certain fish
3; other manufactures such as certain textiles and clothing products are faced with 
tariffs of 117% or 60% (see above). Some 60% of lines face a tariff rate of 5% or lower (Chart 3.1). Import duties accounted for 2.3% of government revenue in 2013 and represented 
5.9% of the value of imports. This is well below the 15.9% average applied rate, and reflects both 
trade with preferential partners and, especially, the wide scope of tariff concessions granted by Barbados. 
Table 3.2 Tariff structure, 2014 
Total number of tariff lines 6,507 
% of the total  
Non-ad valorem  tariffs (% of all lines) 0.7 
Non-ad valorem  tariffs with no AVEs (% of all lines) 0.7 
Tariff quotas (% of all lines) 0.0 
Duty-free lines (% of all lines) 5.4 
Average rate of dutiable tariff lines (%) 16.8 
Domestic tariff "peaks" (% of all lines)a 6.5 
                                               
1 A suspension of the CET may be requested from CA RICOM's COTED in the following cases: (i) when 
there is no production of the good in the region; (ii)  when the production of the good in the region is 
insufficient to satisfy regional demand; and (iii) when the quality of the domestically-produced good is below the standard approved in the region for that product. 
2 The main products in question were: wheat; wheat flour; margar ine; lard; sugar confectionery; 
biscuits; bread; pastry and cakes; potato, tortilla and corn chips; cement; painters' fillings; glaziers' putty; 
aerosol insecticides; prepared additives for cements, mortars or concretes; non- degradable plastic bags; 
satchels; shopping and travelling ba gs and knapsacks; wrapping paper; cards; boxes; note books; labels; 
machine rolls, brochures, and calendars; a group of cl othing products, including: suits, trousers, shirts, 
blouses, vests, bathrobes, dressing gowns and nightdresses; clay tiles, je wellery; doors and windows and their 
frames; barbed wire; solar water heaters; lead-acid,  lead-acid accumulators; upholstered seats; wooden 
furniture; mattress supports;  and brooms and brushes. 
3 Yellowfin tuna, dolphin, flying fish, kingfish, swor dfish, blue marlin, marlin, sailfish, and spearfish. WT/TPR/S/308/Rev.1 • Barbados 
 
- 41 - 
 
  International tariff "peaks" (% of all lines)b 29.7 
Bound tariff lines (% of all lines) 97.1 
Simple average tariff 15.9 
WTO agriculture 33.9 
WTO non-agriculture (incl. petroleum) 12.3 
Agriculture, huntin g, forestry and fishing (ISIC 1) 31.9 
Mining and quarrying (ISIC 2) 7.8 
Manufacturing (ISIC 3) 14.8 
First stage of processing 26.1 
Semi-processed products 6.3 
Fully processe d products 18.3 
Nuisance applied rates (% of tariff lines)c 0.0 
Overall standard deviation 24.8 
 
a Domestic tariff peaks are defined as those exc eeding three times the overall average applied rate. 
b International tariff peaks are defined as those exceeding 15%. 
c Tariffs greater than 0 but lower than 2%. 
 
Source: WTO Secretariat calculations, based on data provided by the authorities. 
Chart 3.1 Frequency distribution of MFN tariff rates, 2014 
(5.4%)(55.0%)
(3.9%)(5.4%)(15.4%)
(0.7%) (0.8%)(5.9%)(6.9%)
(0.7%)
0102030405060708090100
05001,0001,5002,0002,5003,0003,5004,000
Duty free 5% 10% 15% 20% 25% 30% 40% >40% SpecificNumber of tariff linesaPer cent
Cumulative per cent
Number of lines (% of total)
 
a The total number of lines is 6,507, including 46 lines with specific duties. 
 Source: WTO Secretariat calculations, based on data provided by the authorities. 
3.18.  In Barbados' tariff schedule, 99.3% of tariff rates are ad valorem ; specific rates are applied 
on 46 lines, which correspond mostly to alcoholic beverages. Ad valorem  equivalents of 
non-ad valorem  rates were not provided by the authorities for this review, as they are not 
calculated by them. Tariff escalation is negative between raw and semi-processed products, but 
positive between semi-processed and processed products (Table 3.3). WT/TPR/S/308/Rev.1 • Barbados 
 
- 42 - 
 
  Table 3.3 Summary analysis of MFN tariff, 2014 
Description MFN  
No. of 
lines Average 
(%) Range 
(%) Coefficient of 
variation 
(CV) Final 
bound 
average a 
(%) 
Total 6,507  15.9 0 - 216 1.6 82.3  
HS 01-24 1,231  36.5 0 - 216 1.2 111.6  
HS 25-97 5,276  11.2 0 - 117 1.2 76.5  
By WTO category      
WTO agriculture 1,119  33.9 0 - 216 1.3 111.0  
 - Animals and products thereof 161 63.7 0 - 184 1.1 135.0  
 - Dairy products 24  46.3 0 - 141 1.3 115.4  
 - Fruit, vegetables and plants  347 37.4 0 - 216 1.1 107.9  
 - Coffee and tea 30  17.5 5 - 40 0.7 100.0  
 - Cereals and preparations 135 20.7 0 - 135 1.1 100.3  
 - Oil seeds, fats and oils and their products 95  21.2 0 - 158 1.3 133.9  
 - Sugars and confectionary  22 23.9 5 - 60 0.7 105.0  
 - Beverages, spirits and tobacco 146  45.5 5 - 141 0.9 102.2  
 - Cotton 6 5.0 5 - 5 0.0 100.0  
 - Other agricultural products n.e.s. 153  9.4 0 - 40 1.3 99.6  
WTO non-agriculture (incl. petroleum) 5,388  12.3 0 - 145 1.3 76.2 
 - WTO non-agriculture (excl. petroleum) 5,361  12.3 0 - 145 1.3 75.8  
 - - Fish and fishery products  190 38.9 0 - 145 1.0 100.0  
 - - Minerals and metals 1,115  9.4 0 - 60 1.2 73.1  
 - - Chemicals and photographic supplies 1,019  7.7 0 - 60 0.9 70.6 
 - - Wood, pulp, paper and furniture 344  12.9 0 - 60 1.1 70.0  
 - - Textiles 649 8.1 0 - 60 0.9 70.0 
 - - Clothing 290  38.2 5 - 117 0.6 70.3  
 - - Leather, rubber, footwear and travel goods 182 11.2 0 - 60 0.9 73.1 
 - - Non-electric machinery 588  6.6 0 - 60 0.9 73.2  
 - - Electric machinery 266 10.6 0 - 60 0.8 76.6 
 - - Transport equipment 233  12.2 0 - 45 1.1 143.3  
 - - Non-agriculture articles n.e.s. 485 16.0 0 - 70 0.9 78.6 
 - Petroleum 27  7.6 5 - 25 0.7 151.5  
By ISIC sector b      
Agriculture and fisheries 448  31.9 0 - 216 1.2 104.5  
Mining 107 7.8 0 - 50 1.4 73.5 
Manufacturing 5,951  14.8 0 - 184 1.6 81.0  
By HS section      
01 Live animals and products  352 43.4 0 - 184 1.2 120.6  
02 Vegetable products 423 30.1 0 - 216 1.3 105.5  
03 Fats and oils 53  33.6 5 - 158 0.9 158.0  
04 Prepared food etc. 403 37.6 0 - 184 1.3 107.9  
05 Minerals 188  8.3 0 - 60 1.2 85.9  
06 Chemical and products 947 7.1 0 - 60 0.9 72.2 
07 Plastics and rubbe r 247  9.5 0 - 60 0.8 72.7  
08 Hides and skins 85 14.8 5 - 60 1.1 73.6 
09 Wood and articles 132  10.8 0 - 20 0.5 70.0  
10 Pulp, paper etc. 183 11.0 0 - 60 1.3 70.0 
11 Textile and articles 924  17.0 0 - 117 1.1 70.9  
12 Footwear, headgea r 60 16.1 0 - 20 0.4 70.0 
13 Articles of stone 186  10.7 0 - 60 0.8 71.2  
14 Precious stones, etc. 62 29.9 0 - 60 0.8 105.9  
15 Base metals and products  712 7.9 0 - 60 0.9 70.3  
16 Machinery 871 8.1 0 - 60 0.9 75.4 
17 Transport equipment 244  12.0 0 - 45 1.1 140.0  
18 Precision equipment 229 13.5 0 - 60 1.1 78.4 
19 Arms and ammunition 24  40.2 0 - 70 0.7 116.0  
20 Miscellaneous manufactures 174 19.7 0 - 60 0.8 70.3 WT/TPR/S/308/Rev.1 • Barbados 
 
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  Description MFN  
No. of 
lines Average 
(%) Range 
(%) Coefficient of 
variation 
(CV) Final 
bound 
average a 
(%) 
21 Works of art, etc. 8  20.0 20 - 20 0.0 70.0  
By stage of processing      
First stage of processing 875  26.1 0 - 216 1.3 94.8  
Semi-processed products 1,853  6.3 0 - 60 0.9 71.6 
Fully-processed products 3,779  18.2 0 - 184 1.4 85.1  
 
a Bound rates are provided in HS2002 classification and applied rates in HS2007; therefore there may 
be a difference between the number of lines included  in the calculation, and the bound averages are 
provided for information purpose only.  
b ISIC (Rev.2) classification, excluding electricity (1 line). 
 Source: WTO Secretariat estimates, based on data provided by the authorities.  
3.1.4.2  Bound tariffs 
3.19.  Barbados bound all its tariffs in the Uruguay Round, with the exception of fish and fish 
products, so some 97.1% of lines are bound. Bindings are mostly at ceiling rates. Most agricultural 
products (WTO definition) are bound at final rates of at least 100%, with other duties and charges 
bound at 70%; some 40 items have been bound at rates ranging between 110% and 233%, with 
other duties and charges bound at rates of over 170%. In the case of non-agricultural products, 
tariffs have been generally bound at rates of at least 70%, with other duties and charges bound at 
200%; certain items were bound at higher rates, including petroleum products, soap and 
detergents, fireworks, film, tyres, precious ston es, and motor vehicles. Tariffs on motor vehicles 
were bound at 247%, with other duties and charges bound at 346%. Given the high level of 
Barbados' bindings, there is a huge gap between bound and applied rates, with the average bound 
rate (87%) being more than five times higher than the average applied rate. A narrowing of the gap would certainly contribute to enhance the predictability of Barbados' trade regime. 
3.1.4.3  Tariff preferences 
3.20.  Barbados grants duty-free treatment to imports from CARICOM countries. As a MDC in 
CARICOM, Barbados is expected to grant tariff preferences to countries with which CARICOM has preferential trade agreements, such as Colombia , Cuba and the Dominican Republic. However, no 
information was made available for the review regarding the scope of these preferences.  
3.21.  Under the EPA with the European Union described in Chapter 2, Barbados began granting 
tariff preferences to imports from EU countries in 2011. The corresponding tariff cuts are 
implemented administratively. Tariff preferences granted by Barbados to imports from the EU will 
account for 86.9% of tariff lines when fully implemented. 
3.22.  Table 3.4 presents the situation of the tariff applied under the EPA with the EU in 2014. As 
can be seen, the average tariff rate was 11.3%, almost 30% lower than the average MFN rate 
(15.9%). The reduction is higher for non-agricultur al goods (WTO definition ), reaching almost 40% 
(7.4% compared with 12.3%), and lower for agricultural products (less than 10%), partly on account of the number of exclusions from cuts in this category of goods. Cuts are substantial in 
sectors such as: minerals and metals; chemicals and photographic supplies; wood, pulp, paper and 
furniture; textiles; leather, rubber, footwear and travel goods; non-electric machinery; and electric machinery. The smallest cuts are in dairy products, sugar, beverages and fisheries. 
Table 3.4 Summary analysis of preferential tariffs under the EPA with the EU, 2014  
Description No. of lines Average 
(%) Range 
(%) 
Total 6,507 11.3 0 - 216 
HS 01-24 1,231 33.6 0 - 216 
HS 25-97 5,276  6.3 0 - 117  
By WTO category    WT/TPR/S/308/Rev.1 • Barbados 
 
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  Description No. of lines Average 
(%) Range 
(%) 
WTO agriculture 1,119  30.8 0 - 216  
 - Animals and products thereof  161 60.4 0 - 184  
 - Dairy products 24 45.7 0 - 141  
 - Fruit, vegetables and plants  347 33.9 0 - 216  
 - Coffee and tea 30 14.8 0 -  40 
 - Cereals and preparations 135 18.8 0 - 135  
 - Oil seeds, fats and oils and their products 95  17.3 0 - 158  
 - Sugars and confectionary 22 22.5 0 - 60 
 - Beverages, spirits and tobacco 146  43.5 0 - 141  
 - Cotton 6 0.0 0 - 0 
 - Other agricultural products n.e.s. 153  5.6 0 -  40 
WTO non-agriculture (including petroleum) 5,388  7.4 0 - 145  
 - WTO non-agriculture (excluding petroleum) 5,361  7.4 0 - 145  
 - - Fish and fishery products 190 36.9 0 - 145  
 - - Minerals and metals 1,115  4.4 0 -  60 
 - - Chemicals and photographic supplies 1,019  3.3 0 - 43 
 - - Wood, pulp, paper and furniture 344  7.9 0 -  60 
 - - Textiles 649 3.5 0 - 43 
 - - Clothing 290 30.1 0 - 117  
 - - Leather, rubber, footwear and travel goods 182 6.1 0 - 43 
 - - Non-electric machinery 588  2.2 0 -  60 
 - - Electric machinery 266 6.1 0 - 48 
 - - Transport equipment 233  9.6 0 -  40 
 - - Non-agriculture articles n.e.s. 485 9.5 0 - 70 
 - Petroleum 27 5.7 0 -  25 
By ISIC sector a    
Agriculture and fisheries 448  27.9 0 - 216  
Mining 107 2.1 0 - 32 
Manufacturing 5,951  10.2 0 - 184  
By HS section    
01 Live animals and products  352 40.8 0 - 184  
02 Vegetable products 423 26.4 0 - 216  
03 Fats and oils 53 27.9 0 - 158  
04 Prepared food etc. 403 35.8 0 - 184  
05 Minerals 188 3.2 0 -  50 
06 Chemicals and products 947 2.8 0 - 43 
07 Plastics and rubbe r 247  5.5 0 -  43 
08 Hides and skins 85 9.2 0 - 43 
09 Wood and articles 132  5.4 0 -  20 
10 Pulp, paper etc. 183 6.0 0 - 60 
11 Textile and articles 924  11.3 0 - 117  
12 Footwear, headgea r 60 12.1 0 - 18 
13 Articles of stone 186  7.1 0 -  50 
14 Precious stones, etc. 62 16.6 0 - 60 
15 Base metals and products 712  3.2 0 -  60 
16 Machinery 871 3.2 0 - 60 
17 Transport equipment 244  9.3 0 -  40 
18 Precision equipment 229 5.7 0 - 32 
19 Arms and ammunition 24 40.2 0 - 70 
20 Miscellaneous manufactures 174 14.9 0 - 60 
21 Works of art, etc. 8 15.0 15 - 15 
By stage of processing    
First stage of processing 875 22.0 0 - 216 
Semi-processed products 1,853 1.4 0 - 60 
Fully-processed products 3,779 13.8 0 - 184 
a SIC (Rev.2) classification, excluding electricity (1 line). 
Source: WTO Secretariat estimates, based on data provided by the authorities. WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.1.5  Other charges affecting imports 
3.23.  Barbados applies a Value Added Tax Barbados  (VAT) on the supply of goods and services by 
a taxable person (registrant) in Barbados and on the importation of goods. The registration requirement is imposed on any person who provides taxable supplies in Barbados, other than a 
person whose turnover is less than BDS$80,000 annually. The Barbados VAT & Excise Department 
facilitates taxpayers' online registration and filing of via its website; registration must take place within 21 days of first providing supplies.
4 
3.24.  VAT is applied at three different rates,  in accordance with the Value Added Tax Act 
(Amendment) of 2011, which increased the general rate. The standard rate is 17.5% (up from 15% reported in the previous review) and is applicable to most taxable supplies. There is a reduced rate of 7.5% applied to accommodation in guest houses, hotels, inns and others. Supplies 
listed in the First Schedule to the VAT Act are zero-rated. They include: prescribed medical 
devices; crude oil; service charges payable to hotels, guest houses and restaurants; the supply of international cruise services; and certain basic food items such as frozen meat, fish, potatoes, 
onions, citrus fruits and rice. The supply of some services is VAT-exempted: they include financial, 
public postal, transportation, medical, water and sewage services, as well as residential property sales, and betting and gaming. They are fully list ed in the Second Schedule to the VAT Act. VAT 
charged on inputs used to provide these supplies cannot be recovered. VAT paid by a registrant is 
recoverable as input tax only if it relates to goods and services acquired solely for the purposes of making taxable supplies.
5 Input tax is recovered by offsetting it against output tax (tax charged on 
supplies made) in the VAT return for each VAT peri od. If input tax exceeds output tax in a period, 
the excess is refunded. The VAT Act provides that registrants may offset unpaid VAT refunds owed 
for a previous period against output tax due for the current period. 
3.25.  VAT is charged at a rate of 0% on supplie s of exported goods. To qualify as zero-rated 
supplies, exports must be supported by evidence th at confirms that the goods have left Barbados 
(Table 3.5). 
3.26.  In 2010, Barbados eliminated an environmenta l levy applied at a general rate of 1.5%, with 
exceptions, on the c.i.f. value of imported goods.6 This tax was not applied to 
domestically-produced goods, and hence was considered discriminatory.7 
Table 3.5 VAT rates, 2014  
 Rate applied Applied to 
Standard rate 17.5% Mo st goods and services. 
Concessional rate 7.5% Holiday or vacation accommodation. 
Zero ratea 0% Exported goods and services; international freight transport 
services; supplies to international commercial ships and 
aircraft; livestock, poultry, be es, and fish used to produce 
food; prescribed goods for ex clusive use by the fisheries 
enterprise in commercial fisheries; items under the Drugs Service Act; prescribed medical devices; crude oil; components of package tours except international travel; sugar cane sold by farmers to the Barbados Agricultural Management Company Ltd.; international cruises; electricity; telecommunications services; accounting services; legal services; rent al of office space and the 
supply of tickets to the international business community 
and to the diplomatic commun ity; service charge payable 
to hotels; and others. 
Exempt suppliesb n.a. Financial services; various pr operty-related services; bus 
                                               
4 Barbados Customs and Excise Departme nt  online information. Viewed at: 
https://evetas.customs.gov.bb . 
5 In accordance with the VAT Act, if part or all of th e input tax for the period is related to the making of 
both taxable and exempt supplies, then an apportionment calculation must be applied. The amount of 
recoverable input tax is calculated based on the ratio of the value of taxable supplies made during the period to 
the value of total supplies made during the same period. 
6 The tax was regulated by the Environmental Levy Act, CAP.70 of the Laws of Barbados. 
7 The elimination of the environmental levy was announced in the 2010 Budget Speech. Viewed at: 
https://www.investbarbados .org/docs/BUDGET%202010.pdf . WT/TPR/S/308/Rev.1 • Barbados 
 
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   Rate applied Applied to 
and taxi passenger transportation; water and sewage 
services by the Barbados Wate r Authority; various medical 
and educational services; supplies between trade unions; 
gaming and betting services; and others. 
Waivers n.a. Imports of building ma terials and equipment and supplies 
for the refurbishment of vari ous tourism establishments 
under the Special Development Areas Act (see Chapter 4). 
 
n.a. Not applicable.  a For full list of zero-rated supplies , see First Schedule  of the VAT Act. 
b For full list of exempt supplies, see the Second Schedule of the VAT Act, section 10. 
 Source: Barbados Customs and Excise Department. Viewed at: http://evats.customs.gov.bb. 
3.1.6  Import prohibitions, restrictions, and licensing 
3.27.  Barbados continues to maintain a licensing regime that favours imports from other 
CARICOM partners. The licensing regime is governed by the Miscellaneous Controls Act Cap. 329 
of the Laws of Barbados, and managed by the Ministry of Industry, International Business, 
Commerce, and Small Business Development.8 The list of prohibited and restricted items is 
included in the First Schedule to the Customs (List of Prohibited and Restricted Imports and 
Exports) Order, 2009 (Table 3.6). The list of items subject to licensing requirements is included in 
the Miscellaneous Controls (General Open Import Licence) Regulations, 2014 (Statutory Instrument 2014 No. 8). 
Table 3.6 Prohibited and restricted imports under the Customs (List of Prohibited and Restricted 
Imports and Exports) Order, 2009  
Description of goods 
Prohibited imports 
Counterfeit coins 
Food, unfit for human consumption 
Indecent or obscene articles 
Infected cattle 
Prepared opium 
Fictitious stamps 
Toy guns 
Fresh fruits and vegetables grown in or conveyed from Florida (U.S.) except if accompanied by a 
phytosanitary certificate 
Ozone-depleting substances (HS Ex 29.03) 
Goods the importation of which is ba nned by any other law of Barbados 
Restricted imports 
Arms and ammunition 
Cannabis sativa 
Spirits and wines not bottled or in containers of less than 9 gallons 
Tobacco, cigars, cigarettes and cigarillos, unless in whole and complete packages 
Tobacco extracts and essences 
Goods bearing the Royal Arms of Great Britain 
Goods imported as ship's or airc raft's stores except for the consumption of passengers and crew 
Ozone-depleting substances (HS Ex 29.03) 
Refrigerant blends  (HS Ex 38.24) 
Goods the importation of which is rest ricted by any other law of Barbados 
 
Source: Customs (List of Prohibited and Restricted Imports and Exports) Order, 2009. 
3.28.  Under the Miscellaneous Controls (General Open Import Licence) Regulations, 2014, there 
are two schedules listing goods for which licences must be obtained: the First Schedule applies to 
imports originating outside CARICOM countries, and the Third Schedule applies to goods 
                                               
8 The Miscellaneous Controls Act Cap. 329. Viewed at: 
http://www.commerce.gov.bb/Legislation/Documents/CAP329.PDF. WT/TPR/S/308/Rev.1 • Barbados 
 
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  originating within CARICOM (Table 3.7). Legislative approval is required in order to remove 
products from, or to add products to, these schedules; the list has been reduced several times during the period under review: no new products have been added and several products have been removed, including: 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. The authorities stated that the different application of automatic licensing to CARICOM and non-CARICOM countries reflects different monitoring 
requirements. Licences are non-automatic for imports where concerns relate to health and safety; 
public morals and security, namely: fireworks; chemshield; mace; handcuffs (of plastic or metal); ratchet and spring-loaded knives; and jet skis and wave runners (Table 3.7). For other products subject to licensing, licences are automatic. 
Table 3.7 Imports requiring a licence under the Miscellaneous Controls (General Open Import 
Licence) Regulations, 2014  
Tariff 
heading 
No. Description of goods 1st schedule (non-
CARICOM imports) or 
3rd schedule 
(CARICOM imports) 
01.05 Live poultry 1st 
02.01 Meat of bovine animals, fresh or chilled 1st 
02.02 Meat of bovine animals, frozen 1st 
02.03 Meat of swine, fresh, chilled or frozen 1st 
02.04 Meat of sheep or goats, fresh, chilled or frozen 1st 
Ex.02.07 Meat of poultry of Heading No. 01.05 fresh, chilled or frozen 1st 
0210.101 Ham 1st 
0210.102 Bacon 1st 
03.02 Fish, fresh or chilled, excluding fish fillets and other fish meat of heading 
No. 03.04 1st 
03.03 Fish frozen, excluding fish fillets and other fish meat of heading No. 03.04 1st 
0303.75 Dog fish and other sharks 3rd 
0303.793 Flying fish 3rd 
0303.799 Other fish frozen 3rd 
03.04 Fish fillets and other fish meat, fresh, chilled or frozen 1st; 3rd 
04.01 Milk and cream, not concentrated or containing added sugar or other sweetening 
matter 1st; 3rd 
04.02 Milk and cream concentrated or containing added sugar or other sweetening 
matter 1st; 3rd 
Ex. 04.07 Birds' eggs in shell, fresh, excluding hatching eggs 1st 
0702.00 Tomatoes, fresh or chilled 1st; 3rd 
0703.101 Onions, fresh or chilled 1st 
0703.102 Shallots (echallots) fresh or chilled 1st 
07.04 Cabbages, cauliflowers, kohlrabi, kale and similar edible brassicas, fresh or chilled 1st 
0704.901 Cabbages fresh or chilled 3rd 
07.05 Lettuce and chicory, fresh or chilled 1st 
07.06 Carrots and turnips, beetroots, salsify, celeriac, radishes and similar edible roots, 
fresh or chilled 1st 
07.07 Cucumbers and gherkins, fresh or chilled 1st 
0707.001 Cucumbers fresh or chilled 3rd 
07.08 Leguminous vegetables, shelled or unshelled, fresh or chilled 1st 
07.09 Other vegetables, fresh or chilled 1st 
0709.903 Pumpkins fresh or chilled 3rd 
07.10 Vegetables, uncooked or cooked, frozen 1st 
0714.20 Sweet potatoes 1st 
Ex. 08.07 Melons (including watermelons) and paw paws (papayas) fresh 1st; 3rd 
1501.101 Lard 1st 
15.07 Soyabean oil and its fractions, whether or not refined but not chemically modified 1st; 3rd 
16.01 Sausages and similar products of meat , meat offal or blood, food preparations 
based on these products 1st 
16.02 Other prepared or preserved meats, meat offal or blood (excluding corned beef) 1st 
Ex. 17.01 Beet sugar and cane sugar in solid form 1st 
20.07 Jams, jellies, marmalades, fruit puree and fruit paste 1st 
Ex.20.09 Orange juice, grapefruit juice, pineapple juice and apple juice 1st 
2009.11 Orange juice frozen 3rd 
2103.201 Tomato ketchup 1st; 3rd 
2105.001 Ice cream 1st; 3rd 
22.02 Waters, including mineral waters and aerated waters, containing added sugar or 
other sweetening matter or flavoured and other non-alcoholic beverages 1st 
2202.101 Aerated beverages 3rd 
2202.109 Other flavoured water 3rd WT/TPR/S/308/Rev.1 • Barbados 
 
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  Tariff 
heading 
No. Description of goods 1st schedule (non-
CARICOM imports) or 
3rd schedule 
(CARICOM imports) 
2202.909  Other beverages 3rd 
22.03 Beer made from malt 1st 
2203.001 Beer 3rd 
2203.002 Stout 3rd 
Ex.22.06 Shandy 1st 
Ex.36.04 Fireworksa 1st; 3rd 
Ex.38.23 "Chemshield" (the defence method of our times)a 1st; 3rd 
Ex.38.23 "Mace" and similar productsa 1st; 3rd 
Ex.39.26 Handcuffs of plastica 1st; 3rd 
Ex.61.09 T-shirts 1st; 3rd 
Ex.73.26 Handcuffs of iron or steela 1st; 3rd 
Ex.82.11 Ratchet knives, spring-loaded knives including flick knivesa 1st; 3rd 
87.02 Public transport type passenger motor vehicles 1st 
87.03 Motor cars and other vehicles principally designed for the transport of persons 
(other than those of heading No. 87.02), including stationwagons and racing cars 1st 
Ex.89.01 Hovercraft 1st; 3rd 
Ex.89.03 Yachts and other vessels  for pleasure or sports 1st 
9803.99 Jet skis; wave runners and similar vesselsa 3rd 
9403.201 Other metal furniture used in schools, churches and laboratories 1st; 3rd 
Ex.95.04 Coin-operated amusement machines 1st; 3rd 
Ex.95.04 Equipment and accessories for gambling or parlour games (excluding gaming 
machines) for example blackjack tables, table counters, hand counters, roulette 
wheels, dice, dice boxes, croupier's rakes etc. 1st; 3rd 
 
a Non-automatic licensing. 
 Source: Miscellaneous Controls (General Open Import Licence) Regulations, 2014, CAP. 329 of the Laws of 
Barbados. 
3.29.  Barbados has provided replies to the WTO questionnaire on import licensing procedures.9 
The authorities note that the import licensing sy stem is applied for monitoring, security, health, 
and environmental purposes as well as protection of public morals, and that there are no quantitative restrictions. Licences are considered on a case-by-case basis. They have noted that the objective of the licensing system is in no way to restrict the quantity or value of imports and 
that the import licensing scheme is a statutory requirement maintained under the Miscellaneous 
Controls Act Chapter 329 of the Laws of Barbados.  
3.30.  Import authorization for applications must be granted in advance of importation. Licences 
are processed within three to five working days, but can be granted within a shorter time-limit. 
Applications for goods which arrive owing to inadvertency may be facilitated depending on the particular circumstance. A licence can be granted immediately on request depending on the 
circumstance and or the type of good. There are no periodic limits with regard to the time of year 
during which an import licence application may be submitted for authorization or a good may be imported. The authorities have stated that the legislation does not generally leave the designation of products subject to automatic licensing to administrative discretion. Non-automatic licences are 
subjected to administrative discretion. 
3.31.  In some cases, and depending on the type  of imported good, the consideration of import 
licence applications is effected by a number of administrative bodies. Applications for meat and 
meat products must be reviewed by the Veterinary  Services of the Ministry of Agriculture, Food, 
Fisheries and Water Resource Management befo re issuance by the Ministry of Industry, 
International Business, Commerce, and Small Busine ss Development. In addition, applications for 
motorized vessels for pleasure or sports are considered by a Committee, which makes 
recommendations to the Minister responsible for Commerce. The Committee is comprised of representatives of the Maritime Affairs Division of the Ministry of Tourism and International Transport, the Customs and Excise Department of the Ministry of Finance and Economic Affairs, 
and the Department of Commerce and Consumer Affa irs of the Ministry of Industry, International 
Business, Commerce and Small Business Development. 
                                               
9 WTO document G/LIC/N/3/BRB/5, 26 January 2010. WT/TPR/S/308/Rev.1 • Barbados 
 
- 49 - 
 
  3.32.  The authorities have stated that an applicatio n for an import licence is normally granted if it 
meets ordinary criteria. In the event of refusal to issue a licence the applicant will be informed of 
the reasons for the refusal. Applicants have the ri ght to appeal to the Director of the Department 
of Commerce and Consumer Affairs,  the Permanent Secretary, or th e Minister. Applicants are also 
entitled to request the Barbados Chamber of  Commerce and Industry and or the Barbados 
Manufacturers Association to mediate on their behalf; they may also seek redress in Civil Court. No licences have been refused since 2009. 
3.33.  There are no other conditions attached to the issuance of an import licence, which is valid 
for a period of up to three months, and can be  extended under the same procedure by renewal 
upon expiry of that period by issuance of a new licence. There are no penalties for the 
non-utilization of an import licence or a portion of it. Import licences are not transferable between 
importers. There are no administrative charges levied and no additional documentary 
requirements. 
3.34.  Under the Miscellaneous Controls (Importation and Exportation of Goods) (Prohibition) 
(Radioactive Materials) Regulations, 2004 (LRO 2005 C12) a licence is required to import 
radioactive chemical elements and radioactive isotopes (including the fissile or fertile chemical elements and isotopes) and their compounds, as well as mixtures and residues containing these 
products. Import licences are also imposed under SPS-related legislation (see below). 
3.35.  In accordance with commerce regulations, import licence application forms must be 
completed in quadruplicate. Any person, firm or institution may apply for an import licence under the Miscellaneous Controls Act Cap 329. The applications must contain the following information: 
personal or business name, address, the country from which the goods are sourced and the 
country from where they are being consigned, the ex pected date and time of arrival, the relevant 
HS tariff heading, the description of the good(s), th e quantity to be imported and the c.i.f. value in 
Barbados dollars. No other document is required, apart from the commercial invoice. For the 
importation of goods from CARICOM countries, a certificate of origin is also required. There is no licensing fee or administrative charge, nor is th ere any deposit or advanced payment associated 
with the issuance of the import licence. Licences are not required as a condition to obtain foreign 
exchange for goods to be imported. 
3.36.  Some special requirements apply for the importation of certain products. The importation of 
dairy products and meat and meat products requires a veterinary officer stamp from the 
Veterinary Services; this stamp must be affixed to the import licence verifying that the source is 
an approved one. For the importation of firewo rks, handcuffs, chemshield, mace and similar 
products, a letter from the Defence and Security Division of the Prime Minister’s Office granting 
approval to import must be provided. The importat ion of used or reconditioned vehicles by dealers 
is also subject to specific rules. To be granted a licence, vehicles must be right-hand drive, not 
more than four years old, with less than 50,000 km and structurally and mechanically sound and 
in generally good condition.
10 Additionally, a guarantee for at least six months or 6,000 km must 
accompany each imported vehicle. The vehicle must also be accompanied by a certificate of roadworthiness from an authorized agent in the country of origin and must be fitted with new tyres. The requirements for individuals to import a used or reconditioned vehicle also include the 
presentation of a letter of application seeking permission to import the vehicle on their own behalf. 
3.37.  The importation of jet skis or wave runners is restricted and subject to licensing. Licences 
are only granted for replacements. A letter of application and a certificate of registration or a 
permit for operating the jet-ski or wave runner must be provided. 
3.1.7  Anti-dumping, counterva iling, and safeguard measures 
3.38.  There have been no changes to Barbados' legislation on anti-dumping (AD) and 
countervailing (CV) duties since it was notified to the WTO in 1995.
11 The Customs Duties 
(Dumping and Subsidies) Act, of 1 March 1959 (CAP 67) continues to be the only law with respect to AD and CV. The Act defines dumping and subsid y, and provides for the application of duties. 
                                               
10 Exceptions to the four-year and 50,000 km maximum criteria are imports from returning nationals 
provided that they have owned the vehicle for at least fo ur years prior to its importation. Also, the importation 
of antique/vintage ve hicles is allowed. 
11 WTO document G/ADP/N/1/BRB/1, 30 October 1995. WT/TPR/S/308/Rev.1 • Barbados 
 
- 50 - 
 
  However, since it pre-dates the Uruguay Round, it does not fully allow the implementation of the 
Anti-dumping and Subsidies and Countervailing Measures Agreements. Also, although the Act 
allows the Ministry in charge of trade to apply duties, there is no competent authority to initiate and conduct an investigation, and thus no AD or CV measures have been applied. As notified to 
the WTO, Barbados does not have an y national safeguards legislation.
12 
3.39.  The Revised CARICOM Treaty provides the basis for adopting AD measures but only against 
imports from other CARICOM Member States. A mo del CARICOM AD and CV measures law is being 
considered and is anticipated to be completed by 2015.  
3.40.  Barbados reserved the right to invoke the agricultural special safeguards mechanism in the 
Uruguay Round. In 2002 it invoked these measures for a number of products, but the provisions have not been invoked since. 
3.1.8  Technical regulations and standards 
3.41.  The development of technical regulations and standards in Barbados is the responsibility of 
the Barbados National Standards Institution (BNSI). The BNSI is a joint undertaking between the 
Government of Barbados and the private sector, established de jure  in 1973 under the Companies 
Act, incorporated by private law as a non-profit  organization and recognized by the Government. 
Its General Council is responsible for making policy decisions and comprises representatives from 
government ministries as well as NGOs and national trade, industrial and professional associations. 
The General Council is chaired by the Minister of Industry, International Business, Commerce, and Small Business Development who is also President of the BNSI. The BNSI oversees product standards development, metrology, conformity asse ssment and certification activities in Barbados. 
3.42.  The BNSI was admitted to full membership in ISO in 1999, after having been a 
correspondent member for 26 years. The BNSI is also a member of the Pan-American Standards Commission (COPANT), the CARICO M Regional Organisation for Standards and Quality (CROSQ) 
and the Interamerican Metrology System (SIM). It is also a member of the IEC Affiliate Country 
Programme, and a correspondent member of the In ternational Organization of Legal Metrology 
(OIML). The BNSI is the National Contact Point for Codex Alimentarius matters, as well as the 
Standards Enquiry Point for Barbados.  
3.43.  Apart from the BNSI, there are two other organizations in Barbados charged by law with 
standards-related issues in specific fields. The Technical, Vocational, and Educational Training Institute (TVET) prepares guidelines for training institutions considering the skills that are 
necessary for various professions, and provides competence-based certification (National 
Vocational Qualifications (NVQs) and Caribbean Vocational Qualifications (CVQs). The BNSI participates in the approval of these standards: its Director chairs the TVET Standards Approval 
Committee. The Fair Trade Commission (FTC) develops and looks at standards for public utilities. 
The BNSI does not participate in the FTC's standards development process. 
3.44.  The Government of Barbados notified to th e WTO that the BNSI is its enquiry point for all 
TBT-related matters.
13 It also notified to the WTO in 1997, its acceptance of the Code of Good 
Practice for the preparation, adoption, and application of standards and the implementation and administration of the TBT Agreement under Article 15.2.
14 The Ministry of Foreign Affairs and 
Foreign Trade is the notifying authority. Barbados has not notified any mutual recognition 
agreements with third countries. 
3.45.  The primary functions of the BNSI include:  the drafting and implementation of standards 
and technical regulations in all sectors of the economy; the promotion of standardization, quality 
assurance and simplification in industry and commerce; the certification of products, commodities 
and processes; and conformity assessment and metrology activities.  
3.46.  The main legislation with respect to standards and technical regulations and regarding the 
main activities of the BNSI includes: the Stan dards Act 2006; the Weights and Measures Act, 1977 
                                               
12 WTO document G/SG/N/1/BRB/1, 26 October 2004. 
13 WTO document G/TBT/ENQ/30, 22 June 2007. 
14 WTO documents G/TBT/CS/N/77, 2 September 1997, and G/TBT/2/Add.48, 24 September 1999, 
respectively. WT/TPR/S/308/Rev.1 • Barbados 
 
- 51 - 
 
  (Cap 331) and its Regulations (1985); the Contro l of Standards Regulations (1982); and the 
Barbados National Standards Institution (Certi fication Marks) Regulations. The latter two 
regulations remain in force until replaced by ne w regulations made under the Standards Act. The 
authorities indicated that they are applied when they do not contradict the provisions of the 
Standards Act 2006.  
3.47.  There are no sunset clauses for technical regulations, but there is a review process for 
standards. The authorities indicated that standards are generally reviewed every five years, 
although in some cases the review is carried out more frequently. 
3.48.  The authorities have noted that the BNSI has, since its inception, been amenable to the 
incorporation of regional standards. The harm onization of regional standards by CARICOM 
Members is an important step towards the impl ementation of the CSME. The CARICOM Regional 
Organisation for Standards and Quality (CROSQ), op erational since 2003, is the body charged with 
harmonizing regional standards. The CROSQ's mandate is to establish and harmonize standards and technical regulations within CARICOM, and to  promote the mutual recognition of conformity 
assessment procedures covering goods and services produced or provided in CARICOM as well as 
the accreditation and certification system based on internationally accepted criteria. CARICOM regional standards and technical regulations are drafted by special CROSQ committees, and 
forwarded for adoption to the CROSQ Council, which comprises the executive heads of the 
respective national standards bodies. Standards and technical regulations adopted by the CROSQ are then recommended to COTED for approval. Once  approved, national implementation requires 
that the different CARICOM governments adopt the necessary legal and administrative 
arrangements to give effect to the COTED decision.
15 
3.49.  Barbados National Standards are prepared by the BNSI, and may include the adoption of 
standards established by the CROSQ and by any ot her standards body recognized by the BNSI. In 
general terms, the development of a standard may take place at the request of an interested party 
(any stakeholder, including a member of the BNSI or a Government agency or statutory corporation), or may be self-initiated by the BNSI . The request must be presented in writing; the 
same procedure applies to request the revision of  an existing standard. Barbados must adopt all 
standards formulated at CARICOM level, while in the case of other international standards, adoption depends on their nature. Once formulated, the title of the national standard must be published in the Official Gazette, and in a dail y newspaper. The BNSI is obliged to give due 
consideration to any resulting representations fr om the public. The list of Barbados' National 
Standards is published in the Standards Catalogue.  
3.50.  The authorities noted that the BNSI ma intains an annual standards development agenda. 
The areas currently considered for the BNSI's future endeavours include the development of 
standards for tourism, services, construction, ener gy and food. The authorities indicated that this 
is aligned with Barbados' economic priorities. The harmonization of regional standards is also a 
near-term goal. 
3.51.  The procedures to adopt technical regulations are contained in the Standards Act (Part V). 
In accordance with the Act, the Minister of Commerce has the faculty, in certain defined circumstances, to declare a BNSI standard compulsory, that is, to turn it into a technical 
regulation. A standard may be declared compulsory for human health or safety reasons; to protect 
plant and animal health and life; to ensure quality; to protect the economy of Barbados; to prevent fraud or deception; to provide adequate information to the consumer; to safeguard the 
public interest; and to safeguard the national security of Barbados. The Act specifies the 
procedures to be followed for the adoption of the technical regulation. These include the publication of a notice in the Official Gazette and in a daily newspaper published in Barbados, and 
the granting of a period of at least 60 days from  the publication of the notice for comments. The 
notice must also specify the intended date of e ffect for the technical regulation. The notice does 
not contain the full text of the proposed regulation. The title of the regulation, but not the full text, is published in a daily newspaper (either the Barbados Advocate  or Nation ). A list of the titles of 
the technical regulations is also published in the Standards Catalogue . 
3.52.  As at November 2014, a total of 44 technical regulations were in force in Barbados. They 
relate to health, public safety, food, labelling and environmental protection. There are 151 BNSI 
                                               
15 CROSQ online information. Viewed at: http://www.crosq.org . WT/TPR/S/308/Rev.1 • Barbados 
 
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  Specifications and 21 BNSI Codes of Practice. This information was previously available online at 
the BNSI website, but as at October 2014, the website had been under maintenance for several months. 
3.53.  No notifications have been made to the TBT Committee since the last review. The last 
notification made by Barbados dates from 200 6. In the context of the current review, the 
authorities indicated that no new technical regulations have been adopted since then. A total of nine draft technical regulations have been notified to the WTO Secretariat since 2002, mostly 
related to food.
16 No technical regulations were notified to the WTO as urgent measures. No 
technical regulations from trading partners have to date been recognized as equivalent. 
3.54.  The Department of Commerce and Consumer Affairs of the Ministry of Industry, 
International Business, Commerce and Small Business Development is responsible for enforcing 
technical regulations and verifying compliance with  them. Under the Standards Act 2006, the BNSI 
is responsible for conformity assessment procedures for products, commodities, processes, services, and quality systems in Barbados. The BN SI also has responsibility for: publishing 
certification marks; maintaining testing laboratories; and granting licences to use a standard mark. 
The fees charged for conformity assessments are applied equally to imported and domestically-produced products. Inspections may be carried out either at the border (for imported 
goods) or within Barbados by Trading Standa rds Officers. In general terms, guides and 
recommendations issued by international standards-setting bodies are used for national conformity assessment procedures. However, no mutual recognition agreements for conformity assessment have been signed with specific foreign bodies. The authorities have noted that despite this, in most 
cases, third-party assessments are used and third-party certifications from all other jurisdictions 
are recognized. However, the Barbados authorities may still check for conformity in cases where they believe it is necessary. 
3.55.  Certification is based upon type-testing. The BNSI has the authority to certify products and 
processes and to issue certification marks for which a Barbados National Standard exists. As with conformity assessment, the BNSI in practice resorts mostly to third party certification. Marks from 
reputable institutions are generally accepted; in ot her cases, verification may take place. The firm 
interested in having a mark accepted must submit the mark and relevant details to the BNSI for assessment. If the applicant wishes to obtain a BNSI mark, the procedures for product certification require the submission by the interested party of an application and a non-refundable application 
fee of BDS$50 to the BNSI. The BNSI then conducts a preliminary inspection of the manufacturing 
facility to assess the testing facilities and the quality assurance procedures for the manufacturing process. Also, testing samples are taken to ascertain conformity to a standard’s specifications. A 
report of the preliminary inspection is then issued and a testing and inspection schedule is 
prepared. The costs of testing and inspection are borne by the applicant. Once these procedures 
are completed, a licence to use the BNSI mark can be issued. Licences are valid for one year and 
must be renewed annually; there is a BDS$100 annual licence fee. An application along with a 
BDS$20 application fee must be submitted in order to renew the mark. 
3.56.  There are currently no laboratory-accrediting organizations in Barbados. National 
laboratories must seek accreditation from overseas-based organizations. 
3.1.9  Sanitary and phytosanitary measures 
3.57.  As at October 2014, the main institutions in the area of sanitary and phytosanitary (SPS) 
measures in Barbados were the Plant Protection Section and Veterinary Services within the 
Ministry of Agriculture and Rural Development, and the BNSI within the Ministry of Industry, 
International Business, Commerce, and Small Business Development. However, the authorities 
                                               
16 The technical regulations notified to the TBT Co mmittee were the followin g: (i) requirements for 
brewery products to be sold in Barbados and CARICOM; ( ii) requirements for grade of  certain types of rice, and 
general conditions for sampling and me thodologies for assessing various factors in determining the quality of 
rice; (iii) grading criteria and grades, weight clarification, labellin g requirements, and sampling protocols and 
test methods for pre-packaged eggs; (iv) requirements for pe rformance, sampling, packaging, and labelling of 
safety matches; (v) requirements for the purchase of match splint ers from suppliers; (vi) general 
requirements, packaging, labelling, me thods of sampling, and analysis for ru m; (vii) labelling requirements for 
pre-packaged meat and poultry parts/cuts, and fish  and fishery products fo r consumer consumption; 
(viii) requirements for carbonated beverages including additives and me thods of test; and (ix) labelling 
requirements (see WTO document series G/TBT/N/BRB). WT/TPR/S/308/Rev.1 • Barbados 
 
- 53 - 
 
  were in the process of establishing a National  Agricultural Health and Food Control Agency 
(NAHFCA), under the Ministry of Agriculture. To this end, an Agricultural Health and Food Control Programme (AHFCP) is being implemented by the Mini stry of Agriculture, with the collaboration of 
the Inter-American Development Bank (IADB). When established, the NAHFCA would be 
responsible for the management and coordination of SPS issues and would be in charge of 
reviewing the existing legislation to ensure co herence with international agreements, standards 
and codes of practice. The NAHFCA would also be charged with upgrading the existing laboratory 
facilities and reviewing their staffing and infrastructural requirements.
17 
3.58.  The authorities consider that the implementation of the NAHFCA has become necessary to 
ensure that Barbados' animal and plant health and food safety systems comply with international standards. They consider that the current syst em consists of fragmented and/or outdated 
legislation, multiple jurisdictions as well as weaknesses in surveillance, monitoring and 
enforcement. For the NAFHCA to be effective, it is necessary to develop a national agricultural health and food control system that covers al l domestically-produced, processed and marketed 
food as well as imported food and inputs. The control system must be capable of facilitating 
traceability, risk analysis, surveillance, laboratory services, and of issuing regulations.
18 
3.59.  The Plant Protection Section, which is the National Plant Protection Organization (NPPO) of 
Barbados, encompasses Entomology, Plant Pathology, Pesticide Control Board, and the Plant 
Quarantine Unit. Its functions are to protect, and where possible, enhance the agricultural crop resources of the island through the provision of research, developmental, regulatory and extension services in the area of pest and disease management as well as to assist in the implementation of 
the National Strategic Plan of Barbados 2006-25 . The Plan emphasizes certain priority crops: 
cotton, sugar, hot pepper, herbs and spices, sweet potatoes, yams and onions. The mandate of Plant Protection is the phytosanitary security and conservation of Barbados’ agricultural plant 
biodiversity through the identification of plant pests and diseases and the provision of 
environmentally sound control practices. The authorities have noted that this mandate must be fulfilled whilst satisfying domestic, regional (CARICOM), hemispheric (EU-CARIFORUM EPA) and 
international (WTO/SPS) standards. Plant Protection is also involved in ensuring food security, and 
in guaranteeing that good agricultural practices and food safety (HACCP policy) policies are adhered to.
19 Plant Protection has set as its goals: the preparation of a country pest list, 
conducting pest risk analyses and surveillance for economically important pests and diseases; 
promoting integrated pest management; ensuring availability of safe and quality pesticides for 
protecting crop production from the ravages of pests and diseases; and testing bio-pesticides and 
other chemicals generally regarded as safe (GRAS). 
3.60.  There is a Pesticides Control Board ch arged with the enactment of legislation and 
regulations for the adequate management of pesticides in Barbados, as well as with the regulation of the importation, management and use of pesticides in Barbados through registration, licensing, 
establishment of licensing conditions, and policy formulation.
20 
3.61.  Barbados' main SPS-related legislation comprises the Animals (Diseases and Importation) 
Act, Cap. 253, the Animals (Diseases and Importation Control) Regulations, 1961, and the Plant Protection Act (No. 53, 2007).
21 A Plant Quarantine Manual has been prepared with assistance 
                                               
17 Ministry of Agriculture, Barbados, Barbados Agricu ltural Health and Food Control Programme. Viewed 
at: http://www.agriculture.gov.bb/agri/index.php?option=com_content&view=article&id=112&Itemid=78 . 
18 Ministry of Agriculture, Barbados, Barbados Agricu ltural Health and Food Control Programme. Viewed 
at: http://www.agriculture.gov.bb/agri/index.php?option=com_content&view=article&id=112&Itemid=78 . 
19 Barbados Ministry of Agricultur e online information. Viewed at: 
http://www.agriculture.gov.bb/agri/index.php?opt ion=com_content&view=article&id=226%3Aabout-plant-
quarantine&catid=50&Itemid=88 . 
20 Barbados Ministry of Agricultur e online information. Viewed at: 
http://www.agriculture.gov.bb/agri/index.php?o ption=com_content&view=article&id=231%3Aabout-
pesticides-control-board&catid=50&Itemid=88 . 
21 Subsidiary legislation to the Animals (Diseases and Importation) Act include the (Anthrax) 
Regulations, 1951; the (Epizootic Abortion) Regulations, 1951; the (Rabies) Regulations, 1951; the (Swine Fever) Regulations, 1951; the (Foot and Mouth Disease) Regulations, 1952; the (Diseases and Importation Control) Regulations, 1961; the Diseases of Poultry Regu lations, 1949;; the Infectious Keratitis Regulations, 
1958; the Equine Encephalomyelitis Regulations, 1962; the Bovine Tuberculosis (Eradication) Regulations, 
1968; the Bovine Brucellosis or contagious Abortion (Eradication) Regulations, 1968; the Animals (Diseases 
and Importation) (Amblyomma Variegatum, Heartwater  and Dermatophilosis) (P revention and Control) 
Regulations, 1994; and the Animals (Diseases and Importation) (Slaughter Fees) Regulations,1999. WT/TPR/S/308/Rev.1 • Barbados 
 
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  from the FAO. The Plant Protection Act was notified to the WTO in 2009 as an emergency 
measure, on the grounds that the legislation was urgently needed to address the problems posed to Barbados' agricultural sector by the destructio n of crops by pests such as the pink mealy bug, 
as well as increases in the number of rare pest species, like the giant African snail.
22 
3.62.  The authority charged with meeting notifi cation requirements under the SPS Agreement is 
the Foreign Trade Division within the Ministry of Foreign Affairs and Foreign Trade. Apart from notifying the Plant Protection Act, Barbados made no other notification of SPS measures to the 
WTO during the period under review. In fact, it has only made two notifications since 2001, when 
it notified another emergency measure relating to a ban on imports from Uruguay of certain livestock products due to foot and mouth disease. The authorities have stated that they consider all SPS measures in force to be based on international standards, guidelines or recommendations. 
The review of SPS measures does not take place automatically, but it may be requested in writing 
by domestic importers or producers to the Chief Agricultural Officer, stating the reasons for the request. Foreign suppliers may not request the review of an SPS measure, but may send questions 
with respect to the measure, through their notifica tion point, to the Barbados SPS enquiry point. 
3.63.  Barbados is a member of the Codex Alimentarius, the World Organisation for Animal Health 
(OIE) and the International Plant Protection Conven tion (IPPC). Barbados has bilateral agreements 
with Trinidad and Tobago, St. Lucia, St. Vincent and the Grenadines, Dominica, and Guyana to 
certify fruit and vegetables, plantations and farms, as well as methods for fruit and vegetables to be packaged, labelled and transported. Barbad os has no other agreements with any other 
countries on SPS measures. 
3.64.  The Animals (Diseases and Importation) Act sets the terms and conditions for the 
importation of animal products, which are defined to include: meat and poultry and their products 
and by-products; dairy products and any other pr oducts of animal origin. The Act entitles the 
Minister responsible for Agriculture to pass regulations for the control and treatment of diseased or 
suspected animals and for the preven tion and spread of disease. It also entitles the Minister, for 
the purpose of preventing the introduction or spread of any disease into the island, to pass 
regulations prohibiting, restricting, controlling or regulating the importation of animals or poultry. 
Under the Act, the importation of birds, reptiles or  insects requires a licence granted by the Senior 
Veterinary Officer; non-compliance with this requirement is considered an offence. All animals, birds, reptiles and insects imported into Barbados are required to be placed in a quarantine depot; 
the time and conditions are specified in the import licence. 
3.65.  An amendment to the Animals (Disease and Importation) Act passed by Parliament in late 
July 2014, grants power to the Minister to make Regulations to the Act and, on the advice of the 
Senior Veterinary Officer amend any Schedule  to those Regulations. It also makes the Regulations 
subject to negative resolution.
23 The authorities indicated that this means that regulations made 
under the Act automatically become law unless ther e is an objection from the House of Assembly. 
They also noted that until new regulations come into force, thee regulations currently in place are 
the Animals (Disease and Importation Contro l) Regulations, 1961, with their 1994 and 2001 
amendments. The new Act allows for regulations that empower the Senior Veterinary Officer to amend the certification requirements for the importation of animals and animal products and to 
amend the list of countries from which animals and animal products can be imported. 
3.66.  Importers of animals must obtain an import permit which is issued per importation at the 
cost of BDS$25 and is valid for six months. Commercial importers of animal products must obtain 
an Annual Import Permit, which is issued by the Veterinary Services Department of the Ministry of 
Agriculture at a cost of BDS$500; the permit is valid for 12 months and is renewable. Importers must apply in writing for permission to import each individual shipment before placing orders. 
3.67.  Some live animals (dogs and cats) can only be imported directly into Barbados from 
countries listed in the Third Schedule of the Regulations (Ireland, United Kingdom, Anguilla, 
Antigua and Barbuda, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines). Under the Animals (Diseases and Importation Control) Regulations 1961, Cap. 253, 
                                               
22 WTO document G/SPS/N/BRB/2, 29 April 2009. 
23 The Act may be viewed at: 
http://barbadosparliament.com/htmlarea/uploaded/Fi le/Bills/2014/Animals%20(Diseases%20and%20Importati
on)%20Amendment)%20Bill,%202014%20(1).pdf . WT/TPR/S/308/Rev.1 • Barbados 
 
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  dogs and cats cannot be imported directly into Barbados from countries other than those listed in 
the Sixth Schedule. 
3.68.  Restrictions apply to the importation of meat and meat products, which may be imported 
only from approved countries listed in the Fifth and Sixth Schedule of the Regulations. These are: 
the United Kingdom, Ireland, Australia, Arge ntina, Canada, Denmark, New Zealand, Norway, 
Sweden, the Netherlands, the United States, Antigua and Barbuda, Dominica, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago 
for poultry meat, and Australia, Canada, Chile, New Zealand, the United States, Uruguay, Antigua 
and Barbuda, Belize, Dominica, Guyana, Jamaica,  Montserrat, St. Kitts and Nevis, St. Lucia, 
St. Vincent and the Grenadines and Trinidad and Tobago for pork, sheep and goat meat. For a new 
country to be added to this list, various procedur es need to be followed, including completing a 
questionnaire and a visit by Barbados officials to  the exporting country. To remove countries from 
the list, Barbados follows the advice of the OIE. Import shipments must come directly from the country of origin to Barbados, unless approval for trans-shipment is granted. Trans-shipments are 
allowed only through countries where no outbreak of foot and mouth disease or other specified 
OIE listed diseases has taken place in the previous 12 months. The importer must notify the authorities of incoming shipments, and provide Customs with the original health certificate of 
origin stamped as approved by the Animal Health Quarantine Officer. 
3.69.  In accordance with the Plant Protection Act (2007), import permits are required for plants, 
plant products, and other regulated articles. Import  permits are granted for one shipment within a 
specified period. Applications for import permits must be made to the National Plant Protection 
Organization and a fee is charged. Imports of plan t products must be accompanied by an original 
phytosanitary certificate issued by the country of export dated not more than 30 days before the entry of the import. Under the Plant Protection Act, the Minister in Charge of Agriculture has the 
authority to prohibit the importation of plants, plant products or other regulated articles. The 
authorities note that no such prohibitions are in place but that particular conditions can be attached to the importation of any crop after a pest-risk analysis is carried out. The importation of 
any planting material is accorded a high degree of scrutiny. 
3.70.  Barbados applies a ban on the importation of genetically-modified plants and seeds. There 
are no regulations for the labelling of Genetically-Modified Organisms (GMOs). The authorities expect to implement such legislation as a harmonized law adopted by all CARICOM countries. 
Barbados has no regulations on the import of animals fed on hormones, or their products.  
3.71.  Testing and inspection activities are undertaken by the Veterinary Services Laboratory, 
Government Analytical Services, the BNSI, and the Public Health Laboratory of the Ministry of 
Health. Random testing is employed. Pest-risk analysis for plants and plant products is gathered 
by the BNSI from the work of a number of foreign agencies and universities, including the Caribbean Pest Diagnostic Network, CABI (a non-pr ofit organization based in the United Kingdom), 
the Natural History Museum (United Kingdom) and th e University of Florida. The length of time 
taken to complete a risk analysis varies with th e complexity of the case and the availability of 
personnel, but is usually not less than 9-12 months. The NPPO prepares a report based on the findings of the agency performing the risk analysis. 
3.72.  At the CARICOM level, the Caribbean Health and Food Safety Agency (CAHFSA) was 
launched on 12 March 2010 in Suriname, when the legal instrument Establishing the Caribbean Agricultural Health and Food Safety Agency entered into force upon signature by the CARICOM 
Heads of Government. The CAHFSA was establishe d to coordinate SPS measures and strengthen 
the agricultural health and food safety systems and infrastructure related to agricultural trade in CARICOM. As at October 2014, the CAHFSA was in the process of becoming operational.  
3.2  Measures Directly Affecting Exports 
3.2.1  Export procedures and requirements 3.73.  Required export documents generally consist of: a customs declaration form, a commercial 
invoice, a certificate of origin for preferential exports, a central bank form, a bill of lading, a 
shipping instruction form, and an export declaration form. The Central Bank Exchange Control 
Form must be verified by the Entry Processing Office of the port at which the goods are being WT/TPR/S/308/Rev.1 • Barbados 
 
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  shipped. Like for imports, Customs uses a four-lane system: green, yellow and red lanes, plus a 
blue lane for verification. For exports classified under the green lane, documentation processing is 
carried out online. For exports designated as belonging in the yellow or red lanes, all relevant documents must be presented at the Entry Processing Office of the port at which the goods are 
being shipped. Yellow lane procedures require document inspection only, while red lane procedures 
require document and physical inspection. Expo rted goods may also be subject to physical 
examination when there is a VAT refund. 
3.74.  The registration of exporters carrying ou t exports on an MFN basis is not required, but 
exporters wishing to benefit from trade preferen ces must complete this step. The Certification 
Service at the Barbados Investment and Developmen t Corporation (BIDC) delivers certificates of 
origin that allow exporters to benefit from pr eferences under CARICOM, CBI, CARIBCAN, and for 
exports to Colombia, Cuba, Dominican Republic, and Venezuela under CARICOM trade 
arrangements. The Customs and Excise Department provides certification under the EU-CARIFORUM EPA. 
3.75.  Special conditions apply for the exportation of goods benefiting from regimes such as 
ex-warehouse, transhipment, drawbacks and tempor ary admission. In these cases, a bond must 
be deposited with the Customs and Excise Department, which may also examine the goods to be 
exported to verify quantities, descriptions, and values. 
3.76.  The exportation of live animals requires a sanitary certificate from the Veterinary Office of 
the Ministry of Agriculture. The Veterinary Office also issues Veterinary Export Health Certificates 
for the exportation of fresh and processed foods of  animal origin, if required by the recipient 
country. Prior to this, the exporter must obtain a certificate of wholesomeness from the Ministry of 
Health. This certificate is verified by Customs at the moment of exportation. 
3.2.2  Export taxes, charges, and levies 
3.77.  Barbados applies no taxes, charges or levi es on exports, other than a levy on cotton exports 
of BDS$0.17 per pound. The proceeds of this levy are directed to the Barbados Cotton Growers Association (Chapter 4.1). 
3.2.3  Export prohibitions, restrictions, and licensing 
3.78.  Barbados applies restrictions on the export ation of certain products, which are included in 
the List of Prohibited and Restricted Exports, of  the Customs Act, as amended by the Customs (List 
of Prohibited and Restricted Imports and Exports) Order, 2009 (S.I. 2009 No. 127) and the 
Customs (List of Prohibited and Restricted Imports and Exports) (Amendment) Order, 2010, 
(S.I. 2010 No. 114). Goods listed in part I of the Second Schedule of the Act are prohibited exports. They include substances or chemicals listed under HS heading Ex 29.03, namely halons, 
and other ozone-depleting substances. Goods listed in part II of the Second Schedule are 
restricted exports, they included other ozone-depleting substances under HS heading Ex 29.03, as well as substances or chemicals under tariff head ing Ex 38.24, mainly refrigerant blends capable of 
depleting the ozone layer. 
3.79.  Goods listed in the Third Schedule of the Customs Act, 1962 could, in principle, be subject 
to export licences.
24 However, as reported in the previous review, the exportation of most of these 
products is not restricted and the number of products subject to export restrictions is in practice 
more limited, mostly for public morals and safety reasons.25 
3.80.  Other products requiring an export licence include: black coral, live sheep and goats, and 
tortoiseshell (Statutory Instrument 2004 No. 2) ; and radioactive chemical elements (S.I. 2004 
                                               
24 The goods listed include live bovines, baby chicks , pork, poultry parts, certain fish, cheese, butter, 
eggs, tortoiseshell, black coral, suga r cane plants, various ve getables, rice, flour, pe anuts, pasta, portland 
cement, crude and other than crude petroleum oils, soap, sewing machines, certain furniture, and coin-operated betting machines. 
25 The following items are restricted  for public morals and safety re asons, and hence its exportation 
requires a licence: fireworks (HS Ex .36.04); chemshield (Ex.38.23); "mace" and similar products (Ex.38.23); 
handcuffs of plastic (Ex.39.26); handcu ffs of iron or steel (Ex.73.26); ratc het knives, spring loaded knives; 
flick knives (Ex.82.11); and jet skis/wave runners (Ex.89.03 ). WT/TPR/S/308/Rev.1 • Barbados 
 
- 57 - 
 
  No. 158). These restrictions are generally mainta ined for the implementation of international 
agreements/conventions. Export licences are obta ined from the Director of Commerce in the 
Ministry of Industry, International Business, Commerce and Small Business Development.26 These 
licences are not automatic and apply irrespective of destination. 
3.2.4  Export support 
3.81.  During the period under review, Barbados continued to implement a number of incentives 
programmes targeted solely or partly at the promotion of exports. Some of these programmes 
have been notified to the WTO. Accordingly, Barbados has requested the extension provided for 
under Article 27.4 of the SCM and the provisions of document G/SCM/39 for five programmes: the Fiscal Incentive Programme; the Export Allowance Scheme; the Research and Development Allowance Schemes; the International Business Incentives Programme; and the Societies With 
Restricted Liability Scheme.
27 In accordance with the decision of the WTO General Council, 
Barbados must dismantle these export subsidies by 31 December 2015. Barbados has been periodically notifying the WTO with respect to  the benefits granted under these programmes.
28 
3.82.  Like most other CARICOM countries, Barb ados has been implementing a Fiscal Incentive 
Programme since 1974. The programme aims at promoting the production of selected products required for domestic use and in demand extra-regionally, as well as enhancing the use of local 
value added and fostering production for export. The incentives under the programme are granted 
under the Fiscal Incentives Act of 1974 (Cap. 71A) , they are approved by Cabinet, and monitored 
by the Barbados Investment and Development Corporation (BIDC). Approved enterprises are granted an 11 to 15-year corporation tax, VAT and customs duties holiday. Relief from customs 
duties is granted to all imports of plant, equipment, machinery, spare parts, raw materials and 
components thereof required by the approved en terprise in the manufacture of an approved 
product, where such articles are not available in CARICOM. 
3.83.  The Fiscal Incentives Act provides benefits to companies registered in Barbados that satisfy 
specific criteria and are granted approved ente rprise status, producing an approved product.
29 A 
list of approved enterprises is contained in the Fiscal Incentives (Declaration of Approved 
Enterprises) Orders. The Schedule to the Act includes (Section 2) a list of products excluded from 
the definition of approved products, which are ge nerally goods produced and sold traditionally in 
the CARICOM region.30 
3.84.  The duration of the tax holiday period under the Fiscal Incentives Act depends on the group 
in which the enterprise is classified. Five groups are determined as a direct function of the local 
value added generated (four first groups) or the amount invested (capital-intensive industries). They are: (a) Group I enterprises are those with local value added of 50% and over of ex-factory 
sales of the product; they are granted a tax holida y of up to 15 years; (b) Group II enterprises are 
those which generate domestic valued added accounting for between 25-50% of total value, and are granted a tax holiday of up to 13 years; (c) Group III enterprises are those with local value 
added of between 10% and 25% of the total, and ar e granted a holiday period of up to 11 years; 
(d) enclave industries, are those that produce only for export outside CARICOM, and may also 
                                               
26 Barbados Customs & Excise Departme nt online information. Viewed at: 
http://customs.gov.bb/General/Trade1.php . 
27 WTO document G/SCM/N/71/BRB, 1 March 2002. 
28 The most recent notifications as at November 2014 were contained in WTO documents 
G/SCM/N/243/BRB, 11 October 2011; G/SCM/N/253/260/BR B, 27 September 2013; and G/SCM/N/275/BRB, 
9 September 2014. 
29 To be listed as an approved enterprise and t hus benefit from the programm e, the enterprise must 
prove that it: (a)  is or will be adequately financed; (b) has adequa te trained personnel in its employ or is able 
to obtain the services of such person nel; (c) has access to the necessary technical information; (d) is able to 
obtain adequate raw materials; an d (e) possesses, or will possess, the necessary factory. WTO document 
G/SCM/N/211/BRB, 7 July 2010.  
30 The products excluded from the de finition of approved products are: aerated waters; automobile 
mufflers (not produced as part of an integrated auto mobile exhaust system); bakery products; beer; brushes 
and mops; cardboard boxes; cigarettes ; clocks; coir products, mats and matting; concrete blocks; concrete 
pipes (non-asbestos); concrete tiles; copra; corrugated cardboard containers; drinking straws; edible oils and 
fats from copra; handicraft items; hats and caps; hollow ware (alumini um); mattresses; nails; paper bags; 
phonograph records; plastic film; popc orn; printing; rum; shirts and knitted underwear; stationery (other than 
continuous business forms); syrups; tissue paper produc ts; tubular furniture (aluminium); twine; umbrellas; 
and window frames (aluminium). WT/TPR/S/308/Rev.1 • Barbados 
 
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  enjoy a tax holiday up to 15 years; (e) highly capital-intensive industries, are defined as those in 
which there is investment of not less than US$25 million, and are eligible for a tax holiday of up to 15 years irrespective of their local value added. Under the Fiscal Incentives Act Cap 71, both Barbadian and foreign-owned companies may qualify for benefits. 
3.85.  Revenue forgone under the Fiscal Incentive Programme amounted to BDS$18.0 million in 
2010-2011 (1 April-31 March) (10 companies benefited) (Table 3.8); and BDS$13.6 million in 2009/10 (six companies); the figures fo r 2008/09 and 2007/08 were BDS$21.3 million 
(eight companies), and BDS$18.0 m illion (13 companies, respectively).
31 No notification has been 
made to the WTO of revenue forgone under this Programme for 2011/12 or for 2012/2013.32 The 
benefits were granted to an additional company in 2012, but for a period of just three years. 
3.86.  As can be seen from Table 3.8, the benefits granted to four companies under the Fiscal 
Incentives Act go beyond the 31 December 2015 deadline established by the WTO's General 
Council. In this respect, the Barbados' authorities are currently in the process of negotiating with the beneficiaries to comply with the required deadline (see below). 
Table 3.8 Companies that benefited from th e Fiscal Incentives Programme during 2010–14  
Company Approved product Expiry date Tax holiday 
Crown Packaging 
(Barbados) Ltd. Metal cans, caps, seals for cans and bottles 29/07/2015 7 Years 
ABM Woodcraft 
Ltd Wooden cabinets and wooden structures 01/07/2017 15 Years 
Arawak Cement 
Company Cement and clinker 31/12/2016 10 Years 
TT Electronics High wattage/custom assemblies and metal film 
resistors 30/04/2017 15 Years 
A-One Specialty 
Shade Products 
Ltd. Blinds and market umbrellas 31/01/2017 15 Years 
Caribbean 
Lighting Inc. Light emitting diode lamps 31/12/2015 3 years 
Caribbean Homes 
Ltd. Pre-engineered concrete structures 29/11/2014 15 Years 
Meridian 
Caribbean Ltd. Unplasticized polyvinyl chloride products 31/03/2014 15 Years 
Preconco Pre-engineered concrete structures 30/11/2013 5 Years 
Rotoplastics 
Barbados Ltd Water tanks, septic tanks, plant pots, insulated food 
boxes and beverage cooler s, ropes, garbage bins, 
grease traps and a full range of water resource 
products, filters, pentax pumps, pressure tanks and 
regulators 31/01/2013 6 Years 
Creative Paving 
Solutions Inc. Concrete blocks and tiles, brick pavers, retaining wall 
systems 30/11/2013 6 Years 
 
Source: WTO document G/SCM/N/243/BRB, 11 October 2012; and information provided by the authorities. 
3.87.  The Export Allowance Programme grants tax advantages to enterprises that export to a 
non-CARICOM country and do not obtain benefits under the Fiscal Incentives Act. The benefits granted consist of a rebate of income or corporation tax on the export profits of the business. These rebates have their legal foundation in section 14A and the First Schedule of the Income Tax 
Act and are administered by the Commissioner of Inland Revenue. The rebate granted is based on 
the ratio of export profits/total profits; the redu ction ranges from 35% to 93% of the tax payable 
on profits at the standard corporate tax rate (Table 3.9). Additionally, an allowance is granted 
against the tax payable on taxable income. Businesses entitled to this allowance may also claim a 
40% investment tax allowance instead of the general initial 20% allowance. Companies that manufacture and refine sugar or manufacture products from clay or limestone for the domestic 
and export markets are also entitled to a 40% investment allowance. 
                                               
31 WTO documents G/SCM/N/243/BRB, 11 Octobe r 2012; G/SCM/N/220/BRB, G/SCM/N/226/BRB, 
18 October 2011; G/SCM/N/211/BRB/Add.1, 9 August 2010; and G/SCM/N/186/BRB, G/SCM/N/192/BRB, 
14 August 2009. 
32 WTO documents G/SCM/N/253/BRB, G/SCM/N/260/BRB, 27 September 2013; and 
G/SCM/N/275/BRB, 9 September 2014. WT/TPR/S/308/Rev.1 • Barbados 
 
- 59 - 
 
  Table 3.9 Benefits under the Export Allowance Programme  
Export profits as % of total profits Rebate of income tax as % of income tax on export profits 
Up to 20 35 
21 to 40 45 
41 to 60 64 
61 to 80 79 
Over 80 93 
 
Source: Information provided by the authorities. 
3.88.  Revenue forgone under the Export Allowance Programme in 2012 amounted to 
BDS$432,000 (US$216,000), and 12 companies benefited; accumulated revenue forgone between 2007/08 and 2010/11 was BDS$2.9 million (US$1.45 million); between eight and 15 companies 
benefitted.
33 Revenue forgone in 2013 reached BDS$467,292 and 11 companies benefited.34 
3.89.  The Research and Development Allowance Programme makes allowances to businesses that 
export to a country outside the CARICOM and that engage in market R&D for the purpose of 
promoting export sales. The aim of this allowa nce is to encourage and promote the development 
of export sales and assist exporters to penetrate new and existing markets. Businesses are entitled to deduct from taxable income an am ount equal to 150% of the actual expenditure 
incurred on promoting the development of export  sales. The authorities have indicated that 
benefits are conferred not specifically based on the export performance of the business itself, but 
on activities conducted to expand the market penetration of a product into overseas markets 
outside of the CARICOM. The authorization for the provision of this allowance is granted by the 
Income Tax Act Cap 73, Section 12D and Part I of the Schedule of the Income Tax Act. Benefits 
are administered by th e Revenue Commissioner. 
3.90.  Revenue forgone under Research and Development Allowance Programme in 2012 
amounted to some BDS$115,000; and five companies benefited; accumulated revenue forgone 
between 2007/08 and 2010/11 was BDS$5.1 millio n; between four and eight companies were 
beneficiaries.
35 In 2013, outlays reached BDS$3.64 million and five companies were 
beneficiaries.36 
3.91.  Under the International Business Incentiv es (IBI) Programme, tax rebates are granted to 
international or "offshore" companies registered as international business companies (IBCs). IBCs must sell all their production abroad. The bene fits are provided under the authority of the 
International Business Companies (IBC) Act Cap 71. The IBC Act specifies that one of the key 
objectives is to provide tax reduction, exemptions and benefits for companies engaged in the act of international manufacturing defined as "the business of making, processing, preparing or 
packaging, within Barbados, any product which is  exclusively for export". The IBI Programme is 
administered by the International Business Division of the Ministry of Industry, International Business, Commerce and Small Business Development. 
3.92.  The IBC Act allows for exemptions from withholding tax and tax on income on a sliding 
scale. IBCs are subject to a 0.25-2.5% corporate tax rate on net profits instead of the statutory 25% rate. Tax paid to a foreign country may be cr edited against tax payable in Barbados provided 
that this does not reduce the tax payable in Barbados to less than 1% of profits or gains in any 
income year. There are no withholding taxes on dividends, royalties, management fees, interest 
payments, and other fees paid by IBCs to non-resi dents of Barbados or to another IBC. IBCs are 
exempt from exchange control restrictions, and may import free of customs duty, VAT and other 
                                               
33 WTO documents G/SCM/N/253/BRB, G/SCM/N/260/BRB, 26 September 2013; G/SCM/N/243/BRB, 
11 October 2012; G/SCM/N/220/BRB, G/SCM/N/226/BRB, 18 October 2011; G/SCM/N/211/BRB/Add.1, 9 August 2010; G/SCM/N/186/BRB/Add.1, G/SCM/N/192/BRB/Add.1, 15 September 2009; and G/SCM/N/186/BRB, G/SCM/N/192/BRB, 14 August 2009. 
34 WTO document G/SCM/N/275/BRB, 8 September 2014. 
35 WTO documents G/SCM/N/253/BRB, G/SCM/N/260/ BRB, 26 September 2013; G/SCM/N/243/BRB, 
11 October 2012; G/SCM/N/220/BRB, G/SCM/N/226/BRB, 18 October 2011; G/SCM/N/211/BRB/Add.1, 
9 August 2010; G/SCM/N/186/BRB/Add.1, G/SCM/N/192/BRB/Add.1, 15 September 2009; and 
G/SCM/N/186/BRB, G/SCM/N/192/BRB, 14 August 2009. 
36 WTO document G/SCM/N/275/BRB, 9 September 2014. WT/TPR/S/308/Rev.1 • Barbados 
 
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  like duties, all equipment, machinery, raw material s, goods, fixtures, appliances, apparatus, tools 
and spare parts and articles necessary to carry on their international business. The IBC Act makes provision for a guaranteed period of concession s of 15 years. The IBI Programme also provides 
incentives for Societies with Restricted Liability (SRLs), which must sell their production abroad.  
3.93.  Subsidies under the IBI Programme, includin g revenue forgone and income tax credit, were 
negligible in 2012. They totalled BDS$7.5 million in 2010/11, and three companies benefited; the accumulated benefits between 2007/ 08 and 2009/10 were BDS$8.1 million.
37 A s  n o t i f i e d  b y  
Barbados to the WTO, benefits in 2013 totalled BDS$226,000.38 
3.94.  The SRLs Programme provides similar incentives as those granted to IBCs. The Programme 
has its legal base on the Societies with Restricted  Liability SLR Act of 1995, which created a hybrid 
entity with the features of a company as well as a partnership to provide offshore services. 
Beneficiaries receive exemptions from withholding tax and tax on income is assessed on a sliding 
scale. The Act also makes provision for duty-free concession to licensed SRLs for the importation of plant, machinery, equipment,  fixtures, appliances, apparatus, tools and spare parts and such 
raw materials, goods, components and articles necessary for the company to conduct business. 
There is a guaranteed concessions period of 30 years. The Programme is administered by the International Business Division of the Ministry of  Industry, International Business, Commerce, and 
Small Business Development and the Commissioner of Inland Revenue. 
3.95.  Subsidies under the SRL Programme, including revenue forgone and income tax credit, 
totalled BDS$12.5 million in 2012, and three companies benefited; the accumulated benefits between 2007/08 and 2009/10 were BDS$35.9 mil lion. In 2013, three companies continued to 
benefit from the SRL and outl ays totalled BDS$12.8 million.
39 
3.96.  Barbados has notified to the WTO an "Actio n Plan to Bring Subsidies Notified in Accordance 
with Article 27.4 of the SCM Agreement".40 The action plan specifies steps to be taken for the 
dismantlement of the export subsidy content of the different subsidy programmes notified. With 
respect to the Fiscal Incentive Programme, the action to be taken would focus on the removal of the export component under the Fiscal Incentives Act and that consequently all provisions related 
to enclave industries would be removed. Rega rding the Research and Development Allowance, 
Barbados has stated that the action to be taken would involve the removal of the export component under the Income Tax Act. To this en d, Section 12D (1) of the Income Tax Act would 
be amended to remove the application of any provisions relating to exporting outlined in Part 1 of 
the Second Schedule to the Act. Section 12 D (2) of the Income Tax Act would be deleted. With 
respect to the Export Allowance, Barbados stated that, in order to bring this allowance in line with WTO rules, it would remove Section 14A (2) (b) and (c) of the Income Tax Act; Section 14A 1 (1) 
which makes provision for an enclave enterprise to be entitled to an allowance calculated in 
accordance with section 14A in the manner specified in the First Schedule, would also be deleted. With respect to the IBC and Societies with Restricted Liability Programmes, the Government of 
Barbados was undertaking national consultations in an effort to derive policies which address with 
the WTO inconsistent aspects of the IBC and Societies with Restricted Liability Acts. 
3.97.  Barbados informed the WTO that the internal steps required to be undertaken to bring the 
notified subsidies into conformity with the SCM Agreement would be as follows: (a) finalization of 
the preparation of a policy paper for discussion with  the stakeholders; (b) submission of the policy 
paper to the Cabinet for approval; (c) issuance of instructions to the Chief Parliamentary Council to 
amend the legislation; (d) submission of Bills to Cabinet for approval; and (e) submission to 
Parliament for debate and approval. The authorities indicated that processes would be completed 
in time for Barbados to honour its obligation to make these programmes WTO-compatible by December 2015. In September 2013, Barbados informed WTO Members that a position paper, 
detailing proposed recommendations on how to bring the offending programmes into line with the 
obligations of the SCM Agreement, had been ci rculated among the private and public sector 
                                               
37 WTO documents G/SCM/N/253/BRB, G/SCM/N/260/BRB, 26 September 2013; G/SCM/N/243/BRB, 
11 October 2012; G/SCM/N/220/BRB, G/SCM/N/226/BRB, 18 October 2011; G/SCM/N/211/BRB/Add.1, 9 August 2010; G/SCM/N/186/BRB/Add.1, G/SCM/N/192/BRB/Add.1, 15 September 2009; and G/SCM/N/186/BRB, G/SCM/N/192/BRB, 14 August 2009. 
38 WTO document G/SCM/N/275/BRB, 9 September 2014. 
39 WTO document G/SCM/N/275/BRB, 9 September 2014. 
40 WTO document G/SCM/N/211/BRB, 7 July 2010. WT/TPR/S/308/Rev.1 • Barbados 
 
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  stakeholders that would be affected by the removal of the prohibited programmes and that the 
Ministry responsible for the coordination of the efforts towards the elimination of the prohibited 
subsidies had received their comments on the position paper. These comments and all proposed recommendations had been forwarded to the Office of the Solicitor General, with a view to 
determining any legal implications for the proposed recommendations. That Ministry had also 
engaged with the Office of the Solicitor Genera l to develop the most legally-appropriate way to 
formulate the proposed revisions.
41 With respect to the Fiscal Incentives Act, as at late 2014 the 
Government had engaged in consultations with companies that have been granted benefits beyond 
31 December 2015 to agree on some form of compensation. 
3.98.  In 2005 Barbados put in place an Export Promotion and Marketing Fund, under the Export 
Promotion and Marketing Fund Act, 2005-20. The Fund provides financial support in the form of 
grants to public and private sector entities that export or promote the sale of Barbadian goods and 
services in overseas markets. No information on grants approved by the Fund was made available for the review. 
3.99.  Tax and duty concessions are also grante d in support of exports of services under the 
Hotel Aids Act and other legislation in favour of the tourism industry (section 4.3.3). There are no 
foreign trade zones or free ports in Barbados. 
3.100.  Barbados notified to the WTO Committee on Agriculture in 2009 the export subsidies 
provided to agricultural products during financial years 2002/2003, 2003/2004, 2004/2005, 2005/2006 and 2006/2007; they applied to fruit and vegetables, and chicken.
42 No other 
notification has been made since then. 
3.2.5  Export finance, insurance and guarantees 
3.101.  Barbados' exports may benefit in principle from three export finance/insurance/guarantee 
programmes administered by the Central Bank: th e Export Rediscount Facility (ERF); the Export 
Credit Insurance Scheme; and the Export Finance Guarantee Scheme. In practice, these 
programmes have a limited use and most exports are financed directly through commercial banks. 
3.102.  The ERF, provided under the authority of the Central Bank Act since 1978, allows exporters 
to discount their export bills with commercial ba nks, which in turn rediscount them with the 
Central Bank. The authorities note that there has been no activity under the ERF since 1992. They 
indicated that the Central Bank sponsored this facility to assist in the promotion of non-traditional exports from Barbados since it allows exporters to obtain export finance at minimum cost. All 
commercial banks operating in Barbados which maintain a reserve account with the Central Bank 
of Barbados are eligible to participate. Exporters who possess bills receivable for the exportation of non-traditional goods, wholly or partially manufactured in Barbados, are eligible to participate in 
the Facility. The Central Bank reserves the right to  impose discount limits for individual exporters. 
Only bills with credit periods not in excess of 180 days are considered for rediscount.
43 
3.103.  The Export Credit Insurance Scheme, established in 1978 to promote and facilitate the 
growth of Barbados’ manufactured exports and ad ministered under Section 41 of the Central Bank 
Act, provides insurance cover directly to export ers against non-payment by overseas buyers. The 
Scheme is available to any person or organization partly or wholly producing, processing or manufacturing goods in Barbados for export. The cost of the insurance (premium rates) varies 
according to the level of coverage and the duration, as well the level of individual buyer and 
country risks. Premium rates are normally in the range of 50 cents to BDS$1.00 per BDS$100 of the gross invoice value of the goods. The premium rates are higher for those countries to which 
higher risks of doing business are attached.
44 A credit limit must be specified in each policy. 
Ordinarily the Central Bank pays claims after a waiting period of four months from the due date of 
                                               
41 WTO document G/SCM/N/253/BRB, G/SCM/N/260/BRB, 26 September 2013. 
42 WTO document G/AG/N/BRB/18, 13 July 2009. 
43 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf /webpage/3DA4317E82B2CE59042572EC000D0141?OpenDocume
nt#export_rediscount . 
44 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf/w eb_documents/1957F99B03E3717D042572FF005D76AF/$File/E
xportCreditInsurance2012.pdf. WT/TPR/S/308/Rev.1 • Barbados 
 
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  payment. However, in some cases (e.g. insolvency, diversion of voyage, transfer delay) the 
Central Bank will pay claims one month after the ascertainment of loss.45 
3.104.  Four types of policies are available: the Global Shipments Policy, the Specific Shipments 
Policy, the Contracts Policy and the Services Policy. The Global Shipments Policy protects the 
exporter from the date of shipment and in most cases covers comprehensive risks (i.e. commercial 
and political risks). Coverage is up to 90% for political risk and 80% for commercial risk. The policy is issued for a period of one year and a pplies to all shipments of goods from Barbados 
(except those shipments specifically excluded in Sc hedule A to the policy) made by the exporter to 
any country (except those countries specifically excluded in the Country Limitation Schedule 
attached to the policy) during that period. The Specific Shipments Policy covers single transactions and protects the exporter from the date of cont ract until the date of payment. It covers goods 
which are made specifically for the original buyer. These policies are available on request. The 
Services Policy covers such services as technical and professional contract services, royalty payments, patent fees, aircraft and drydock repairs. 
3.105.  The Export Finance Guarantee Scheme, created in 1978 to enable exporters to obtain 
finance facilities from their bankers for the production of goods for export and also administered by the Central Bank, provides pre-shipment and post-shipment export finance guarantee cover to 
commercial banks for loans made to exporters to finance export orders and receivables. Premiums 
average 1-1.5% per year on the outstanding balance.
46 Risks covered include: (i) failure of the 
exporter to repay the guaranteed debt due to inso lvency; and (ii) non-payment by the exporter of 
the guaranteed debt due to protracted default. The percentage of loss guaranteed by the Central 
Bank in respect of pre-shipment coverage is 75%, but coverage can increase up to 90% of loss 
where a commercial bank is requested to provide export loans in circumstances which carry higher than normal risks. Coverage in the case of post-shipment is 90%. All goods partly or wholly 
produced, processed or manufactured in Barbados are eligible for export finance guarantee 
facilities. Foreign-owned companies in Barbados which are engaged in processing or manufacturing goods for export are eligible to participate in the Export Finance Guarantee Scheme, subject to 
exchange control regulations and except if their pa rent companies have been declined coverage by 
an export credit organization in their country. Export Credit Insurance is a prerequisite for obtaining export credit guarantee facilities.
47 As with the Export Credit Insurance Scheme, the 
actual use of this programme is very limited. No information on the guarantees provided by the 
CBB over 2008-13 was made available for this review. 
3.2.6  Export promotion 3.106.  Export promotion is under the purview of  the Export Development Division of the BIDC, 
which is the economic development agency of the Government of Barbados. A number of special 
programmes for exporters of goods and services fr om Barbados are coordinated by this Division, 
including the Business Development Officers Scheme, available to both potential and actual 
exporters, and through which officers provide advi ce and information relating to export market 
development and trade regulations for specific  product groups, and also liaise between the 
exporter and other BIDC divisions from which addi tional services may be available. The Market 
Development Programme uses in-country market representatives in Canada, the United Kingdom 
and the United States to help introduce Barbadian products into new export markets by providing 
advice to manufacturers on strategies involving niche marketing, branding, certification and the attainment of quality standards. A special Market Development Programme for Barbadian craft is 
implemented from New York. The BIDC also organizes trade missions to assist Barbados' 
companies in marketing their products into foreign markets. Typically, a BIDC officer participates in the mission, providing on-the-spot facilitation; companies may apply for financial assistance to 
                                               
45 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf/w eb_documents/1957F99B03E3717D042572FF005D76AF/$File/E
xportCreditInsurance2012.pdf. 
46 Commercial banks are required to pay premiums on the amount of the loan fa cility negotiated at the 
rate of 1% or 1.5% per an num depending on the amount of the loan fa cility negotiated and/or the percentage 
of loss guaranteed. The higher premium rate (1.5% per an num) is applicable to loan facilities in excess of 
BDS$250,000 or facilities in respect of which more than 75% of any loan loss is guaranteed. 
47 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf/web _documents/C8D0C2E3D88E1F86042572FF005E5575/$File/E
xportFinanceGuaranteeScheme2012.pdf. WT/TPR/S/308/Rev.1 • Barbados 
 
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  be reimbursed for a portion of their mission-related expenses. The BIDC also provides trade 
information for exporters.48 
3.107.  Invest Barbados (IB) is responsible for attracting, winning and sustaining international 
investment for Barbados. The corporation is also responsible for helping to develop and manage 
the Barbados international business brand.49 
3.3  Measures Affecting Production and Trade 3.3.1  Incentives 
3.108.  The Government of Barbados manages a number of incentives schemes, particularly tax 
incentives, which are available to companies in va rious sectors, from agri-food and manufacturing 
to tourism and financial services. As described in section 3.2.4, some of these schemes are aimed mainly at exporting industries, while others are targeted mainly at domestic companies supplying 
the domestic or regional markets. As noted above, Barbados is in the process of eliminating the 
export subsidy component of its different incentives programmes and has committed to do so by 31 December 2015.  
3.109.  As described above, the Fiscal Incentives Act of 1974, as amended, provides tax incentives 
to "approved" enterprises, or to manufacturers of  an "approved product", as determined by the 
Government on a case-by-case basis for up to 15 years depending on the type of enterprise and 
the value added. As at 1 July 2014, only seven approved enterprises were benefiting from the 
Fiscal Incentives Act; the last approval was granted in 2002 for a period of 15 years, and in principle, expires in 2017. However, as noted above, Barbados has committed in the WTO to 
dismantle the benefits by 31 December 2015 and is currently negotiating with the beneficiary 
companies that have been granted concessions beyond that date. Between 1975 and 2002, some 
230 enterprises received approved status and over 100 products were under Approved Products Orders. Industries that already supply more than 90% of the domestic market for any given 
product cannot be granted "approved" status.
50 
3.110.  Barbados applies a zero-rated VAT for goods imported by beneficiaries of the Fiscal 
Incentives Act, as well as for businesses registered under the International Business Companies 
Act, and the Exempt Insurance Act. VAT is also zero-rated for goods imported for the purposes of 
a tourism product or a tourism project approved under the Tourism Development Act.51 
3.111.  Manufacturing businesses may qualify for an investment allowance of 20% on plant 
machinery which is new or imported into Barbados  for the first time. Businesses entitled to the 
export allowance may claim a 40% investment allowance instead of the usual initial allowance of 
20%.52 
3.112.  Small- and medium-size enterprises (SMEs) with business considered of significant 
socioeconomic benefit to Barbados can access the incentives granted under the Small Business 
Development Act of 1999, as amended. Beneficiaries are small businesses active in any economic area. Benefits include: an exemption from withholding tax on dividends and interest earned on 
investment by small businesses; exemption from im port duty on plant and equipment imported for 
use in the business; exemption from withholdin g tax on dividends and interest earned on 
investment in an approved small business or in any fund approved for investment in small businesses; exemption from stamp duty; and a deduction of corporation tax of an amount equal to 
                                               
48 Barbados Investment and Development Corporat ion (BIDC) online information. Viewed at: 
http://www.bidc.org/index.php?option=c om_content&view=article&id=84&Itemid=142 . 
49 Invest Barbados online information. Viewed at: http://www.investbarbados .org/about_ib.php#vision . 
50 See also WTO document G/SCM/N/71/BRB, 1 March 2002. 
51 For the purpose of the Act, a tourism project includes: hotel and restaurant construction, conversion, 
furnishing, and renovation; the provision of tourist re creational facilities and tourism-related services; the 
construction, alteration or renovation of an attracti on; the restoration, preservation, and conservation of 
natural sites; the establishment, restoration, preservation, and conservation of monuments, museums, and other historical structures and sites; and the construction and furnishing of villas and timeshare properties. Tourism Development Act. Viewed at: 
http://www.barbadosbusiness.gov.bb/miib/Legislation/documents/tourism_ development_bill_2002.pdf. 
52 BIDC online information. Viewed at: 
http://www.bidc.org/index.ph p?option=com_docman&task=doc_download&gid=39&Itemid=141 . WT/TPR/S/308/Rev.1 • Barbados 
 
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  20% of actual expenditure in respect of the use of technology, market research, and any other 
activity that is, in the opinion of the Commissioner of Inland Revenue, directly related to the development of the business. Approved small busi nesses may also receive technical assistance to 
start, continue or expand operations. Activities under the programme have remained limited in 
recent years. 
3.113.  The authorities indicated that new legislation with respect to the promotion of SMEs is in 
the pipeline. A holistic approach is to be ad opted engaging the Government, academia and the 
private sector. To this end, it is expected that the new model legislation (tailored after legislation 
from other countries) will encourage the provision of training by the University of the West Indies, 
so as to promote the development of SMEs, e nhance their competitiveness, and improve their 
standing as subjects of credit by enhancing their financial awareness and soundness. This is 
expected to result in an increase of SME credibility and creditworthiness with financial institutions, 
and facilitate access to credit. The authorities believe that the adoption of model legislation will also permit easier measurement of SMEs contributi on to GDP and will facilitate policy formulation. 
3.114.  Approved small- or medium-size businesses may also apply for loan guarantee cover. The 
Tourism and Manufacturing Guarantee Facility was established in February 2009 through a widening of the range of entities eligible for credit guarantees under the previous Small Business 
Guarantee Scheme to include medium-sized companies in the tourism and manufacturing sectors. 
Companies with capital of up to BDS$2 million (formerly BDS$1 million) and with gross revenue of up to BDS$4 million (formerly (BDS$2 million) are eligible to access the facility.
53 Under the 
programme, the Central Bank may guarantee credits of up to BDS$150,000 for short-term use and 
BDS$300,000 for medium-term use. The guarantee does not apply to past-due debts. The scheme 
is designed to offer protection to commercial banks and other credit institutions approved by the Central Bank against insolvency and other possible losses in respect of the credit granted to small 
enterprises. Commercial banks and approved credit institutions may apply to the Central Bank to 
provide credit facilities to eligible borrowers. Eligible small businesses must demonstrate a need for financial assistance and must make an equity contribution of at least 20% of the loan facility 
being sought. Short-term facilities are guaranteed for a maximum of three years and 
medium-term facilities for a maximum of seven years. At end 2012, there were 25 guarantees outstanding for a total of BDS$1.3 million.
54 
3.115.  The Central Bank of Barbados also offers a guarantee for technical assistance loans up to a 
limit of BDS$50,000 per borrower (within the overall cost of BDS$300,000 for medium-term 
facilities), provided these loans are for the purp ose of market or product research, marketing, 
product costing, promotion, production/plant layout, accounting and/or information systems, staff 
training, management/entrepreneurial training, bu siness reorganization/restructuring or any other 
relevant areas of technical assistance. The Central Bank indemnifies the credit institutions up to 80% of any eventual loss, except in the case of a start-up where the guarantee is up to 90% of 
the loan provided there is an equity contribution  of at least 10% by the borrower and the business 
has not been in operation for more than 18 months. The rate of interest on loans guaranteed under the scheme is determined by the credit institution. A technical assistance grant of up to BDS$5,000 and not exceeding 50% of the cost of th e project may additionally be made available 
to persons who qualify. 
3.116.  The Barbados Investment Fund (BIF) is a close-ended equity fund established in July 1992 
with a capital of US$3 million by the Central Bank  of Barbados and administered by the Caribbean 
Financial Services Corporation (CFSC).
55 Effective September 2010, the CFSC took full control and 
management of the BIF, which was previously a joint undertaking with the CBB. In 2010, (latest 
available figures), the capitalization of the fund was US$10.45 million.56 The BIF provides equity 
                                               
53 Beneficiaries must also be incorporated under th e Companies Act and be ma jority Barbadian-owned. 
54 Central Bank of Barbados (2013), Annual Report 2012. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf/vwP ublications/D735CFB2BDC3C6FD04257C06006B6644/$FILE/C
entral_Bank_Annual_Report2012.pdf. 
55 Central Bank of Barbados on line information. Viewed at: http://www.centralbank.org . 
56 The Caribbean Financial Services Corporation (CFSC) is a limited liability company incorporated in 
1984 by an Act of Parliament in Barbados. The CFSC located in, and operating from Barbados, provides developmental finance in the form of  medium and long term loans, acco mpanied where appropriate by equity 
investments for start-ups and expansions in several CA RICOM countries, including Barbados, Belize, Guyana, 
the members of the Organisation of Eastern Caribbean  States (OECS), and Trinidad and Tobago. The CSFC 
sources funds from local and international institutions and also attracts funding from other institutions through WT/TPR/S/308/Rev.1 • Barbados 
 
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  financing for small and medium-sized businesses operating in Barbados, including funds for capital 
cost components, i.e. equipment and real estate, as well as working capital. Companies must be engaged in manufacturing, agri-industry, tourism and several other services subsectors, or any other area that can make a contribution to foreign exchange earnings and employment. Requests 
for financing through the BIF must be directed to the CFSC. The CFSC's Investments Department, 
through the BIF, then makes loan, bond or equity and quasi equity investments in Barbadian-owned private sector enterprises. The CFSC makes shares of investee companies 
available to the securities market and divests it s holdings where appropriate. Equity investments 
may be comprised of common or preferred stock and/or any combination of the two. Borrowers are required to provide up to 40% of the equity . Only a maximum of BDS$1.5 million of the BIF's 
funds is committed to a single company.
57 The maximum individual loan or bond investment that 
the CFSC can make is limited to 15% of its capita l. If the loan or bond requirements exceed the 
CFSC's maximum limit, the CFSC can make arrangements to co-finance the transaction with other financial institutions. Interest rates are market-drive, similar to those of other financial institutions 
in the region. The main aid components are the av ailability of credit and its duration: the CFSC 
allows terms of up to 15 years with repayment periods, including grace or moratorium periods that can be arranged as circumstances warrant. The BIF will not normally acquire controlling interest in 
any investee's company. 
3.117.  Since 2011 the CFSC also runs an Accounts Receivable Factoring Programme which aims to 
provide SMEs in Barbados with working capital support through the factoring of invoices, to facilitate steady cash flows for their daily operations. The programme allows SMEs to receive 
accelerated payment of their invoices and provides the necessary working capital: SMEs sell their 
outstanding invoices at a discount to the CFSC, which assumes the credit risk of the company. The programme is geared towards SMEs in several sectors, namely: agriculture/livestock; 
agro-industries; manufacturing; food services; tourism and tourism-related industries; and 
services in general. 
3.118.  The Enterprise Growth Fund Ltd. (EGFL) is a joint public/private sector institution that 
provides non-traditional financing instruments and professional expertise to small- and medium-
size Barbadian companies in the production sectors, with strong profit-making and growth potential.
58 The Government of Barbados provides the bulk of the funds used by the EGFL to invest 
in businesses. The loan financing and venture capital (equity financing) provided by the EGFL from 
its own capital account, ranges from BDS$100,000 to BDS$1.5 million. The EGFL provides 
companies with loan financing, venture capital, an d technical assistance through a range of funds, 
including: the Loans and Equity for Small and Medium Sized Businesses; the Small Hotels 
Investment Fund (SHIF); the Tourism Loan Fund (TLF); the Agricultural Development Fund (ADF); 
the Industrial Investment and Employment Fund (IIEF); the Innovation Fund (IF); and the Export Promotion and Marketing Fund. The EGFL manages all the funds under delegated authority, but 
each fund has its own corporate governance stru cture and is governed by independent committees 
or boards of trustees. The approval/rejection of project proposals submitted for funding is 
undertaken by the respective board or committee.  
3.119.  To benefit from the EGFL, businesses must be incorporated in Barbados. They must 
demonstrate the potential to provide the EGFL with an attractive return on its investment, provide 
adequate security for any debt component of an a pplication for funding; and meet at least two of 
the following criteria: (a) have less than 200 employees; (b) have fixed assets valued of less than 
BDS$1 million; and (c) generate between BDS $100,000 and BDS$7.5 million  in annual sales. 
3.120.  Loans provided by the EGFL are at prefer ential conditions: although similar to regular 
commercial bank loans, they are calculated on a reducing balance basis. Also, interest rates are 
normally below the prime lending rates of commercial banks and the maximum loan repayment 
period is 12 years.  
                                                                                                                                               
co-financing arrangements. The CFSC's core business ar eas are loan and equity investments to commercially 
viable, export-oriented, employment ge nerating projects in the private se ctor; they are generally granted to 
SMEs. CSFC online information. Viewed at: http://www.cfsc.com.bb/pr__.cfm ?sec_=PRODUCTS%20AND%20SERVICE S&ID=11&tit_=Fund%20Manageme
nt. 
57 CSFC online information. Viewed at: 
http://www.cfsc.com.bb/pr__.cfm ?sec_=PRODUCTS%20AND%20SERVICE S&ID=11&tit_=Fund%20Manageme
nt. 
58 EGFL online information. Viewed at: http://egfl.bb/docs/About_EGFL.pdf . WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.121.  The EGFL may also provide equity financing through the purchase by the EGFL of a 
minority position of common and/or preferred shares in a business; equity investments are for periods ranging from 5 to 10 years.
59 According to the authorities, this is not an option generally 
favoured by businesses, which prefer access to loans as a financing modality. 
3.122.  The Export Fund offers financing for: the set-up of pioneering/pilot projects aimed at 
export; training courses, symposia, seminars and workshops on all aspects of export promotion; export market research; advertising and publicity campaigns in foreign markets; product design 
and consultancy; participation in trade missions, buyer-oriented activities, overseas trade fairs, 
exhibitions and promotions; collecting trade information; joint ventures for the development of Barbadian goods and services in foreign markets; and any other activities which support the export of Barbadian goods and services. To be accepted, the project must contribute to the 
development of new or expanded export markets and prove long-term sustainability, and foreign 
exchange earnings or employment creation potential. The maximum funding per application is BDS$1 million. Qualifying private companies are requir ed to contribute 20% of the total cost of the 
project to be financed. That contribution may, in exceptional cases, be waived by the Fund’s 
management committee. Grants disbursed under the Export Fund totalled BDS$16.7 million as at 31 December 2013; there were 15 beneficiaries.
60 
3.123.  The Agricultural Development Fund (ADF) provides loan financing to help farming and 
fishing communities in Barbados become more competitive. The ADF provides loans for working capital purposes, retooling, introducing new technology, and implementing best practices in the agricultural and fisheries sectors. The ADF does not provide funding to purchase land or for any 
expenditure on boats. The ADF also provides incentives, technical assistance and grants to the 
agricultural sector. To qualify for assistance from the ADF a Farm Registration Identification Card obtained through registration with the Ministry of Agriculture and Rural Development is required. 
Loan financing is available from BDS$50,000 to BDS$1 million. Collateral is usually required.
61 The 
interest rate charged is usually between 6.5% and 7%. At end 2013, outstanding loans under the ADF were BDS$14.6 million.
62 
3.124.  The Industrial Investment and Employme nt Fund (IIEF) provides financing to local 
manufacturing companies for working capital purposes, to acquire and install equipment and to rehabilitate, relocate or construct a manufacturing facility. Businesses may qualify for up to BDS$2 million in loans, lines of credit and/or equity financing. To benefit from the scheme, the 
company must be locally incorporated with the majority of its shares owned by Barbadian 
residents; it must also demonstrate the potential to add significant value to the Barbadian economy. IIEF loans/investments are granted at va riable, preferential interest rates. Repayment 
periods are normally 10 years or less for capital projects. However, loans may be granted for up to 
15 years, while equity investments are expected to  be redeemed within seven years. Loans attract 
a higher interest rate in years 11 to 15. Moratoria periods are offered for the length of the 
construction and/or installation contract if the contract is for less than one year; moratoria periods 
of a maximum of one year are offered for loans that are for five years or less; of a maximum of two years for loans of over five years but less than or equal to 10 years; and of a maximum of three years for loans over 10 years.
63 Outstanding credits under the IIEF totalled BDS$6.49 million 
as at 31 December 2013.64 
3.125.  The EGFL also manages the Energy Smar t Fund which provides grants and loans to 
Barbadian businesses that invest in viable Energy Efficient (EE) and Renewable Energy (RE) 
projects and solutions. The Fund also provides grants to households through selected retailers to 
encourage the adoption of EE technologies. Each beneficiary can receive BDS$40,000 for technical assistance, to be used only for pre-investment st udies. The maximum loan size is BDS$1.5 million 
                                               
59 When preferred shares are purchased, EGFL usuall y requests an annual dividend ranging from 8% to 
12.5% on its equity investments. EG FL online information. Viewed at: http://egfl.bb/doc s/About_EGFL.pdf . 
60 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
61 EGFL online information. Viewed at: http://egfl.bb/docs/Agricul tural_Development_Fund.pdf . 
62 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
63 EGFL online information. Viewed at: 
http://egfl.bb/docs/Industrial_Inv estment_and_Employment_Fund.pdf . 
64 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . WT/TPR/S/308/Rev.1 • Barbados 
 
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  per applicant. Priority for funding is given to Barbados-owned businesses incorporated under the 
Companies Act that meet the following criteria: gross sales/revenues not exceeding BDS$5 million per year; stated or paid-up capital not exceedin g BDS$2 million; over 50% of shares must be 
Barbados-owned; and applicants must not be controlled by another business whose reserves 
and/or capital or non-Barbados ownership exceed the criteria above. The interest rate is currently 
3.75% per annum on the reducing balance, wi th a maximum repayment period of 10 years.
65 
Loans approved under the Fund totalled BDS$5.44 million as at 31 December 2013; however only 
BDS$656,000 had been disbursed at that date.66 
3.126.  The Innovation Fund (IF) invests in commerc ially viable innovative projects in a wide range 
of sectors including: environmental and waste management; cultural activities; information technology; energy conservation; tourism product innovation/diversification; and non-traditional 
agriculture/agro-business. Beneficiaries can receive between BDS$25,000 and BDS$250,000 in 
equity funding from the IF. No security is requir ed to access IF funding. No monthly interest or 
annual dividend payments are required if common shares are purchased. However, annual 
dividend payments ranging from 8% to 10% are re quested if preferred shares are purchased. IF 
usually invests for 5 to 7 year pe riods, with the possibility of extending the investment period to 
10 years.
67 The IF had approved 14 grants for a total of BDS$3.69 million as at 
31 December 2013; approvals reached BDS$2.23 million at the same date.68 
3.127.  The Small Hotels Investments Fund (SHIF) provides financing to small hotels for 
refurbishment and expansion. Loans are for a ma ximum of BDS$5.6 million. To benefit, hotels 
must be a member the Small Hotels of Barbados In c. (SHBI) and be registered and certified by the 
Barbados Tourism Authority. All SHIF loans must be secured. Loans must be repaid in full within 
12 years, including a five-year moratorium on the repayment of interest and principal. During the 
moratorium period interest accrues and the loan balance is increased by the unpaid portion of this 
interest. The interest rate is 5% per annum fixed and is capitalized over the five year moratoria 
period.69 Loans for a total of BDS$32.72 million had been granted as at 31 December 2013; some 
78% of these loans had a maturity of over five years.70 
3.128.  The Tourism Loan Fund (TLF) provides funds to renovate, expand and/or rebuild 
accommodation properties with 75 rooms or less, and construct, equip, renovate, expand and/or 
rebuild facilities used in a business which emphasizes the historical, cultural and natural heritage of Barbados. TLF loans may be between BDS$50,000 and BDS$4.5 million. All TLF loans must be 
secured. Repayment periods are normally 10 years or less. However, loans may be granted for 
longer periods. Loans for periods greater than 10 ye ars will attract a higher interest rate in the 
years after the tenth year of the loan. The interest rate is variable and is currently 7.5% 
per annum. Moratoria periods are offered for: the length of the construction and/or installation 
contract if that contract is less than one year; a maximum of one year for loans that are five years or less; a maximum of two years for loans over five years but less than or equal to 10 years; and 
a maximum of three years for loans over 10 years.
71 Loans for a total of BDS$30.26 million had 
been granted as at 31 December 2013; some 78.6% of these loans had a maturity of over five years.
72 
3.129.  Through the Industrial Credit Fund (ICF), established in 1983, the Central Bank of 
Barbados provides medium- and long-term credit to production enterprises operating mainly in the 
private sector. The ICF's available lending resour ces are in excess of BDS$65 million, provided 
mainly by the World Bank, the European Invest ment Bank, and the Inter-American Development 
Bank. ICF resources are channelled through commercial banks and other financial institutions 
operating in Barbados. Potential beneficiaries must first approach a financial intermediary with a 
                                               
65 EGFL online information. Viewed at: http://egfl.bb/docs/About_T he_Energy_Smart_Fund.pdf . 
66 EGFL Annual Report 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
67 EGFL online information. Viewed at: http://egfl.bb/docs /Innovation_Fund.pdf . 
68 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
69 EGFL online information. Viewed at: http://egfl.bb/docs/Small_H otels_Investments_Fund.pdf . 
70 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
71 EGFL online information. Viewed at: http://egfl.bb/docs/T ourism_Loan_Fund.pdf . 
72 EGFL Annual Report, 2013. Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . WT/TPR/S/308/Rev.1 • Barbados 
 
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  project proposal. The intermediary will in turn su bmit the proposal to the ICF. Loans can be used 
to finance fixed assets (excluding real estate purchases), working capital, and technical assistance. To benefit from the ICF, an individual must be  a resident Barbadian national; corporate bodies 
must be capable of contributing to output gr owth, employment, and foreign exchange earnings.
73 
The following areas of activity are eligible for loans: agro-industry; manufacturing; fisheries; 
tourism; mining and quarrying; information technology; construction and engineering; research and development; transportation and telecommunications; resource development; consulting 
services; health services; management and other professional services, trade finance for exports 
and strategic imports; restructuring or re-equipping of operations to meet challenges of globalization, enterprises providing services to the above; and refinancing. 
3.130.  Under the ICF beneficiaries may receive an advance of up to 90% of the loan made by the 
intermediary, provided that the ICF loan does not exceed 80% of the cost of a new project or 90% 
of the cost of the expansion of an existing ente rprise. The amount of ICF advances outstanding to 
any single beneficiary should at no time exceed  BDS$7.5 million. The maxi mum maturity period is 
20 years (including a maximum gr ace period of three years) fo r fixed assets, and five years 
(including a maximum grace period of two years) for working capital and technical assistance. Interest rates are in the range of two percentage  points above or below the average rate payable 
by commercial banks in Barbados on interest-bearing deposits, as calculated by the Central Bank 
of Barbados. Between 2009 and 2012, cumulative disbursements totalling BDS$56.5 million (US$28.3 million) were made to 28 businesses via the Industrial Credit Fund. 
3.131.  In February 2009, the CBB introduced the Industrial Credit Fund Technical Assistance 
Grant under the ICF, from which grants can be given for up to BDS$5,000 and not exceeding 50% 
of the cost of the business plan, or market research. The grant will normally only be considered in connection with a loan under a Small Business Guarantee or an Industrial Credit Fund loan. 
3.132.  Under the Environmental Policy Initiatives manufacturing firms are entitled to a 150% tax 
rebate on attainment of recognized environmen tal certification such as ISO 14000, the Green 
Globe Programme or the Leadership in Environmental and Energy Design (LEED) certification. 
3.133.  Barbados companies may also benefit from concessionary credits funded or guaranteed by 
the Caribbean Development Bank (CDB).
74 
3.3.2  Competition policy and price controls 3.3.2.1  Competition policy 
3.134.  During the period under review, Barbados has continued to encourage competitive markets 
through competition policy and consumer protection enforcement activities, as well as utilities regulation and public education campaigns. Given the small size of its economy and the small 
number of suppliers of certain products and services, the respect of competition principles is very 
important for Barbados in its aim of enhancing competitiveness and consumer welfare. 
3.135.  The Fair Trading Commission (FTC) established in 2001 under the purview of the Ministry 
of Industry, International Business, Commerce, and Small Business Development is the body in 
charge of competition policy issues in Barbados, with responsibility for the enforcement of the provisions of the main competition-policy related Acts (see below). The FTC is charged with promoting and maintaining effective competition in the economy, regulating utility services, and 
safeguarding the interests of consumers. The FT C has jurisdiction over private, public, and 
statutory bodies and government agencies.
 The FTC's main activities include:  monitoring general 
business conduct; determining principles, rates and standards of service for regulated service 
providers; investigating possible breaches of legi slative Acts administered by the FTC (see below); 
educating and informing businesses and consumer s about the requirements of these Acts; and 
taking enforcement action when needed.75 
                                               
73 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/documents/Re vised%20ICF%20Brochure% 20-%20Nov%202,%202009.pdf. 
74 CDB online information. Viewed at: http:// www.caribank.org/web_staging.nsf/pages/hp1. 
75 FTC online information. Viewed at: 
http://www.ftc.gov.bb/index.php?option =com_content&task=view&id=30&Itemid=50 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 69 - 
 
  3.136.  Competition policy legislation in Barbados comprises the Fair Trading Commission (FTC) 
CAP. 326B, which established the FTC and set the cond itions for its operation; the Fair Competition 
Act of 2003 (FCA) CAP. 326C; the Utilities Regulation Act, CAP. 282; the Consumer Protection Act, CAP. 326D; the Telecommunications Act, CAP. 282B; and the new Electric Power Act 2013-21 
(ECPA). The FTC has responsibility for enforcing the first four of these Acts, as well as the 
competition provisions of the Telecommunications Act.  
3.137.  The Fair Competition Act, which entered into force in January 2003, has as its main 
objectives: to promote and maintain and encourage competition; to prohibit the prevention, 
restriction or distortion of competition and the abuse of dominant positions in trade in Barbados and within the CARICOM Single Market and Econ omy; and to ensure that all enterprises, 
irrespective of size, have the opportunity to participate equitably in the market place. The Act 
applies to all persons and companies conducting business in Barbados; there are no specified 
immunities.
76 Certain practices are considered anti-competitive per se , independently of their 
effect. The Act identifies and prohibits some practices as abuse of dominance, including exclusive 
dealing, market restriction, and predatory pric ing. The Act also prohibits anti-competitive 
agreements including: price-fixing; limiting or controlling production, markets, technical development or investment; artificially dividing-u p of markets or sources of supply; bid-rigging; 
applying dissimilar conditions to equivalent transactions with other parties engaged in the same 
trade; and resale price maintenance. 
3.138.  As part of its enforcement mandate, the FTC has been granted ample investigative powers, 
including those of self-initiating an investigation, and may declare certain business activities as 
illegal. During 2008-14, the FTC conducted 78 inquiries and investigations of anti-competitive 
conduct. Approximately 13% resulted in decisions of breaches of the Fair Competition Act. The authorities indicated that there was no need to issue a cease-and-desist order in any of these 
cases, since consultations with representatives of businesses whose practices raised competitive 
concerns resulted in changes to the said practices and compliance with the provisions of the Fair Trade Act. In 2012-13, 11 investigations were initiated, five of which were closed shortly 
afterwards. The investigations conducted by the FT C during the period under review were related 
to telecommunications, shipping, financial servic es, air transport, cement and foodstuff, among 
others (Table 3.10).
77 The practices investigated included: exclusive dealing (2); 
predatory pricing (2); refusal to supply (2); discriminatory pricing (1); price-squeezing (1); and 
other anti-competitive conduct (3). In 2013-14, eight investigations were initiated, three of which 
were closed shortly afterwards. The investigations  conducted by the FTC during that period were 
related to telecommunications, distribution, mining/quarrying, and waste processing/treatment, 
among others (Table 3.10).78 The practices investigated included: excessive pricing (1); predatory 
pricing (1); refusal to supply (2); and price squeezing (1); and other anti-competitive conduct (3). 
Table 3.10 Main Competition Policy Cases Rulings by the FTC, 2008-14 
Case/allegation Ruling 
Restriction of Competition -  NASSCO Ltd. 
The allegation was that Nassco Ltd was 
requiring used car dealers to produce their 
customs warrant and commercial invoice 
documents when seeking valuations on Toyota 
vehicles. 
Initiation: April 2007. 
 The FTC found  that Nassco Ltd, by requiring that used car dealers provide 
warrants and invoices which contained confidential cost information, had 
acted in breach of the FCA. Demanding such confidential information of 
one's competitor, amounted to a distortion of competition and was 
prohibited under Section 13 of the Act. 
Nassco accepted to discontinue the alleged anti-competitive practice. 
Termination: July 2008. 
 
Restriction of loans to clients  
Allegation that commercial banks were The FTC ruled that the commercial banks' practice of maintaining selected 
                                               
76 However, the Act does not apply to (a) combinat ions or activities of employees for their own 
reasonable protection as em ployees; (b) arrangements for collective bargaining on behalf of employers and 
employees for the purpose of fixing terms and condit ions of employment; (c) the entering into of an 
arrangement insofar as it contains a provision relating to the use, licence or assi gnment of rights under or 
existing by virtue of any copy right, patent or trademark; (d) any act done  to give effect to a provision of any of 
the previous arrangements; (e) activities expressly auth orised or required under any treaty or agreement to 
which Barbados is a party; and (f) ac tivities of professional associations designed to develop or enforce 
professional standards of competence reasonably  necessary for the protection of the public. 
77 For further detail, see Fair Trading Commission onli ne information, Fair Competition, Investigations. 
Viewed at: http://www.ftc.gov.bb/index.php?option=com _content&task=blogcategory&id=39&Itemid=89 . 
78 For further detail, see Fair Trading Commission onli ne information, Fair Competition, Investigations. 
Viewed at: http://www.ftc.gov.bb/index.php?option=com _content&task=blogcategory&id=39&Itemid=89 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 70 - 
 
  Case/allegation Ruling 
restricting their loan clients choosing from 
selected lists. 
Initiation: June 2007. 
 lists was likely to lead to a distortion of competition. It recommended that 
the standards developed by the lending institutions be impartial, 
transparent and made known. 
Termination: October 2008. 
Fee Setting - Professional Associations (Attorneys-at-Law)  
It was alleged that mandatory fees set by 
professional associations were in breach of the 
Fair Competition Act. 
Initiation: 2007 
 The FTC determined that the schedule of legal fees for attorneys-at-law 
represented a conflict with the principles of fair and open competition as 
advocated in the FCA. The FTC recommended that an amendment be 
made to the Legal Profession Act 1997, so that the fees charged for 
non-contentious matters be provided for reference only. 
Termination: July 2008. 
 
Abuse of a Dominant Position - LIAT  
A report from the Travel Agents Association of 
Barbados (TAAB) alleged that LIAT (1974) Ltd. 
had engaged in anti-competitive practices with 
respect to the sale of airline tickets. It was 
alleged that LIAT was enabling its own retail 
ticket outlets to offer certain benefits and 
privileges to customers while not permitting 
travel agents to offer the same. 
Initiation: March 2008. The FTC found that LIAT could not be defined as a direct competitor of the 
travel agents and so could not be said to have acquired market share at 
the expense of travel agents as alleged. LIAT's conduct was directly aimed 
at enhancing production and consumers were allowed a fair share of the 
benefits in the form of lower ticket prices.  
LIAT was therefore found not to have acted in breach of the Fair 
Competition Act. 
Termination: February 2009. 
Abuse of Dominance - Arawak  Cement Company Limited  
The FTC received information which suggested 
that the pricing policy of Arawak Cement 
Company Limited ("Arawak") may have been in 
breach of the Fair Competition Act.  
Initiation: April 2008. The FTC found that Arawak did not extend to non-distributors 
(manufacturers) the same discount it granted to distributors when selling 
cement. The FTC concluded that Arawak was acting in breach of 
Section 16 (d) of the FCA by imposing unfair selling prices on the 
manufacturers and advised Arawak to extend to non-distributors a similar 
discount to that granted to distributors. Arawak agreed to comply.  
Termination: April 2009. 
 
Excessive Pricing - ADM Barbados Mills  
The investigation aimed to determine whether 
the prices offered by ADM were in any way 
inflated and whether cost increases were the 
true basis for the company’s price increases.  
Initiation: July 2008. The FTC found that ADM’s price of Northern Spring Wheat (NSW) flour was 
excessive and that ADM had consistently passed on increases in 
international wheat prices, but had not done the same thing when prices 
decreased. Therefore the price of flour did not show the same 
proportionate relationship to the cost of wheat. ADM disagreed with the 
FTC's finding but agreed to decrease the price of its NSW flour 
commensurate with the reduction in the cost of wheat. 
Termination: May 2009. 
 
Excessive pricing - Pinnacle Feeds Limited  
The investigations focused on the allegation 
that the wholesale livestock feed prices in 
Barbados were excessive, in that they were not 
reasonably related to their respective costs of 
production.  
Initiation: July 2008. In January 2009, the FTC found that Pinnacle’s pricing policy was likely to 
contribute to the charging of excessive prices, and that prices of certain 
types of feed no longer bore a direct relationship to their underlying costs. 
The FTC recommended that Pinnacle accurately apportion the production 
cost of each type of feed to arrive at its price. Pinnacle Feeds 
communicated to the FTC in February, that it had done so and was 
instituting two successive price decr eases in January and February 2009. 
Termination: April 2009. 
 
Leveraging LIME (Cable and Wireless)  
Digicel complained that LIME offered a package 
including calls from mobile to land lines that 
could not be matched by LIME's mobile 
competitors due to interconnection costs.  
Initiation: November 2008. 
 The FTC concluded that LIME's offer was unlikely to have any distorting 
effect on competition. 
Termination: February 2009. 
Refusal to Supply by Caribbean Broadcasting Corporation  
It was alleged that the Caribbean Broadcasting 
Corporation (CBC) had declined DIRECTV's 
request to advertise its Digital Video Recorder 
because it would conflict with CBC's policy of 
not advertising for competitors. CBC argued 
that it had the right to refuse advertising which 
promoted competitors or their brands.  
Initiation: January 2010.  The FTC agreed that there was insufficient evidence to conclude that CBC’s 
refusal to advertise DIRECTV’s Digital Video Recorder was acting in breach 
of the FCA. The FTC, however, found the policy of selectively refusing to 
provide advertising likely to have the effect of distorting competition and 
recommended it should be revised to make it more consistent with the 
objectives of the Fair Competition Act. 
CBC agreed to review its policy.  
Termination: February 2011. 
 
Anti-competitive conduct by LIME  
It was alleged that Cable and Wireless 
(Barbados) Ltd. trading as LIME, was acting in 
breach of the FCA, by contacting Digicel 
(Barbados) customers and enticing them with 
promotional offers; Digicel's customers’ mobile 
numbers were private information. 
Initiation: February 2010.  The FTC found that the methodology used by LIME to derive the calling list 
of potential Digicel customers was a widely-used practice in marketing 
research and was not due to any privileged access to customer information 
resulting from their dominance in any telecommunications markets. The 
FTC therefore found that LIME’s action did not constitute a breach of 
Section 16 3(h) of the Fair Competition Act CAP 326C. 
Termination: March 2010. 
 WT/TPR/S/308/Rev.1 • Barbados 
 
- 71 - 
 
  Case/allegation Ruling 
Anti-competitive Business Conduct by Digicel  
Allegation that Digicel (Barbados) Ltd. in 
sending an SMS text message to its customers 
containing content that was inaccurate, 
engaged in conduct likely to disrupt competition 
within the market for the supply of mobile 
telecommunications services in Barbados. 
Initiation: February 2010. 
 The FTC found that the content of the message sent by Digicel describes 
the general extent of Cable & Wireless (Barbados) Limited trading as 
LIME’s action and further that Digicel's actions may be viewed as ‘normal’ 
practice between keen rivals in a competitive market.  
The FTC therefore found that Digicel did not breach Section 13 (1) of the 
Fair Competition Act CAP 326C. 
Termination: March 2010. 
Anti-competitive Agreement by Shipping Agents of Barbados:  Local Administration Charges by shipping agents  
In 2004 members of the Shipping Association of 
Barbados (SAB) agreed among themselves to 
introduce a local administration charge (LAC). 
All agents except one implemented these 
charges in the way agreed.  
Initiation: March 2010. The FTC ruled that the conduct of the agents had the potential to amount 
to a breach of the Fair Competition Act (FCA). In June 2011 the FTC 
directed that the LAC be terminated with immediate effect. In September 
2011, the FTC received communications fr om all shipping agents indicating 
that they now exercised various different arrangements regarding 
administration charges and some had discontinued the charge.  
Termination: September 2011. 
 
Exclusionary Conduct (Destina tion Photography Industry)  
Wedding photographers in Barbados complained 
that the photography services agency ColorBox 
was persuading the main hotels in the wedding 
business to enter into exclusive contracts.  
Initiation: January 2011 
 In its investigations the FTC noted the absence of an exclusivity clause in 
the contracts between ColoBox and hotels. Given all the available 
information evidence of anticompetitive conduct could not be confirmed. 
Termination: November 2012. 
Tied Selling (Hewlett- Packard Local Agents)  
It was alleged that the local agents for Hewlett-
Packard (HP) were requiring their clients who 
had purchased printers and copiers to only use 
toner and ink sold by HP. 
Initiation: August 2012 The FTC found that the allegations against HP could not be substantiated. 
In addition, it was determined that the HP warranty specifies that the use 
of refilled cartridges does not affect its warranty. 
Termination: October 2012 
 
Predatory Pricing (Scrap Metal Recycling)  
It was alleged that a company in the scrap 
metal recycling business had increased its 
purchase price of scrap metal to an 
unsustainably high level in order to force 
competitors out of the market.  
Initiation: November 2012 It was determined that the available evidence was insufficient to 
substantiate the alleged anticompetitive conduct. As a result the 
investigation was discontinued. 
Termination: February 2013 
Refusal to Deal: Sunbeach Communications Inc. vs TeleBarbados  
The Commission received a complaint from 
Sunbeach in which it was alleged that 
TeleBarbados (Columbus) had refused to supply 
wholesale dedicated internet access without 
providing a reason. 
Initiation: March 2013 Investigations revealed that TeleBarbados did not refuse to supply the 
service in question, but offered the service on certain conditions. The FTC 
considered these conditions to be legitimate and determined that 
TeleBarbados had not breached the Fair Competition Act with respect to its 
refusal to deal with Sunbeach. 
Termination: February 2014. 
Exclusionary Conduct (Diceabed Barbados Ltd vs Sustainable Barbados Recycling Centre)  
Diceabed Barbados Ltd. made a complaint to 
the FTC that the Government of Barbados 
(GoB) paid the Sustainable Barbados Recycling 
Centre (SBRC) a Consolidated Tipping Fee (CTF) 
of BDS$60 per tonne on recycled materials, but 
not to other companies who recycle. It was 
argued that the policy is unfair and may have 
harmful effects on competition. 
Initiation: June 2013 The FTC established that the payment of a CTF to SBRC was unlikely to 
cause competitive concerns in the re levant market. This was due to the 
contractual relationship between SBRC and the GoB, established by an 
international tender, the stringent environmental and health standards 
required and the contractual obligation on the part of SBRC to accept all 
municipal waste. As such, the FTC dete rmined that there was no credible 
justification for Diceabed’s entitlement to a CTF or equivalent.  
Termination: February 2014 
 
Source: Fair Trade Commission. 
3.139.  The FTC's decisions may be appealed to a judge within 15 days of receipt of notice of the 
findings. The FTC may also present recourse. As at October 2014, there was one recourse case before the Court of Appeal and another case before the High Court.  
3.140.  Although no immunities are provided by  law, the FTC may grant an authorization to 
engage in an agreement or business practice that is prohibited under the Fair Competition Act, if it is satisfied that, though anti-competitive, it is li kely to promote a public benefit. The FTC has not 
made recourse to these provisions. 
3.141.  In accordance with the Fair Competition Act, mergers which are likely to result in the 
control of in excess of 40% of any market in Barb ados are prohibited unless approved by the FTC. 
This provision requires the FTC to investigate all mergers that meet this threshold with a view to 
granting or denying permission to the parties. Th e investigation focuses on the extent to which the 
proposed transaction positively or negatively impacts competition in the domestic market. Pre-merger notification and examination by the FTC is mandatory when the merged companies are WT/TPR/S/308/Rev.1 • Barbados 
 
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  likely to control at least 40% of the relevant mark et. Only mergers that have an effect on a market 
in Barbados are subject to the Act. In some instances, mergers involving foreign-owned enterprises may be subject to the provisions of the Act.  
3.142.  It is the FTC's position that the law should not be interpreted as an intention to prevent or 
restrict the merging process or business expansion in Barbados. The FTC recognizes that by 
combining resources through a merger, firms are able  to increase their efficiency through reduced 
costs, strategic reorganization, new technologies and combined expertise, and can increase their 
efficiency or source the capital needed to compete with larger and more efficient firms. The FTC 
therefore recognizes the need to exercise it s responsibility in a very considered manner.
79 
3.143.  The FTC's analysis of the merger starts with a determination of the 40% threshold. This 
requires: (a) a determination of the specific market(s) for consideration, carried out through a 
review of the various products and services supp lied by the enterprises, and the geographic area 
over which their products are distributed; and b) a determination of the relevant percentage market share(s) of the enterprise(s) pre- and post-merger in each market affected, undertaken 
through a calculation of the volume of output supplied by the enterprises relative to the total 
market. If based on the preliminary analysis, the merged enterprises do not control in excess of the threshold market share as determined by the Act,  the applicant will be notified by letter that 
the proposed merger falls outside the jurisdicti on of the FTC and therefore does not require 
permission. If the preliminary analysis indicates that the combined enterprise will control an amount equal to or greater than the 40% threshol d market share, the applicant will be formally 
notified of the intention of the FTC to investigate the proposed arrangement to determine the 
extent to which it affects competition in the domestic economy.  
3.144.  The FTC must conduct the investigation within a maximum period of 90 business days, 
considering a number of factors, such as: (a) the st ructure of the markets likely to be affected by 
the proposed merger, including the number and size  of competitors in the various product markets 
before and after the merger and the barriers to entry that will impact on these market structures; (b) the degree of control exercised by the enterpri ses, particularly their economic and financial 
power, and the extent to which the merged enterp rises will have the market power to raise prices 
unilaterally or will have incentives to enter into collusive arrangements with other market participants; (c) the availability of alternatives to  the services or goods provided by the enterprises 
concerned in the merger; (d) the likely effect of the proposed merger on consumers and the 
economy; and (e) the actual or potential competition from other enterprises and the likelihood of 
detriment to competition. 
3.145.  The FTC will grant permission for the merger to proceed if it finds that the merger will not 
adversely affect competition or be detrimental to consumers, or, even if it determines that the 
merger will restrict competition, the merger parties can demonstrate that the transaction will produce significant cost efficiencies which will be sh ared with consumers. If the merger is likely to 
materially restrict competition or be detrimental to consumers without sufficient redeeming 
efficiency benefits, the FTC may direct the enterpri ses to divest specific interests or part of the 
combined operation within an agreed period. Wh ere no prudent divestment arrangement can be 
reached, given the significant harm to competition the merger is likely to be prohibited. Decisions 
to prohibit a merger may be appealed in court. 
3.146.  From April 2008 to March 2014, the FTC received six merger notifications and approved 
five. Three merger applications were received from the telecommunications industry, with one 
application each received from the airline industry, the shipping industry and the petroleum 
industry. No decision was made regarding the merger  application in the airline industry as it was 
asserted that one of the players was not an active participant in the local market.  
3.147.  A salient case during the period under review pertained to the merger between SOL and 
ESSO. In this case SOL St. Lucia Ltd., and ESSO (Barbados) Holdings Limited, Esso (Barbados) 
International Sales Company Limited, and Mobil Oil Barbados Limited (collectively referred to as “ESSO Barbados”) formally filed a merger application with the FTC. The nature of the proposed 
transaction was such that SOL intended to acquire the shares of the ESSO Barbados companies. 
The acquisition would therefore have resulted in SOL owning all of the retail, commercial, marine, 
                                               
79 FTC, Merger Procedures onli ne information. Viewed at: 
http://www.ftc.gov.bb/index.php?option =com_content&task=view&id=87&Itemid=28 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 73 - 
 
  aviation and distribution businesses currently being managed by Exxon Mobil under the ‘ESSO’ 
brand in Barbados. Though this was a regional acquisition, the application only pertained to Barbados given the fact that the FTC has jurisdiction only for business activities that occur in Barbados. Owing to the lack of price competition due to the regulation of prices and margins by 
the Government of Barbados, and the heavily regu lated market in which the merger was taking 
place, it was recommended that the merger be allowed to proceed on the condition that for a minimum of 10 years SOL must retain the ESSO brand in Barbados unless it can adequately justify 
its reasons for not maintaining the brand. 
3.148.  The FTC's functions as utilities regulator are spelt out in the Utilities Regulation Act of 2000 
Cap.282. The FTC regulates electricity service su pplied by the Barbados Light and Power Company 
(BL&P) and the domestic and international voice telecommunications services, interconnection 
services and leased services provided by Cable & Wireless (Barbados). The FTC also establishes 
the principles for setting the rates to be charged for utility services and reviews these rates.
80 As 
the regulator of these services, the FTC seeks to en sure the quality, efficiency and reliability of 
these services, as well as their supply to the public at reasonable prices. The FTC is also 
responsible for promoting the development of a competitive telecommunications market, as certain provisions of the Telecommunications Act fall under its authority. 
3.149.  The FTC is involved in the current reform of both the electricity and telecommunications 
sectors in order to make them more efficient. The latter, one of the stakeholders in the revision of 
the electricity sector's legislation and the developm ent of a National Sustainable Energy Policy. In 
its role as regulator of the electricity sector, in 2013 the FTC approved an Integrated Resource 
Plan (IRP) which will guide the resource plans of the BL&P for the next 25 years. In April 2012, the 
FTC embarked on a formal review of the Fuel Clause Adjustment (FCA), the single largest component of a customer’s electricity bill which di rectly reflects the cost of the fuel used in 
generating and delivering electricity to the customer.
81 Utility regulation activity in the 
telecommunications sector has focused on the development of specifications for Long Run Incremental Cost (LRIC) models for both the mobile and fixed networks which are to be built by 
C&W, and the intervention in an interconnectio n dispute between C&W and Digicel. During the 
period under review, the FTC also approved in terconnection agreements between C&W and Karib 
Cable Inc. (January 2013); C&W and TeleBarbados (August 2012); and C&W and Digicel (February 2014). It also approved the Price Cap Plan 2012 for C&W under which there was a moratorium on 
regulated prices between 1 April 2012 and 31 March 2013. In the period 1 April 2013 to 31 March 
2014, C&W was allowed to adjust the rates of regulated telecommunications services as determined in the 2012 Price Cap Decision. This option was not however exercised by C&W. 
3.150.  At the regional level, Chapter VIII of th e CARICOM Treaty provides the rules and standards 
by which enterprises must conduct business in the Caribbean Single Market Economy in order to ensure competition, and protect consumer welfar e. It prohibits agreements and practices that 
prevent, restrict or distort competition, and give an unfair advantage through a dominant position 
in the market place. The Community Competitio n Commission (CCC) began operating in January 
2008 in Suriname; the activities of the Commission complement those of the FTC and other national agencies. The CARIFORUM/EC EPA contains provisions concerning competition policy. 
National legislation to implement the CCC has b een passed and enacted in Barbados. Currently, 
the CCC has powers in Barbados, Guyana and Jamaica. 
3.3.2.2  Price controls 
3.151.  Price controls are covered by the Control of Price (General) Regulation 1983 (S.I. 1983 
No. 29) and administered by the Department of Commerce and Consumer Affairs in the Ministry of Industry, International Business, Commerce and Small Business Development. Prices are set at 
both the wholesale and retail levels. According to information provided by the authorities, price 
control regulations were in place in mid-2014 on: diesel fuel, gasoline, kerosene, liquefied petroleum gas, chicken wings, chicken backs and necks, turkey wings and regular sugar.
82 Price 
                                               
80 Fair Trading Commission online information. Viewed at: http://www.ftc.gov.bb/html/DNO.htm. 
81 The FCA was recorded at 43.4315¢/kWh in April 2013, compared to 49.3526¢/ kWh in April 2012. It 
was at its lowest of 33.7912¢/ kWh in January 2012 and reached its highest of 49.3526¢/ kWh by April 2012. 
However, by December 2013 it had dropped to 39.0698¢/ kWh. 
82 The prices were (wholesale/retail price between parentheses, BDS$): diesel fuel (1.90426 /2.09 per 
litre); gasoline (1.79152/2.02 per litre); kerosene (1.45207/1.50 per litre); liquefied petroleum gas WT/TPR/S/308/Rev.1 • Barbados 
 
- 74 - 
 
  changes for these products must be gazetted. The importation of chicken wings, chicken backs and 
necks, and turkey wings is subject to state trading conditions (see below). 
3.152.  The prices of utilities regulated by the FTC require its approval for the increase of tariffs for 
certain services. For example, in 2009 The Barbados Light & Power Company applied to the Fair 
Trading Commission for an adjustment of electricity rates. The FTC granted the increase, which 
was the first increase in rates since 1983. The new rates went into effect from March 2010.83 
3.3.3  State trading, state-owne d enterprises, and privatization 
3.153.  In 2013 Barbados submitted to the WTO a new and full notification with respect to state 
trading enterprises.84 It identified the Barbados Agricultural Development and Marketing 
Corporation (BADMC) as its sole state trading enterprise. The BADMC is a statutory corporation established in 1993 through the Barbados Agricultural Development and Marketing Act 1993-12, to 
ensure the development of the local agricultural sector through innovative technological 
applications, technical and marketing research, an d to create opportunities for investment that 
engenders enterprise, food security and prosperi ty in the agricultural sector. The BADMC also 
provides farm support services to the non-sugar agricultural sector, collects agricultural statistical 
data, and provides irrigation services to small farmers. 
3.154.  The products for which the BADMC exercises state-trading activities are: meats of poultry 
(HS 0207) for which it was granted the status of sole importer in 2002, and onions (HS 0703.101). 
In the case of onions, the BADMC imports them fr ee of duty to ensure stability within the local 
onion market. Although the BADMC only has exclusiv e rights to import the commodities which fall 
under its purview, local manufacturers which utilize agricultural products within their production 
base are also permitted to import these commodities . Import levels are established on the basis of 
production capacity. In the case of poultry meat , wholesale prices are subject to controls, as 
specified above. With respect to onions, the resale price offered by the BADMC is based upon the 
prevailing local market price for the commodity.
85 
3.155.  Although they do not have state trading statutory rights, certain other companies are 
de facto sole traders. For instance, the Barbados National Oil Company is the sole importer of 
gasoline and fuel oil. Also, a number of commercial companies in Barbados remain partly or totally 
state-owned, and the State is involved in a number of commercial activities in such sectors as utility services, hotels, and agri-food production.
86 
3.156.  During the period under review, the National Insurance Board and other domestic and 
foreign shareholders sold part of their shares in Light & Power Holdings, the parent of the 
electricity company The Barbados Light & Power Company, to a Canadian investor (Emera), which as at early 2011 owned 79.7% of Light & Power Holdings shares, thereby making it the largest 
single shareholder. The remaining shares are held by approximately 1,700 other shareholders.
87 
                                                                                                                                               
(29.65/36.16 per 20 lb cylinder; 37.06/45.20 per 25 lb cylinder; and 170.47 (retail) per 100 lb cylinder); 
chicken wings (4.28/5.36 per kg or 1.94/2.43 per lb.); chicken backs and necks (1.76/2.29 per kg. or 0.80/1.04 per lb.); turkey wings (6.05/8.05 per kg.); and regular sugar (1.38/1.52 per kg or 0.63/0.69 per lb.). 
83 The Barbados Light & Power Compan y online information. Viewed at: 
http://www.blpc.com.bb/co_his.cfm . 
84 WTO documents G/STR/N/11/BRB/Rev.1 and G/STR/N/12/BRB/Rev.1, 29 April 2013. 
85 Ministry of Agriculture and Rural Deve lopment online information. Viewed at: 
http://www.agriculture.gov.bb/ . 
86 Companies wholly owned by the St ate include: the Barbados Agricultural Development and Marketing 
Corporation (BADMC), Barbados Agricultural Manage ment Company, Barbados Investment & Development 
Corp. (BIDC), Barbados National Oil Company (BNOC), Barbados National Terminal Company Ltd., Barbados 
Port Inc., Barbados Postal Service, Barbados Touris m Investment Inc. (BTI), Barbados Water Authority, 
Caribbean Broadcasting Corporation, Caves of Barbados  Ltd., Enterprise Growth Fund LTD (EGFL), Grantley 
Adams International Airport Inc., LIAT Ltd., Nation al Petroleum Corporation (NPC), Needham’s Point 
Development Inc., and Sanitation Service Authority. 
87 The Barbados Light and Power Company Li mited online inform ation. Viewed at: 
http://www.blpc.com.bb/co_his.cfm . WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.3.4  Government procurement 
3.157.  Barbados is not a party to the WTO Plurilateral Agreement on Government Procurement 
(GPA), nor does it have observer status or participate in the Working Group on Transparency in Government Procurement. The authorities indicated that Barbados is not presently considering 
acceding to the GPA. 
3.158.  Central Government expenditure on good s and services totalled BDS$391.8 million in 2012 
(some 4.6% of GDP), while capital expenditure totalled BDS$93.7 million (some 1.1% of GDP).
88 
Specific statistical information on government procurement by modality is not readily available. 
3.159.  In August 2014 the main legislation regulating government procurement by central 
government ministries and departments in Barbados was still the Financial Administration and Audit Act Cap. 5, enacted in 1964, together with the Financial Administration and Audit (Financial) 
Rules (2011), and the Financial Administration and Audit (Supplies) Rules (1971). The Financial 
Administration and Audit Act provides for the control and management of public finances, and stipulates that all statutory spending by governme nt agencies in Barbados must be funded through 
a consolidated fund. The Financial Administration and Audit Act and its regulations do not apply to 
decentralized government agencies, such as statutory bodies. The Government purchase of drugs is regulated by the Financial Administration an d Audit (Drug Service) Rules (1980). Imports for 
government consumption are exempt from import duties, but VAT is payable on all non-zero-rated 
items. 
3.160.  The Financial Administration and Audit (Financial) Rules (2011) mandate the establishment 
of a Tenders Committee and a Special Tenders Committee when procurement is financed by 
money from an international financial institution. The Tenders Committee consists of the Chief 
Supply Officer, who chairs it, the Solicitor-General  or a legal officer nomi nated by him/her, and 
five officers appointed by the Minister of Finance. The Special Tenders Committees also consists of 
the Chief Supply Officer, the Solicitor-General or a legal officer nominated by him/her, and five 
officers appointed by the Minister of Finance. Competitive tendering for goods, services and/or works of a value of over BDS$100,000 is managed by the Tenders Committee 
3.161.  The general procurement method is open  tendering, subject to certain thresholds. 
Government procurement of goods, services  and works valued at less than BDS$20,000 
(US$10,000) may take place through direct offers or negotiations  and without the formality of a 
written agreement. Procurement of goods, work s or services in excess of BDS$20,000, but less 
than BDS$200,000 (US$100,000) does not require tend ering; the award of the contract is based 
on the examination of written quotations from in terested suppliers. Procurement contracts over 
BDS$200,000 must be subject to an open competitive tendering procedure. 
3.162.  Procurement is generally centralized, but can be decentralized in certain cases and under 
certain thresholds. In accordance with the Financial Administration and Audit (Financial) Rules (2011) orders for the acquisition of services or  supplies that do not exceed BDS$50,000 in value 
can be approved by the Director of the procuring department. 
3.163.  In the case of open tenders, a notice is published in one or more newspapers in Barbados, 
except where the Tenders Committee is satisfied that no more than seven contractors in Barbados are capable of tendering, in which case contractors are invited by letter to submit a tender. 
Tenders are not advertised in the Official Gazette  but some, over a certain threshold, are 
advertised electronically if they are financed internationally; otherwise they are advertised in the local media. In accordance with the Financial Administration and Audit (Financial) Rules (2011), in 
cases of extreme urgency or of a specialized na ture, the Cabinet may authorize the procurement 
of goods or services through direct negotiations. 
3.164.  A surety is required for tendering. This requirement must, where applicable, be stated in 
the notice or letter inviting tenders. The surety may take the form of a deposit of a sum of money 
with the Treasury or of approved securities with a value of not less than 10% of the contract price. 
                                               
88 Ministry of Finance and Economic Affairs (2013), Economic and Social Report 2012. Viewed at: 
http://www.economicaffairs. gov.bb/download.php?id=324 . WT/TPR/S/308/Rev.1 • Barbados 
 
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  3.165.  Depending on the nature and complexity of the procurement contract, the time-limit for 
t h e  s u b m i s s i o n  o f  b i d s  v a r i e s  f r o m  2 1  t o  4 2  d a ys. The criteria considered in awarding tenders 
include conformity with tender requirements, as well as the financial, technical, and supply capacity of the tendering firm. There is no referenc e in the legislation to the lowest price or cost 
being a determinant factor in the award of a contract. The contract is generally awarded to the 
"lowest evaluated tender", considering, apart from  the price, factors such as the guarantee of 
supply, the completion time, and transportation costs. Barbados' legislation does not contemplate 
granting preferences to domestic or regional suppliers. Tendered procurement opportunities are 
open to all suppliers. Tender documents are pu blicly opened; unsuccessful tenderers are also 
informed of the results of the tender, but reasons for rejection are not given. 
3.166.  Procurement decisions may be challenged administratively or judicially. Complaints may be 
handled administratively by the Director of Finance and Economic Affairs. Judicial complaints are 
handled through the law courts. No court complaint has been lodged since the last review in 2008. 
3.167.  The Financial Administration and Audit (S upplies) Rules 1971 regulate the procurement of 
supplies. Under the rules, the Chief Supply Officer issues invitations to tender, accepts tenders, 
issues orders and enters into contracts. For procurement under BDS$100,000, the Chief Supplier must maintain a list of approved suppliers for each item and must restrict invitations to tender, as 
well as contracts, to such approved suppliers. To be included in the list of approved suppliers, 
potential suppliers must complete an Application to Become an Approved Supplier; residence in Barbados is required. Participants in open tenders do not need to be registered. The authorities indicate that supplies may be bought internationally if they are not available locally. 
3.168.  The Financial Administration and Audit (Drug Service) Rules 1980 apply to the 
procurement, control, and disposal of drugs. The Drug Tenders Committee examines tenders if 
expenditure under the contract is likely to exceed BDS$5,000; the procedures are similar to those 
for supplies. The Barbados Audit Office is respon sible for surveying the use of procurement rules. 
3.169.  In late 2014, a new Procurement Bill was discussed in Parliament, and is expected to be 
passed shortly. The Bill increases the tendering threshold from BDS$200,000 to BDS$500,000 and 
decentralizes procurement. Procurement betw een BDS$100,000 and BDS$ 500,000 will take place 
through a public request for quotations from a list of suppliers. The Bill proposes the creation of a Government Procurement Department to de al with procurement above the BDS$500,000 
threshold. For the decentralization to be effectiv e, it is proposed to create a Procurement Unit 
within each Ministry. Each Unit will be headed by a Purchasing Officer who will report monthly to 
the Chief Procurement Officer. The Bill also identifies the different methods of procurement to be used and deals with the registration and pre-qualification of suppliers. These reforms aim at 
enhancing the transparency and efficiency of the procurement process. 
3.170.  Under Article 239 of the Revised Treaty of Chaguaramas Establishing the Caribbean 
Community (the Revised Treaty) (2001), CARICOM Heads of Government undertook to elaborate a 
protocol on government procurement.
89 The Council for Trade and Economic Development 
(COTED) launched an action plan to create a regional information coordinating agency, and a promotional programme was developed to increase  procurement of regional goods and services 
within CARICOM. As at November 2014, discussions were still ongoing and the programme had not 
yet been finalized. In the bilateral FTAs between CARICOM and Costa Rica (Article XV.01), and 
with the Dominican Republic (Article XI), it is envisaged that the parties would consider developing an agreement on government procurement, although no action had yet been taken in this respect. 
3.171.  The Government of Barbados has implemented the Trade Receivables Liquidity Facility 
(TRLF), a programme to facilitate the participation of small businesses in the procurement process. The Facility allows small businesses that have delivered goods or services to a 
Ministry/Department of the Central Government to receive timely payment at a discounted rate. 
All outstanding invoices are honoured within seven days.
90 To sign up for the Facility, an individual 
or small business must register with the Small Business Development Unit (SBDU) at the Ministry 
                                               
89 Revised Treaty of Chaguaramas Establishing the Caribbean Community (2001). Viewed at: 
http://www.caricom.org/jsp/community/revised_treaty-text.pdf . 
90 Central Bank of Barbados on line information. Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf /vwPublications/2370029B6C 882E3C04257B0B00496284/$FILE/Tr
ade_Receivables_Liquidity_Facility.pdf . WT/TPR/S/308/Rev.1 • Barbados 
 
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  of Industry, International Business, Commerce and Small Business Development. The TRLF is 
available to small businesses as defined under the Small Business Development Act Cap. 318C Section 3 (b), and must satisfy any two of the three following criteria: (1) a paid-up capital of not more than BDS$1 million; (2) annual sales of no more than BDS$2 million; and (3) no more than 
25 employees. Under the TRLF, a business or individual can factor invoices for a maximum of 
BD$200,000 per quarter. The financial institution (commercial banks; consolidated finance; Signia Finance Corporation; Caribbean Financial Services ; Enterprise Growth Fund; Barbados Agency For 
Micro-enterprise Development; and credit unions) disburses funds to the small business or 
individual is discounted at the prevailing interest rate plus a 1.5% annual guarantee premium.
91 
Guarantee coverage is provided to eligible financial institutions for facilities factored through the Credit Guarantee Scheme for Businesses at the Central Bank of Barbados. Financial intermediaries 
are responsible for setting the discount rates on receivables which they have factored. Since the 
repayment of the amounts factored are guaranteed  by the Central Bank of Barbados, financial 
intermediaries are encouraged to use the risk rati ng of the guarantor as the basis for determining 
the discount rates. 
3.3.5  Intellectual property rights 3.172.  The legal system for the protection of IPRs in Barbados remained broadly unchanged 
during the period under review. Similarly, with respect to its acceptance of international treaties. 
Barbados is a member of the World Intellectual Property Organization (WIPO) and a signatory to a number of international agreements on intellectual property rights.
92 As was noted in the previous 
review, Barbados is not a member of the International Union for the Protection of Industrial 
Property or of the International Union for the Protection of New Varieties of Plants (UPOV) 
Convention (1978). 
3.173.  The agency responsible for IPRs' administration is the Corporate Affairs and Intellectual 
Property Office (CAIPO) of the Ministry of Indu stry, International Business, Commerce, and Small 
Business Development.93 CAIPO also advises the Ministry and other government departments on 
IP-related issues and is responsible for granting patents and the registration of trade and service 
marks, industrial designs, and other IPRs, covering  geographical indications, integrated circuits, 
and plant varieties.94 
3.174.  Barbados legislation covers all major areas referred to in the TRIPS Agreement, as shown 
in Table 3.11. Most new legislation was passed du ring the implementation period of the TRIPS 
Agreement. Amendments to some of the original  Acts were introduced in 2004 (copyright) and 
2006 (patents, industrial designs, and trademarks).  Barbados' legislation establishes a right of 
priority for national, regional or international applications for patents or industrial designs in a 
country party to the Paris Convention or a WTO Member. 
3.175.  Under the requirements of Article 63.2  of the TRIPS Agreement, Barbados has made 
several notifications to WTO concerning its IPR-related legislation.95 Despite the fact that no major 
                                               
91 The funds to be disbursed are calculated as follo ws = amount receivable less (amount receivable x 
interest rate) + premium rate. 
92 Barbados is a party to: the Convention Establishing the World Intellectual Property Organization 
(1970); the Paris Convention for the Protection of Indu strial Property, Stockholm Text (1883) as revised in 
1967; Nairobi Treaty on the Protection of the Olympic Symbol (1981); the Patent Cooperation Treaty (PCT), (1970); the Nice Agreement Concerning the International Cl assification of Goods and Services for the Purposes 
of Registration of Marks (1967); the Berne Convention fo r the Protection of Literary and Artistic Works (1986); 
the Rome Convention for the Prot ection of Performers, Producers of Phonograms and Broadcasting 
Organizations (1961); the Geneva Convention for the Protection of Producers of Phonograms Against 
Unauthorised Duplication of their Phonograms (1971); and the TRIPS Agreement (1995). 
93 Corporate Affairs and Intellectual Property O ffice (CAIPO) online information. Viewed at: 
http://www.caipo.gov.bb/site . 
94 CAIPO online information. Viewed at: http://www.caipo.gov.bb/site /. 
95 WTO documents IP/N/1/BRB/P/1, 12 Novemb er 2001; IP/N/1/BRB/P/2, IP/N/1/BRB/P/3, 
16 October 2001; IP/N/1/BRB/P/4, 17 October 2001 (patents); IP/N/1/BRB/P/5, IP/N/1/BRB/P/6, 1 August 2002 (new plant varieties); IP/N/1/BRB/T/1, 12 November 2001; IP/N/1/BRB/T/1, Add.1, IP/N/1/BRB/T/2, 17 October 2001 (trade marks); IP/N/1/BRB/D/1, IP/N/1/BRB/D/2, 16 October 2001 (industrial designs); IP/N/1/BRB/C/1, 16 October 2001 (copyright); IP/N/1/BRB/G/1, 16 October 2001; 
IP/N/1/BRB/G/2, 1 August 2002 (geographical indica tions); IP/N/1/BRB/L/1, IP/N/1/BRB/L/1/Add.1, 
16 October 2001; IP/N/1/BRB/L/2, 1 August 2002 (integrated circuits); IP/N/1/BRB/I/1, 9 May 1996; IP/N/1/BRB/I/2, 2 August 2002 (protection against un fair competition); IP/N/1/BRB/3, 2 December 2011 WT/TPR/S/308/Rev.1 • Barbados 
 
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  legal changes took place during the period under review, Barbados updated several of its 
notifications in 2011, referring to legal changes that occurred in 2006 through the introduction of the Intellectual Property (Miscellaneous Provisio ns) Act, 2006 - 2 and the Copyright (Amendment) 
Act, 2006 – 1. Barbados' IPR legislation was reviewed by the TRIPS Council in 2001 where 
Barbados responded to questions posed by WTO Members.
96  
3.176.  In the context of the current review, the authorities have noted that Barbados is in the 
process of reviewing its IPR legislation. Proposal s have been prepared by the Registrar and an 
Advisory Committee has been established which, toge ther with CAIPO, is in charge of reviewing 
these proposals. The authorities have indicated th at some of the legal changes they are currently 
examining have been motivated by Barbados' decisi on to become a party to the Budapest Treaty 
on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent 
Procedure, which will require amendments to Barbados' patents law, and the Hague Agreement 
Concerning the International Registration of Indu strial Designs, which will require changes to 
Barbados' Industrial Designs Act. The authorities are also looking into legal changes with respect 
to geographical indications since current legislation in practice is unused. Work to this end is 
ongoing and no timetable for completion has yet been determined. 
3.177.  The vast majority of patent applications are submitted through the PCT. According to 
WIPO, some 49.2% of all patent applications over 1998-2012, were in the area of medical 
technology; 6.7% in the area of computer techno logy; 5.4% in pharmaceuticals; 4.7% in digital 
communication; 3.3% in audio-visual technology; 3% in telecommunications; and the rest in other areas.
97 The authorities indicated that the average length  of time to process a patent application in 
2014 is approximately two years. 
Table 3.11 Overview of IPR protection, 2014 
Area/law Coverage Duration Exclusions and limitations 
Copyright    
Copyright Act, 1998-4 Protection is extended to 
original literary works 
(including computer 
programmes), dramatic, 
musical, and artistic works; 
sound recordings, films, 
broadcasts or cable 
programmes; typographical 
arrangements of published 
editions; and electronic 
databases. Neighbouring rights 
of producers of phonograms 
and performers are also 
protected. Related rights 
include moral rights as well as 
performers' and broadcasters' 
right. 
No registration required for 
protection.  Life of the author 
plus 50 years. 
For sound 
recordings, films, 
broadcasts or cable 
programmes, 
computer-generated 
works, 50 years from 
production year. 
For cable or 
broadcast 
programming, 50 
years from the end 
of the year in which 
the broadcast took 
place. 
For typographical 
arrangements, 
25 years from the 
year in which the 
edition was first 
published. Protection is granted to work that is 
original and has been written down, 
recorded or otherwise expressed in 
some material form. 
 
Copyright may be transmitted by 
licensing. 
 
Moral right to object to derogatory 
treatment of protected works. 
Copyright 
(Amendment) 
Act 2004 No. 17 Amended provisions of the 
Copyright Act with respect to 
terms of imprisonment.   
Copyright 
(Amendment) 
Act 2006 No.1 Amended provisions of the 
Copyright Act to expand the 
scope and competences of the 
Copyright Tribunal.   
                                                                                                                                               
(amendments to legislation); and IP/N/1/BRB/I/2, IP/N/1/BRB/D/1/Add.1, IP/N/1/BRB/D/2/Add.1, 
IP/N/1/BRB/P/3/Add.1, IP/N/1/BRB/T/1/Add.2, IP/N/1 /BRB/T/2/Add.1, 14 December 2011 (new legislation 
amending previous Acts). 
96 The questions and responses are contained in WTO documents IP/Q/BRB/1, IP/Q2/BRB/1, 
IP/Q3/BRB/1, and IP/Q4/BRB/1, 9 February 2004. Question s were raised by: Australia, Canada, the EU, Japan, 
Switzerland, and the United States. 
97 WIPO online information. Viewed at: 
http://www.wipo.int/ipstats/en/statistics/country_profile/countries/bb.html. WT/TPR/S/308/Rev.1 • Barbados 
 
- 79 - 
 
  Area/law Coverage Duration Exclusions and limitations 
Copyright (Prohibited 
Imports) Regulations, 
2004 
(Statutory Instrument 
2004 No. 82), 
23 June 2004 
 They define procedures to be 
followed and forms to be used 
in giving notice to the Comptroller of Customs of the importation of infringing copies, as well as procedures 
for the detention of goods by 
the Comptroller and the release in certain cases of copies detained and determination of action by the 
High Court inclusive of 
forfeiture orders.   
Copyright Tribunal 
Regulations. Statutory 
Instrument 2004 
No. 32 Govern the administrative 
procedures of the Copyright 
Tribunal. 
   
Patents    
Patents Act 2001, 
No. 18 
Patents Regulations, 
1984- S.I. 1984 
No. 84 An invention that is novel, 
involves an inventive step, and 
is industrially applicable. 
Rights of plant breeders and 
developers of new plant 
varieties specifically protected.  
 20 years from the 
filing date accorded 
to the applicant. Inventions involving, discoveries, 
scientific theories and mathematical 
methods, diagnostic methods, 
methods for treatment of human 
beings and animals by surgery or 
therapy, plant and animal varieties 
and biological processes for the 
production of plants other than 
microbiological processes, and the 
products of those processes and 
inventions, the commercial exploitation 
of which would be contrary to public 
order or morality or which is 
prejudicial to human or animal health 
or to plant life or to the environment. 
Compulsory licences can be issued, 
subject to reasonable payment. if 
exploitation by the patent owner is 
found to be anti-competitive.  
Patents (Priority 
Protection) Order, 
2005 Identifies convention countries 
for the purposes of section 21 (4) of the Patents Act, namely all WTO Members and all 
parties to the Paris Convention. 
 n.a. n.a. 
Intellectual Property 
(Miscellaneous 
Provisions) Act, 
2006-2 
Entry into force:  
23 February 2006  New Section 55 A inserted to 
provide for the burden of proof 
in certain cases. In determining 
whether the burden of proof 
has been discharged, the court 
shall not require a party to 
disclose any manufacturing or 
commercial secrets if it appears 
to the court that it would be 
unreasonable to do so. n.a. n.a. 
Industrial designs    
Industrial Designs Act 
of 1985, Cap. 309A  
Industrial Designs 
Regulations, 1984- 
S.I. 1984 No. 83 Handicraft and industrial 
designs may be registered if 
they are new prior to the date 
of filing or the priority date of 
the application for registration. 5 years, renewable 
for two consecutive 
periods of five years 
each. Protection is granted if the design has 
not yet been made available to the 
public through use or description or in 
any other manner except through 
display in an official exhibition.  An 
industrial design cannot be registered, 
if it is likely to provoke a breach of 
peace. 
 
Intellectual Property 
(Miscellaneous Provisions) Act, 
2006-2 
Entry into force: 23 February 2006 Amends the principal Act to 
provide that the registration of an industrial design is valid for 
10 years from the date of the 
application for its registration, and a registration may be renewed for five years upon payment of the prescribed fee.  
Amends also the Industrial 
Designs Regulations, 1984 to introduce new provisions in 10 years from the 
date of the application for its 
registration, 
renewable for five years. n.a.
 WT/TPR/S/308/Rev.1 • Barbados 
 
- 80 - 
 
  Area/law Coverage Duration Exclusions and limitations 
respect of fees chargeable on 
application and on granting 
registration.  
Layout designs of integrated circuits  
Integrated Circuits 
Act, 1998-21, 
amended by Integrated Circuits (Amendment) Act 2001 No.15.  
Integrated Circuits 
Regulations, 2001 Three-dimensional disposition of 
elements, at least one of which 
is an active element of an 
integrated circuit. 
Layout-designs must be original; 
the right to registration is 
transferable. 10 calendar years 
from the date of first 
commercial exploitation, anywhere in the world, of the layout-
design, or on the 
filing date for application for registration, non-renewable. 
 Layout designs in commercial use for 
more than two years. 
 
Integrated Circuits 
(Amendment) Act 
2001 No.15 Amends the principal Act by 
clarifying the criteria for 
protection, and making provision 
for a right of appeal to the High 
Court.   
Trade marks 
Trade Marks Act, 
1981-56, amended 
by Acts 1984-20, 
1988-6, 2001-16, 
and 2006-2. Trade 
Marks Regulations 
1984- S.I. 1984 No. 
85 Trademarks, service marks, and 
collective marks are 
"distinctive". The definition of 
trade mark includes aspects of 
shape and packaging. 
There are provisions for the 
right of priority of an earlier 
application filed by the applicant 
in any State party to the Paris 
Convention or Member of the 
WTO. 
It is possible to register 
collective marks. 
Registration is not compulsory 
for protection, but without it a 
trade mark owner cannot bring 
an action in court for 
infringement. 
The 2001 amendment 
strengthened the enforcement 
provisions for infringement of a 
mark by way of judicial 
procedures for forfeiture and 
destruction of goods, materials 
and articles designed/adapted to 
make counterfeit copies of a 
registered mark by introducing 
procedures to enable right 
holders to request detention at 
the border of counterfeit 
trademark goods. 
 Registration if valid 
for a period of ten 
years from the date 
of registration and 
may be renewed for 
further consecutive 
periods of ten years 
each. Applications 
for renewal must 
include a statement 
of use of the mark in 
previous years or 
reasons for non-use 
should be stated. Legislation grants the right of 
assignment and transfer of a trade 
mark by the proprietor. 
 
Intellectual Property 
(Miscellaneous Provisions) Act, 2006-2 
Entry into force:  
23 February 2006  Introduces miscellaneous 
amendments to the Trademarks Act, 1981, namely the insertion of certification mark in the 
definition of "mark", including its 
definition, provisions for its use, its registration, and its transfer, and the rights of the registered owner. This Act also makes 
consequential amendments to 
the Trademarks Regulations, 1984 with respect to certification and collective marks.    
Geographical indications 
Geographical Indications Act, 1998-22 (in force since 2001). 
Geographical 
Indications Regulations, 2001 Indication identifying goods as 
originating in a territory or region or locality, when a given quality, reputation or other 
characteristic of the good is 
essentially attributable to its geographical origin. Registration  Indications that do not correspond to the definition of geographical indication under the Act, that offend public order or morality, or that cease to be 
protected or fall into disuse in their 
country of origin. WT/TPR/S/308/Rev.1 • Barbados 
 
- 81 - 
 
  Area/law Coverage Duration Exclusions and limitations 
is not required for protection.  
 
Undisclosed information 
Protection Against 
Unfair Competition Act, 1998-20 Protects against the disclosure, 
acquisition or use of secret information in the course of 
industrial or commercial 
activities, without the consent of the person lawfully in control of the information.  Indefinite.
  
Protection against unfair competition 
Protection Against 
Unfair Competition Act, 1998-20 Protection against unfair 
competition within the context of Articles 39-40 of TRIPS 
Agreement. 
 Indefinite.
  
Protection of new plant varieties  
Protection of New 
Plant Varieties Act, 
2001-17. Protection 
of New Plant Varieties Regulations, S.I. 2001, No. 133. Protection of New 
Plant Varieties Order, 
S.I. 2001, No. 134 Grants plant breeders' rights in 
respect of plant varieties that 
are new, distinct, homogeneous, 
stable, and given a denomination acceptable for registration. Foreign applications from UPOV 
members will be accorded a 
one-year priority right. 25 years for 
perennial plants 
(including forest and 
fruit trees, vines); 20 years for others. Plant breeders' rights do not extend to 
acts by individuals, for non-commercial 
purposes, for experimental purposes, or 
for the purpose of breeding other varieties. 
 
Source: WTO Secretariat, based on WTO docume nts IP/N/1/BRB/2, 2 August 2002, IP/N/1/BRB/3, 
2 December 2011. CAIPO online information. Viewed at: http://www.caipo.gov.bb/site/ , and 
information provided by the authorities. 
3.178.  Barbados' patent legislation includes provisions with respect to both voluntary and 
compulsory licensing. Compulsory licensing may be granted by the High Court in circumstances 
where a period of four years has expired from th e date of filing the patent application or three 
years from the date the patent was granted, whichever period expires later, and there has been a 
failure to exploit or sufficiently exploit the patented invention. Also, compulsory licensing may take 
place for the exploitation by the Government wi thin Barbados of an invention protected by a 
patent, for national security, health, or nutritional reasons, as well as for the development of an 
essential sector in Barbados' economy, or for other reasons of public interest. 
3.179.  There are no legal provisions with respect to parallel imports; however, the authorities 
have indicated that in practice they are not permitted. 
3.180.  Barbados submitted a response to the WTO checklist on issues of enforcement in 
intellectual property.98 The High Court has jurisdiction in cases of dispute relating to the 
application of all IPRs. Appeals can be made to the Court of Appeal and to the Caribbean Court of Justice as the final appellate court. 
3.181.  The different IPR laws include provisions for criminal sanctions and detail a minimum fine 
and/or a minimum term of imprisonment for offences. Remedies available in civil proceedings include injunctive relief, the delivery up of goods, the destruction of goods, imposition of fines and 
payment of damages and expenses.  
3.182.  In the case of copyright, remedies also include impounding of infringing copies of works, 
and the forfeiture and seizure of the instruments or equipment used to make the copies. On conviction in the High Court, infringement of co pyright may lead to a fine of up to BDS$500,000 or 
imprisonment for ten years, or both. If convicted under section 132 of the Copyright Act for 
making illicit copies of a copyrighted work, the offender may be sentenced by a Magistrate to a 
fine of BDS$100,000 or a term of imprisonment fo r two years, or both. If an offender is found 
guilty of dealing in infringing works, section 46 of the Copyright Act provides for fines of 
BDS$50,000 or a term of imprisonment of two years,  or both, if sentenced by a Magistrate. If the 
conviction is on indictment before the High Court, the penalty is BDS$200,000 or a term of 
imprisonment of five years, or both. Where the conviction is under section 132 of the Copyright 
Act, the offender may be sentenced by a Magistrate to a fine of BDS$100,000 or to a term of 
                                               
98 WTO document IP/N/6/BRB/1, 6 July 2001. WT/TPR/S/308/Rev.1 • Barbados 
 
- 82 - 
 
  imprisonment of five years, or both, On indictment before the High Court, the offender may be 
sentenced to a fine of BDS$500,000 or to a term of imprisonment of 10 years, or both. 
3.183.  Liability lies not only with persons in possession of infringing works, but also with persons 
in possession of the means to carry out illicit duplication of copyrighted works. Companies and 
other corporate bodies may also be liable for copyright infringement. If a director, corporate 
secretary, or manager of the company has consented to or connived in the infringement of copyright, that person may be liable to the same criminal sanction.
99 
3.184.  IPR enforcement actions must be initiated by the right-holder, the exclusive licensee or an 
authorized agent, or by the registered owner of the right. No prosecution can begin after five years from the date of the commission of an offence under the Act, or one year from the date of 
discovery of the commission of the offence, whiche ver is later. The copyright owner or his agent 
may seek: an injunction to prevent the offender fr om copying, distributing or importing/exporting 
illicit copies of his works; an order for delivery up of the infringing article
100; an order for disposal 
of infringing materials; an order allowing for the search, seizure and detention of infringing 
materials, equipment used for the production of infringing materials, or records of transactions in 
infringing works. This last order is subject to stringent conditions. A lawsuit may also be brought and damages awarded against the offender. 
3.185.  There is no explicit legal provision with re spect to ex officio action by Customs officials. 
Upon application by the right-holder to the Comptroller of Customs or other authorized person, Customs authorities are authorized, under copyrigh t and trade mark legislation, to seize goods 
that infringe IPRs to prevent them from entering the country. 
3.186.  Under section 138 of the Copyright Act, a police officer is empowered, once a warrant is 
issued, to enter any premises or place, stop, board and search any civilian vessel or aircraft, or stop and search any vehicle in which that officer reasonably suspects there is an infringing copy of 
a copyrighted work, or illicit recording or any article used or intended for use in the production of 
infringing material. The police may also seize, remove, or detain any article which appears to be an infringing copy of an illicit recording. Other powers relating to search and seizure are set out in 
the Act. 
                                               
99 CAIPO online information. Viewed at: http://www.caipo.gov.bb/site/i ndex.php?option=com_content 
&view=article&id=72&Itemid=94 . 
100 Under section 47 of the Copyright Act, the right owner may seek, or the Court may make on its own 
volition, an Order requiring the offender to deliver up all infringing copies to the copyright owner. The Court 
must be satisfied that the offender was in possession of th e illicit copies of the copyright work at the time of his 
arrest or charge. This Order may be followed up with an  Order to forfeit the infringing article to the copyright 
owner; destroy the infringing article; or  dispose of the infringing article by such means as the Court sees fit.  WT/TPR/S/308/Rev.1 • Barbados 
 
- 83 - 
 
  4  TRADE POLICIES BY SECTOR 
4.1  Agriculture and fisheries 4.1.1  Overview 4.1.  The agriculture and fisheries sector in Barbados is small. During the period under review, the 
sector's contribution to GDP was below 2%, while employing nearly 3% of the workforce, implying 
that labour productivity in the sector was lower than that in the rest of the economy. The sector's total contribution to the economy in 2012 was around US$50 million.  
4.2.  Barbados' main agricultural products are:  sugar, cotton, dairy products and livestock and 
meat. Sugar production and its by-products contribute some 3% of Barbados' GDP.  
4.3.  The importance of sugar production has co nsiderably diminished during the period under 
review. In fact, the most significant event in Barb ados' agricultural sector during the period was 
the crisis in the sugar industry and the Government is currently concentrating on the development 
of niche by-products, such as special types of rum. Until October 2009, the sugar industry was 
able to rely on guaranteed prices which were above world prices. However, domestic reform in the 
EU and the negotiation of the reciprocal ACP-EU EPA changed the nature of the sugar trade with 
the EU, Barbados' largest export market for sugar. Other factors that contributed to the decline of the sugar industry included: considerable factory downtime, declining yields, high operating costs, 
unreliable equipment and low productivity. Additional ly, the opportunity cost for land and labour in 
the sugar industry also proved to be high. Despite the setback in the sector, the authorities deem it important to maintain a sugar cane industry and have devised policies to this end in the National Growth and Development Strategy 2013-20 (see below).
1 
4.4.  In 2012, 12,203 acres of sugar cane were harvested, and 24,526 tonnes of sugar produced. 
Over 90% of the sugar produced in Barbados is exported, mostly to the United Kingdom. During 
the period under review, exports of sugar dec lined considerably, from US$19 million in 2007 (6% 
of total exports), to US$8 million in 2013 (1.7% of  exports). Including by-products, the decline is 
from US$23 million in 2007 to US$11.8 million in 2012, last available year (Table 4.1). 
Table 4.1 Barbados sugar production, 2007-12  
 2007 2008  2009  2010  2011 2012  
Canes harvested 
(tonnes) 353,521.22 310,668.94 356,662.98 258,162.70 285,410.77 258,600.63 
Area harvested 
(acres) 15,563.93 14,560.49 14,400.44 13,692.07 13,545.00 12,203.00 
Sugar production 
(tonnes 96º) 34,742.12 31,609.70 33,311.20 25,489.90 23,524.40 24,526.15 
Molasses output 
(tonnes) 13,474.30 10,917.49 12,508.51 12,290.56 10,010.19 8,422.57 
Production cost 
(BDS$/tonne) 2,641.26 3,043.56 3,003.00 3,450.00 4,010.00 4,148.00 
Total MT 96º sugar 
shipped to the EU 32,761.82 27,764.07 30,301.66 24,217.30 22,566.52 23,321.73 
Export price 
(BDS$/tonne) 1,413.10 1,622.62 1,344.82 914.39 963.24 1,014.55 
Export Earnings 
(BDS$) 46,295,800 45,050,634 40,750,306 22,144,100 21,737,000 23,661,015 
Source: Ministry of Agriculture, Food, Fisher ies and Water Resource Management. Viewed at: 
http://www.agriculture.gov.bb/agri/images/stories/Planning_Unit/Documents/Sugar_Production_200
7-2012.pdf . 
4.5.  Some 75% of local demand for milk is supplied domestically; the remainder being imported. 
The goal of the Government is to attain self-sufficiency in the production of milk. Barbados' pork 
consumption is met to a large extent by domestic production, but beef demand is satisfied chiefly 
through imports, mainly from the United States and Uruguay. Most poultry and its parts are 
                                               
1 Ministry of Finance and Economic Affairs, Economic Affairs Division (2013), National Growth and 
Development Strategy 2013-20 . Viewed at: http://www.economicaffairs. gov.bb/download.php?id=327 . WT/TPR/S/308/Rev.1 • Barbados 
 
- 84 - 
 
  supplied by domestic producers. In 2012, production contracted substantially with respect to the 
previous years (Table 4.2). 
Table 4.2 Production of livestock, anim al products and main crops, 2007-12 
('000 kgs)  
Commodity 2007 2008  2009  2010  2011 2012  
Pork 2,742.63 2,636.80 2,746.67 2,745.40 2,657.05 2,541.17 
Beef 136.06 144.39 150.84 161.24 150.63 147.51 
Veal 6.29 8.33 9.61 5.78 5.27 1.53 
Mutton 72.37 85.14 89.29 106.10 113.24 103.67 
Poultry- 
chicken  14,653.68 14,387.95 14,473.79 14,090.91 14,405.70 9,799.91 
Turkey 280.34 239.46 219.00 271.61 238.37 329.98 
Eggs 2,305.01 1,902.51 2,002.22 2,231.02 2,107.54 2,732.69 
Milk 6,762.30 6,694.39 7,013.69 6,700.98 5,810.27 6,146.09 
Total 26,958.70 26,098.96  26,705.10  26,313.04  25,488.07 21,802.54  
Vegetables 5,841.16 4,359.20 4,901.69 4,717.08 5,058.01 4,517.93 
Root crops 2,877.20 3,027.20 3,416.95 3,124.20 1,474.61 2,376.55 
Cotton lint 32.1 26.0 3.9 6.1 5.1 3.8 
Source: Ministry of Agriculture, Food, Fisher ies and Water Resource Management. Viewed at: 
http://www.agriculture.gov.bb/agri/images/storie s/Planning_Unit/Documents/Compiled_Local_Produ
ction_2000_2012.pdf . 
4.6.  The production of cotton lint plummeted during the period under review. The estimated area 
of cotton planted for the 2011/12 crop was 21.45 he ctares, 17.5% smaller than the area planted 
for the previous season. That crop provided 3.8 thousand kilograms of cotton lint, 25.5% less than 
was produced in 2010/11, and just 11.8% of the pr oduction level registered in 2007. The reduced 
quantity of cotton was as a result both of less acreage planted and fewer harvesters for the crop. 
4.1.2  Policies in agriculture 4.7.  The Ministry of Agriculture, Food, Fisher ies and Water Resource Management is responsible 
for agricultural policy in Barbados. There is currently no general legislation governing the sector as 
a whole, however, at the time of the last review, the authorities indicated that the first draft of a 
Sustainable Agricultural Development Bill was to be considered in June 2008. In the context of the current review the authorities indicated that the Bill has since stalled. 
4.8.  The Barbados Agricultural Development and Marketing Corporation (BADMC) has been 
notified to the WTO as a State Trading Enterprise. The BADMC also provides farm support services to the non-sugar agriculture sector, collects agricultural statistical data, and provides irrigation 
services to small farmers. The BADMC also administers the Land for the Landless Programme, 
which seeks to make unused arable lands in public or private ownership available to farmers. It provides cold storage facilities for local livestock farmers, and fabrication and meat-cutting 
services at competitive rates. The BADMC holds a legal monopoly on the importation of poultry for 
wholesale and retail sale. When imports are required, a tendering system is used whereby overseas suppliers are invited to tender. In the context of this review, the authorities noted that currently only turkey necks and wings are import ed. Chicken wings are not currently imported, as 
demand is fully met by domestic production and th e retail price is subject to controls. The BADMC 
is also the sole duty-free importer of onions. 
4.9.  Although it has not been given legal monopoly rights, Pine Hill Dairy (PHD) is the main 
purchaser of fresh milk from farms in Barbados. There are no legal restrictions on who may export 
or import milk and milk products, and PHD does not have a de facto monopoly on imports or exports. Farmers sell milk to PHD in fixed quotas  depending on market supply. PHD pays farmers a 
premium price for pasteurised milk sold within the quota system, and lower prices for out-of-quota 
milk used in other products, such as yoghurt and UHT milk. 
4.10.  The main instrument of border protection is the tariff. Barbados' average applied tariff on 
agricultural products was 33.9% (WTO definition) in 2014 (Table 3.3), considerably above the WT/TPR/S/308/Rev.1 • Barbados 
 
- 85 - 
 
  average tariff rate applied on non-agricultural g oods. Applied rates in manufacture ranged from 
zero to 216% in 2014. The highest tariff rates apply to certain types of fish (section 3.1.4). 
4.11.  Under the WTO Agreement on Agriculture, Barbados has reserved the right to use the 
special safeguard mechanism for the 36 products for which it has a tariff quota regime. However, 
currently special safeguards are in force only for 24 products. In 2011, Barbados notified domestic 
support for financial years 2002/2003 to 2006/2007.2 No notification has been made since then. 
With respect to export subsidies, the latest noti fication dates from 2009, corresponding to export 
subsidies provided to agricultural products during financial years 2002/2003, 2003/2004, 
2004/2005, 2005/2006 and 2006/2007.3 
4.12.  The agricultural sector may benefit from import duty concessions under the Agricultural 
Incentives Programme. The value of up-front import duty concessions provided to the agricultural 
sector for the importation of inputs totalled BDS$4.97 million in 2012-13, and over the same 
period rebates and grants on agricultural inputs amounted to BDS$638,000. The sector also enjoys a number of incentives schemes (Table 4.3). 
Table 4.3 Agricultural incentive schemes, 2014
 
Incentive 
scheme Description Eligibility 
Agricultural 
Incentives 
Programme Duty-free concessions on: plan ting material, machinery and 
equipment, agricultural chemicals, veterinary medicaments, 
hand tools, irrigation machinery and equipment, organic 
farming, some types of vehicles (under certain conditions), as well as special inputs. 
Technical assistance funding (75% of the activity) and 
working capital funding are also available. 
A re-tooling rebate also prov ides duty free concessions. Qualifying farmers and 
farmers' organizations. 
Livestock 
Development 
Fund Loans for up to BDS$50,000, at a preferential interest rate, 
with maximum repayment periods of up to ten years. Start-up or existing 
vegetable, food crop or 
livestock enterprises located 
in rural Barbados; borrowers' 
net worth must not exceed 
BDS$400,000. 
Agricultural Development Fund Grants and loans for working capital purposes, retooling, 
introducing new technology , and implementing best 
practices in the agricultural and fisheries sectors. 
The ADF does not provide funding to purchase land or for 
any expenditure on boats, nor does it provide debt 
consolidation loans. However, up to a maximum of 25% of 
the proceeds of an investment can be used to liquidate a business' existing debt. Security  is required for all loans. 
All financing decisions are made by the Management 
Committee of the ADF within 4 to 8 weeks after the receipt of an application. 
Loan fund of BDS$27 million, at preferential interest rates 
(5%).
 Repayment periods are normally 7 years or less for 
capital projects. However, loan s may be granted for up to 
10 years. These loans attract a hi gher interest rate in years 
8 to 10. Moratoria periods are offered. Registered farmers. From 
BDS$50,000 to $1 million in funding is available. An
 
application form is sufficient if BDS$150,000 or less is requested. A pr oposal must 
be submitted if seeking more than BDS$150,000. Proposals should provide an overview of the operations and development plans; 
describe the production 
and/or post-harvest processes; address legal and regulatory issues; and provide organizational and management information. 
Tax holiday 
for 
technology 
related 
investments 15-year tax holiday for organizations investing in high-end 
technology to reduce production costs. Registered farmers in 
business for the duration of 
the tax holiday. 
                                               
2 WTO document G/AG/N/BRB/20, 8 November 2011. 
3 The export subsidies notified were  granted to two types of products : fruit and vegetables and chicken 
breasts.  WTO document G/AG/N/BRB/18, 13 July 2009. WT/TPR/S/308/Rev.1 • Barbados 
 
- 86 - 
 
  Incentive 
scheme Description Eligibility 
Water 
harvesting rebate 50% rebate on the cost of es tablishing water harvesting 
facilities. Registered farmers engaged 
in livestock production. 
Scotland 
District 
Investment 
and 
Development 
Fund Grant funding; 10-year tax holid ay for investme nts in fruit 
production, processing and marketing. 
Orchard development subsidy to  promote the production of 
approved fruit trees and the overall afforestation of the 
District (BDS$5 per tree for a maximum of 1,000 trees per 
farmer). Agricultural and agri-related 
projects in the Scotland 
District. 
Cane 
Replanting Incentive Scheme Incentive payment of BDS$550 per acre for force-back 
planting and BDS$450 per acre for conventional planting of sugar cane. Sugar cane farmers, with 
conditions related to plant density and cleanliness of fields. 
Dairy 
industry 
incentives Rebate of 25% for the componen ts of diary housing up to a 
maximum of BDS$40,000; rebate of 40% of the cost of 
components for a milking pa rlour up to a maximum of 
BDS$60,000. Dairy farmers. 
Cotton 
Research and Development Fund Grant funding for agronomic rese arch. Research institutions. 
 
Source: Government of Barbados. 
4.13.  Under the Sugar Industry Act, the Minister of Agriculture, Food, Fisheries and Water 
Resource Management has the faculty to determine the maximum quantities of sugar and 
molasses that may be exported in any year, and to issue the corresponding export permits for these products. The Barbados Agricultural Management Company (BAMC) has a monopoly on the importation of bagged raw sugar. Imports of raw cane sugar are subject to a BDS$0.90 per kg 
levy under the Sugar Import Levy Act. Under the Revised Treaty of Chaguaramas, Barbados may 
apply quantitative restrictions on imports of unrefined sugar cane from any other part of the Community. At end October 2014 Barbados was not applying any such measures.  
4.14.  With a view to finding a solution and reversing the decline of the sugar industry, an 
"Institutional Review of the Barbados Sugar Indu stry" was undertaken. The objective of the review 
was to facilitate the transition from the traditional sugar industry to a new more efficient and 
profitable sugar cane industry. Recommendations to this end included strengthening and 
restructuring the BAMC, restructuring and improv ing the operations of small and independent 
farmers, and providing support for displaced workers.  As implementation is directly linked to the 
construction and commissioning of a multipurpose fa ctory, the implementation process is therefore 
ongoing. 
4.15.  Under the Cotton Export Levy Act, exports of  cotton are subject to a levy at the rate of 
BDS$0.17 per pound. The proceeds of the levy  are paid to the Barbados Cotton Growers 
Association.  
4.16.  The Government is seeking to attain self-suf ficiency in milk production. Currently it requires 
that 60% of milk needs of the school meals service and all other Government institutions be met 
from local milk production. 
4.17.  Recognizing the importance of the agricult ure and fisheries sector, the authorities issued a 
National Agricultural Policy in 2012. The policy sets out the Government's vision to change the agricultural sector, traditionally based mainly on sugar exports, to a sector geared towards the 
production of food so as to improve food securi ty and the nutrition and he alth of the population. 
Under the policy, the authorities envisage an agricultural sector that is technology driven, competitive and market oriented. Furthermore, they  expect the sector to contribute to national 
development by: providing foreign exchange saving s through a reduction in the food import bill; 
providing safe, fresh and nutritious food and thereb y reducing the incidence of disease; promoting WT/TPR/S/308/Rev.1 • Barbados 
 
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  agribusiness enterprises so as to create jobs; reducing food prices; creating wealth in Barbados; 
and promoting the multifunctional role of agriculture. 
4.18.  The National Agricultural Policy considers th at improving food security is fundamental to the 
growth, development and diversification of the Barbados economy and that the modernization of 
the sector is a pre-requisite to poverty alleviation. 
4.19.  Realizing the above, the authorities have fo cused on the agriculture and fisheries sector in 
the National Growth and Development Strategy 2013-20. Initiatives to be undertaken include: the 
enactment of a Food Security Act; the development of a Food Import Policy; new product 
development (cassava); promotion of agro-proce ssing; development of a market information 
system; establishment of packing houses; improving research and development; and 
implementing measures to facilitate exports and investment. Other measures included in the 
Strategy are: a cane industry project, estimated at a cost of US$270 million over 2013-2016; 
higher investment in non-sugar crop production; tying future tourism incentives to the increased use of local produce; and a longer-term initiative with rum producers. 
4.20.  The authorities find that praedial larceny poses the biggest challenge to the development of 
growth in the agricultural sector. To this end, th ey consider it important to reinforce the Praedial 
Larceny Prevention Act CAP142A, including through the use of Certificates of Purchase by Farmers, 
and the establishment of a Praedial Larceny Squad. 
4.21.  The Pilot Food Zone Project is an initiative undertaken by the authorities in 2013. Under this 
initiative, the Ministry of Agriculture will assist farmers in a designated area by: providing new techniques to increase crop production, helpin g with marketing of crops, and bringing all 
stakeholders in the sector/industry together so as  to achieve economies of scale at every stage of 
the production process. If the project succeeds it would be rolled out across the island. 
4.22.  Credit to the agricultural sector also declined considerably during the period under review, 
particularly in the aftermath of the global financial crisis, as credit to farmers in Barbados was 
regarded as being relatively high risk. Total cr edit granted to the agricultural sector reached 
BDS$16.5 million in 2012, down fr om a high of BDS$48.7 million  in 2007. The only subsector 
which has experienced an increase in credit allocation is sugar cane with credits for BDS$8 million 
in 2012, compared to BDS$2.8 million in 2007. The mo st dramatic decrease has been in credit for 
livestock, which plummeted fr om BDS$40.5 million in 2007, to just BDS$1.6 million in 2012 
(Table 4.4). 
Table 4.4 Commercial Bank Credit to the Agricultural Sector, 2007-12 
(BDS$ '000) 
Year Sugar cane Livestock Food crops Other Total 
2007 2,808 40,453 954 4,531 48,746 
2008 3,633 35,308 917 4,607 44,465 
2009 3,718 30,107 783 6,558 41,166 
2010 9,547 7,568 658 7,095 24,868 
2011 8,913 2,181 878 10,609 22,581 
2012 7,992 1,590 720 6,190 16,492 
Source: Government of Barbados (2013), Economic and Social Report , 2012.  
4.1.3  Fisheries 
4.23.  The fishing industry is important both econ omically and socially. It comprises several types 
of small businesses engaged in activities such as fish-processing, retailing and wholesaling, boat building, and fish export and distribution. Th ese businesses provide direct and indirect 
employment and income for an estimated 6,000 pe rsons, many of whom are self-employed. The 
industry is also an avenue for earning vital foreign exchange through fish exports, in addition to 
being a major contributor to local food security. WT/TPR/S/308/Rev.1 • Barbados 
 
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  4.24.  Under the provisions of the Fisheries Act (Cap. 391 section 4), the Fisheries Division of the 
Ministry of Agriculture has the legal authority for management and development of fisheries in Barbados and for the administration of the Fisherie s Act. The Fisheries Division is also responsible 
for: performing research and data collection for assessing the state of the various fisheries and 
suggesting conservation and development methods; the registration of fishermen and vessels; 
inspecting fishing vessels in accordance with local and international standards; and providing haul-up and launch services for local fishing vessels. For the latter a fee is charged. According to 
the authorities, the fee structure for all services is under review. 
4.25.  The Fisheries Act provides the legal authority for the Fisheries Management Plan (FMP) in 
terms of “schemes for the management and develo pment of fisheries in the waters of Barbados. 
The FMP forms the basis for fisheries policy, ma nagement (both conservation and development), 
administration and the formulation or implementation  of fisheries-related legislation. The Fisheries 
(Management) Regulations (1998) contain technical requirements and regulate the fisheries of certain species. 
4.26.   Local fisheries are currently open-access to nationals with Barbadian citizens having access 
to the resources. The authorities consider it imperative that effective management measures be put in place to prevent overexploitation of fish eries resources, to allow rebuilding those species 
that are depleted and to ensure resource sustai nability for present and future generations of 
Barbadians. To this end, the authorities put in place an FMP, which was in operation between 2004 
and 2006. The FMP contained information on the status of the local fishing industry and the 
planning processes used to develop the plan. It outlined strategies for the development and 
management of the fishing industry to ensure its sustainable contribution to the nutritional, 
economic and social well-being of Barbadians. Th e authorities are currently implementing fishery 
management plans for three fisheries: large pelagics, eastern Caribbean flying fish and sea 
urchins.  
4.27.  The authorities are cognizant of the challenges facing the fisheries sector. These include: 
overfishing, pollution, degradation of habitat an d impact of climate change. Furthermore, they 
realize that the quality control measures currently in place are inadequate, and have consequently 
sought to modify them: the Agricultural Health and Food Control Programme, funded by the Inter-
American Development Bank is spearheading the changes needed to upgrade current systems of 
food control, food safety and food quality to internationally acceptable standards. These issues 
have also been addressed in the Barbados Growth and Development Strategy 2013-20. 
4.2  Manufacturing 4.28.  The manufacturing sector in Barbados accounted for 6.7% of GDP in 2012 and the same 
percentage of employment. In the same year 9,565 people were employed in manufacturing, 
mainly in the food processing, beverage and tobacco subsectors. There was a dramatic decline in production in all manufacturing sectors during the period under review. The manufacturing sector 
contracted in volume terms by 30% between 2007 and 2012; the most affected industries were 
textiles and apparel, non-metallic mineral products and electronic components, with declines of over 50% in volume terms, while the declin e was lower (some 20%) in food, beverages and 
tobacco. 
4.29.  Applied tariffs in the manufacturing sector (ISIC classification) range from zero to 184%: 
the highest tariffs are levied on certain processed meat products. A range of products attract MFN tariff rates of 100% or above, including some pasta products; fruit purees, jams and juices; 
aerated beverages, as well as beer, stout and shan dy. Various firearms are subject to a 70% tariff. 
4.30.  Manufacturing industries may benefit from a number of general incentive programmes. 
Since 1994, all companies in the manufacturing, agri cultural and fishing sectors have been granted 
a waiver of customs duties and taxes payable on inputs. Eligible inputs include raw materials, 
machinery, equipment and spares. They do not, however, include motor vehicles. Since 1 November 2008 all imports of raw materials, packaging and equipment used by registered manufacturers are zero-rated for VAT purpos es. Under the Small Business Development Act 
(1999), tax concessions are granted to approved small businesses including exemption from the 
payments of import duties and stamp duty on plant and equipment and raw materials for use in 
their business; exemption from withholding tax on dividends and interest earned on any WT/TPR/S/308/Rev.1 • Barbados 
 
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  investments; exemption from the payment of stamp duty on all documents related to the business 
where registration of the document is required by  law; a 20% deduction of corporate tax for actual 
expenditure incurred in respect of use of technology, and market research. 
4.31.  The Fiscal Incentives (Amendment) Act (2001) provides a maximum 15-year tax holiday to 
any manufacturer of an approved product on ma nufacturing exclusively for export outside of 
CARICOM; manufacturing approved products containing a specified percentage of local value added; or being highly capital intensive. (section 3.3.1). Under the Export Development Allowance 
a company may deduct from taxable income an additional 50% of its spending in developing 
export markets outside CARICOM. Manufacturing businesses may also qualify for an investment allowance of 20% on plant machinery which is new or imported into Barbados for the first time. Businesses entitled to the export development allowance may claim a 40% investment allowance 
instead of the usual initial allowance of 20%. In addition manufacturers are entitled to an 
allowance of 150% of the expenditure incurred fo r the purpose of promoting export sales to 
regions outside of CARICOM or for ma rket research and development.  
4.32.  The Special Technical Assistance Programme makes provision for approximately 
BDS$5 million annually to the manufacturing and services subsectors, with an additional BDS$1 million for basic industries to assist in performance enhancement.
4 The programme, 
administered by the BIDC, seeks to address inherent problems associated with the high costs of 
production, inappropriate technology and ma nagement and production systems and other 
associated problems, and is intended to assist companies to become globally competitive and improve their level of exports. The BIF, administered by the CFSC, provides equity financing for 
small- and medium-sized businesses operating in  Barbados and engaged in manufacturing, agro-
industry, tourism and several services subsecto rs. The Enterprise Growth Fund Ltd. (EGFL) 
provides Barbadian companies in the production sector with loan financing, venture capital, and 
technical assistance through a range of funds (sec tion 3.3.1). Manufacturers may also benefit from 
a number of financing and guarantee programmes managed by the Central Bank of Barbados (section 3.3.1). 
4.33.  Additionally, assistance to manufacturers is provided under the Industrial Investment and 
Employment Fund, for industry re-tooling and plant upgrades. Assistance takes the form of loans at preferential interest rates as well as equity financing. The Government also continues to support the implementation of a "Buy Local Campaign" which is managed by the Barbados Manufacturers' 
Association to encourage the purchase of locally-manufactured goods. 
4.34.  In addition, the BIDC provides manufacturi ng companies with technical assistance, factory 
space in government industrial parks at concessionary rates, and office and production facilities in 
its Small Business Development Centre. The Small Bu siness Development Centre of BIDC offers an 
Innovation Support Programme, which provides assistance for the development, intellectual property protection and commercialization of any new product ideas. The BIDC's Incubator 
Programme is intended for start-up and emerging businesses, and has a maximum duration of 
three years. Through this programme, which cate rs for a maximum of 15 companies at a time, 
operating space and workshops are provided in the Barbados Small Business Centre, as well as business consulting services.
5  
4.35.  Despite the number of programmes in place, activity in the manufacturing sector has been 
considerably affected by the decline in credit availability since the global crisis started. Credit received by the manufacturing sector, (some BD S$140 million in 2012), was about one-fourth of 
the 2008 level. Investment in the manufacturing sector has also fallen dramatically, from 
BDS$66 million in 2007, to just BDS$10 mil lion in the first nine months of 2012.
6 
                                               
4 The annual outlays are based on projected plans by industry. In recent times these have been under 
BDS$5 million. 
5 Information provided by the authorities and BIDC online information. Viewed at: 
http://www.bidc.org/index.php?option=c om_content&view=article&id=71&Itemid=139 . 
6 Ministry of Finance and Economic Affairs (2013), Economic and Social Report , 2012. The figure refers 
to BIDC invested companies only. WT/TPR/S/308/Rev.1 • Barbados 
 
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  4.3  Services 
4.3.1  Financial services 4.36.  The financial services sector, all foreign-owned in Barbados, is well developed. The onshore 
financial sector comprises six commercial banks, 12 trust and finance companies (Part 3 
institutions), 35 credit unions and 23 active insurance companies. The offshore financial sector is 
large, comprising 45 banks, 228 captive insurers, 12 holding companies and 21 management companies. In addition, there are nearly 4,000 international business companies licensed in 
Barbados (Table 4.5). 
Table 4.5 Barbados' financial system structure, 2008-13  
 2008  2009  2010  2011 2012 2013  
Number of institutions       
Banks       
  Domestic banks (foreign-owned) 6 6 6 7 6 6 
    Branches 2 1 1 2 2 2 
    Subsidiaries 4 5 5 5 4 4 
  Offshore banks 50 50 50 45 44 40 
Non-bank financial institutions       
  Credit unions 35 35 35 35 35 35 
  Insurance companies 29  23 23 26 26 
  Mutual funds 12 15 21 22 23 26 
Assets (BDS$ million)       
Banks 11,500 11,481 10,993 11,535 11,878 12,194 
  Domestic banks (foreign owned)       
    Branches 4,209 2,225 2,290 2,299 2,616 2,723 
    Subsidiaries 7,291 9,256 8,703 9,236 9,262 9,471 
  Offshore banks 86,190 77,636 73,781 82,192 90,912 92,437 
Non-bank financial institutions       
  Part 3 institutions 1,710 1,762 1,818 1,925 1,464 1,590 
  Credit unions 1,202 1,312 1,366 1,460 1,561 1,639 
  Insurance companies 1,399  2,480 2,390 3,040  
  Offshore insurance 48,965  125,500 133,400 142,600 140,000 
  Mutual funds (net assets) 782 1,015 1,061 2,213 2,470 2,470 
Miscellaneous       
Share of the 3 largest banks (%) 73 70 69 71 71 78 
Source: IMF: Barbados Financial System Stability Assessment, January 2014. 
4.37.  Onshore and offshore commercial banks and trust and finance companies are regulated and 
supervised by the Central Bank of Barbados (CBB)  under the Financial Institutions Act Cap 324 A. 
However, the Ministry of Finance is responsible for their licensing. 
4.38.  At the onset of the global financial crisis, Barbados tightened its supervisory provisions. To 
this end, the Financial Services Commission Act 2010-21 created the Financial Services 
Commission (FSC). Under the provisions of the Act, the FSC is responsible for regulating, 
supervising and licensing insurance companies, credit unions, pension funds and securities 
companies. 
4.3.1.1  Banking 
4.3.1.1.1  Onshore banking 4.39.  Under the provisions of the Financial Institutions Act Cap 324-A (FIA), banking licences are 
issued by the Minister of Finance. Banks ma y be incorporated locally, including through 
subsidiaries, or operate as branches of foreign banks. The same capital and reserve requirements 
apply to both domestic and foreign banks and all banks are allowed to provide the same services. 
Both domestic and foreign banks are required to seek written approval from the CBB to make any 
substantial changes in their structure, the organi zation of their business and in their assigned 
capital. There are no citizenship or residency requirements for bank directors and there are no WT/TPR/S/308/Rev.1 • Barbados 
 
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  specific taxes on financial transactions. The six onshore commercial banks account for about 
two-thirds of the onshore financial assets. Three of  the banks are subsidiaries of Canadian banks, 
two are from Trinidad and Tobago, while one is from the United States. 
4.40.  The global financial crisis of 2008 and the subsequent failure of financial institutions in the 
region had a contagion effect on the financial sector in Barbados. The onshore banking system was 
particularly hard-hit. The ratio of non-performing loans (NPLs) to total loans rose from 3.5% in 2008 to over 12% in 2013, loan loss provisioning also declined from over 60% in 2008 to 
approximately 45% in 2013. By far the largest concentration of NPLs is in the hotel and restaurant 
sector, which is a direct result of the global economic downturn and its impact on the tourism sector in the region. There are also a considerable number of NPLs in the construction and real-estate sector, as well as personal loan defaul ts. As a result, the banking sector's profitability 
has declined: pre-tax profit as a percentage of total assets fell from 1.8% in 2008 to 1.1% in 
2013. However, Barbados' banks remain well capitalized, with the capital adequacy ratio (CAR) increasing from approximately 16% in 2008 to nearly 19% in 2013, implying that the onshore 
banking system is stable and resistant to shocks.
7 
4.41.  Minimum deposit rates for banks continue to be set by the Central Bank of Barbados. The 
level set is dependent on several factors including, inter alia : liquidity levels in Barbados and the 
region and the prevailing domestic and international interest rates.  
4.3.1.1.2  Offshore banking 4.42.  The main law governing the operations of offshore banks is the International Financial 
Services Act CAP 325 (IFSA). This Act requires all banks to be licensed. Banks may be branches or 
subsidiaries of foreign banks, or locally incorporated. At least one director must be a citizen of a 
member state of CARICOM residing in Barbados. Minimum capital requirements and capital adequacy ratios apply equally regardless of the origin of capital. Offshore banks must have a place 
of business in Barbados. 
4.43.  All business must be conducted with foreign currency or assets and with non-residents, 
although offshore banks may accept foreign assets in trust from offshore entities resident in 
Barbados. Offshore banking activities (international financial services according to the IFSA) entail 
not only receiving and using foreign funds, but also accepting foreign assets, including foreign currency, securities or property, in trust. 
4.44.  Offshore banks are exempt from various taxes, including: capital gains taxes and other 
direct taxes on profits and gains; withholding tax; taxes on dividends, on increases of the value of 
property, and on other assets; and transfer of securities. The Act states that income tax may be payable on profits ranging on a sliding scale from 2.5% to 1% with higher profits attracting lower 
tax rates. Offshore banks are not exempt from payment of service or utility charges, which include 
charges relating to incorporation, registration or licensing. At the Minister's discretion, offshore banks are eligible for customs duty exemptions on equipment or fixtures essential for doing 
business in Barbados. 
4.45.  Exchange controls do not apply to offshore banks. There are currently 40 offshore banks 
registered in Barbados, down from 50 in 2008. The offshore banking sector plays a major role in the Barbadian economy; their assets amount to  over US$43 billion, which is over 1,000% of 
Barbados' GDP. The offshore banking industry is characterized by a high level of concentration, 
with the four largest banks accounting for 74% of the assets and the 12 largest being responsible for over 90% of assets. The sector remained profitable and the industry’s income stood at 
US$180 million at 2014. Capital adequacy throughout the sector was satisfactory, with all 
international banks reporting capital adequacy ra tios well above the prudential requirements.  
4.3.1.1.3  Legislative chan ges and policy development 
4.46.  During the period under review, Barbados improved its legal, regulatory and supervisory 
framework in line with the recommendations of the 2008 Financial System Assessment Programme (FSAP). The most fundamental change has been the introduction of consolidated risk based 
                                               
7 Data provided by the Central Bank of Barbados. WT/TPR/S/308/Rev.1 • Barbados 
 
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  supervision. However, many of FSAP's recommendations still need to be implemented. These 
include, inter alia : an increase in onsite examination of all banks, but particularly those offshore 
banks from countries with a higher risk profile; and a review of loan provisioning guidelines so as 
to ensure timely write-offs. Furthermore, a review of real-estate values available to offset 
provisioning requirements should be conducted in light of current market conditions to determine 
the net realizable value of the collateral. Upcomi ng amendments to the FIA will address some of 
the necessary enhancements and will include, inter alia , provisions to give CBB Guidelines the 
force of law and broadening of the scope of the CBB's supervisory powers to impose specific target 
capital ratios and administrative penalties for non-compliance with the FIA and regulatory requirements. The CBB Intervention Policy Guideline issued in 2012 outlines the CBB’s 
discretionary intervention powers to address areas of weakness in banks or their non-compliance 
with applicable laws and regulations. 
4.47.  Additionally, the CBB has continued to enhance its regulatory framework in response to 
emerging international standards and best practices and to collaborate with other domestic 
regulators and stakeholders on various national issues, including the Global Forum on 
Transparency and Exchange of Information for Tax Purposes Peer Review, and the Financial Action 
Task Force. The CBB also maintains close workin g relationships with other local, regional and 
international regulatory bodies, and continues to contribute to the regional financial stability 
project being undertaken by CARICOM. 
4.48.  The CBB has continued with the implementa tion of Basel II/III. At end-March 2014, the CBB 
implemented the Market Risk Amendment (MRA) to th e Basel I Framework as part of Phase 2 of its 
Basel II Implementation Roadmap. Licensees are now required to report a capital adequacy ratio 
(CAR) inclusive of a market risk capital charge  calculated under the Standardised Approach.
8 
Pillar 2 (supervisory review) was also advanced with the development and update of the Corporate 
Governance Guideline in 2013.9 The Guideline sets out the Bank’s expectations in relation to the 
minimum standards for corporate governance practice s by all licensees and forms an integral part 
in assessing the effectiveness of corporate governance practices. The Anti-Money 
Laundering/Combating Terrorist Financing Guideline was also updated in October 2013 to reflect a 
series of developments with the FATF Recomme ndations, Guidance and Best Practice papers. 
4.49.  The Framework for Licensing of Financial Institutions which sets out the Bank’s criteria for 
licensing entities under the FIA and IFSA, the licensing process and the customary documentation 
to be provided by clients was also issued in 2013. 
4.50.   The authorities conducted a FSAP assessment for 2013, which covered the assessment of 
the banking, insurance and credit unions sectors. The 2013 FSAP focused on assessing regulatory 
compliance with international standards, gaining an understanding of systemic issues and 
assessing the resilience of the entire financial system to withstand internal and external factors. The Financial System Stability Assessment Report was published in February 2014. 
4.3.1.2  Insurance 
4.51.  Both the onshore and offshore insurance sectors are regulated under the Financial Services 
Commission Act of 2010-12 (FSC Act). In addition, the Insurance Act Cap 310 and the Exempt Insurance Act 308 A also apply. The Financial Services Commission (FSC), established in 2011 
under the provisions of the FSC Act, is responsible for the regulation, supervision and licensing of 
onshore and offshore insurance companies. 
4.52.  The FSC is mandated, inter alia, to: license, supervise and regulate non-bank financial 
institutions; establish standards for institutional strengthening, control and management of risk in 
                                               
8 The Basel Accord allows banks a choice between two broad methodologies for calculating their capital 
requirements for credit risk: the standardized approa ch and internal ratings. Under the Basel II capital 
adequacy rules, the standardized approach requires bank s to use ratings from External Credit Rating Agencies 
to quantify required capital for credit risk. 
9 The second pillar of Basel II, supervisory review, aims  at giving regulators bett er tools for supervision, 
and provides a framework for dealing wi th systemic, pension, concentration,  strategic, reputational, and legal 
risks, which the Accord combines unde r the title of residual risk. Banks must review their risk management 
system through an Internal Capital Adequacy Assessment Process (ICAAP). WT/TPR/S/308/Rev.1 • Barbados 
 
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  the financial services sector; protect customers,  creditors and the public; issue guidelines in 
accordance with the FSC Act; and advise the Minister  of Finance in matters relating to the FSC Act. 
4.53.  The FSC has the power to conduct onsite investigations. The regulator may also investigate 
and take enforcement actions which include revocation or cancellation of licences. It also has the 
power to reorganize or close down firms under its jurisdiction. 
4.3.1.2.1   Onshore insurance 4.54.  The onshore insurance sector comprises 23 insurance companies, six of these providing life 
and related health coverage, 16 providing genera l insurance services and one providing both. The 
life insurance sector is dominated by a single company which accounts for 83% of the total assets of the life insurance industry. 
4.55.  The collapse of CLICO, a regional insurance group based in Trinidad and Tobago with a 
subsidiary in Barbados (CLICO International Life), had an adverse impact on the insurance sector 
in Barbados, with the amount of life insurance premiums declining during the review period. As at  
December 2013, gross premiums for the industry  (both general and life insurance) totalled 
BDS$655 million. Nearly BDS$280 m illion of reinsurance was ceded by insurance companies in 
2013. 
4.56.  The collapse of the CL Financial Group resulted in a liquidity shortage for its Barbadian 
subsidiary CIL. In April 2009, the CBB provided liquidity support to CIL and in April 2011 under the 
provisions of the Insurance Act, the Supreme Cour t of Barbados appointed a judicial manager to 
oversee its affairs. Subsequently, the judicial manager provided a restructuring plan for CIL with recommendations. The resulting options proposed by the judicial manager are: (i) corporate 
holders of Executive Flexible Premium Annuities (EFP A) would get the full value of their policies in 
the form of equity in a new company, while individual and quasi-government holders would receive the full value of their policies in the form of annuities at a total financing cost of US$76 million; 
(ii) corporate and quasi-government EFPA holders would receive the full value of their policies in 
shares in a new company, while individual holders would be refunded the full value of their policies in the form of annuities, at a total cost of US$52 million; (iii) corporate EFPA holders would get the 
full value of their policies in equity in a ne w company, while individual and quasi-government 
holders would receive annuities for their principal balances and shares for the interest accrued on their policies, at a total cost of US$47 million;  and (iv) corporate and quasi-government EFPA 
holders would receive the full value of their policies  in shares in a new company, while individual 
holders would be refunded the full value of their principal in the form of annuities and the accrued 
interest in shares, at a total cost of US$28 million. 
4.57.  As at September 2014, the matter still appeared to be unresolved, despite the fact that the 
Government had indicated a December 2012 timeline for the resolution of the CLICO issue. On 
26 June 2012, the Minister of Finance, in his presentation of the 2012/2013 Budget, proposed a 
solution for CLICO that entailed Barbadian policyholders and investors receiving BDS$25,000 in 
cash, while 70% of their principal balance above this amount would be converted into a long-term 
annuity. No further details regarding CLICO were made available for this review as the matter continues to be under judicial management. 
4.3.1.2.2  Offshore insurance 
4.58.  The offshore insurance subsector is regula ted by the Exempt Insurance Act, Cap. 308-A and 
the Exempt Insurance (Amendment) Act 2012-4. Under the Exempt Insurance Act, "exempt insurance" is the business of insuring risks located outside Barbados in respect of which premiums 
originate outside Barbados, and includes the business of an underwriter, broker, agent, dealer or 
salesman in respect of that business. To be licensed under this Act, a company must have a minimum paid-up capital of BDS$250,000 or, in th e case of an approved mutual insurance 
company, minimum contributed reserves of BDS$250,000. When a licensee begins engaging in 
exempt insurance business, it must maintain a regi stered office in Barbados. The profits and gains 
of a licensee derived from exempt insurance business conducted in Barbados are subject to income tax at a rate of zero  for the first 15 financial years of the licensee; thereafter income up to 
BDS$250,000 is taxed. The Exempt Insurance (Amendment) Act 2012-4 amended the Exempt WT/TPR/S/308/Rev.1 • Barbados 
 
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  Insurance Act to increase the rate at which taxable income is taxed after the first 15 financial 
years from 2% to 8%. Income in excess of BDS$250,000 is not taxed. 
4.59.  Currently there are over 200 captive insurers  which provide insurance and re-insurance for 
the risks of their owners, subsidiaries, and affiliates, and 33 others, including 12 holding 
companies and two management companies. These companies usually take the form of exempt 
insurance companies (EICs), licensed under the Exem pt Insurance Act, in the business of insuring 
risks located outside Barbados, and with the respective premiums originating outside Barbados.  
4.3.1.3  Credit Unions 
4.60.  Credit Unions are also regulated, supervised and licensed under the FSA Act 2010-21. In 
addition, the Cooperative Societies Act Cap. 378 A and the Cooperative Societies Regulations 2008 
are also applicable. 
4.61.  Credit Unions play a significant role in the Barbadian economy. Despite accounting for a 
small share of onshore financial sector's assets, three-fourths of the economically active population are members of credit unions. The sector consis ts of 35 firms, but the sector is also very 
concentrated, with the two largest credit unions accounting for approximately 75% of the sector's 
assets, loans and members. 
4.62.  Credit Unions are relatively well-capitalized, with the average CAR being in excess of 11%, 
above the 10% benchmark set by the Act. On th e other hand, with prudential norms being less 
strict than for banks, loan classifications and prov isioning tend to be less stringent than in the 
banking sector. NPLs as a proportion of total loan s increased from about 5% in 2008 to over 8% in 
2013, while provision for such loans increased from about 2% to over 3% over the same period. 
4.63.  The authorities took note of the above shortcomings and are in the process of issuing 
guidelines regarding loan loss provisioning. The guidelines have been agreed and are now being published. Furthermore, under the FSC Act, the FS C has the power to carry-out onsite surveillance 
and reorganize and/or take over the management and operations of a credit union. 
4.3.1.4  Securities 4.64.  Barbados has a small securities market, on e of four in the Caribbean. The Barbados Stock 
Exchange (BSE), headquartered in Bridgetown, was established in 1987 as a statutory body under 
Section 44 of the Securities Exchange Act (1982) Cap 318A. Currently, securities are governed by 
the Securities Act 2001–3, which repealed the previous act and modified the BSE's name to its current denomination, from the original Securities Exchange of Barbados (SEB).  
4.65.  The BSE is a privately-owned, not-for-profit institution operating fully electronic trading 
using the order-routing method. The Securities Act also established the Securities Commission, which in April 2011 was subsumed by the current regulator, the Financial Services Commission 
(FSC). Although the BSE and its wholly-owned subsidiary, the Barbados Central Securities 
Depository Inc. (BCSDI), are designated as Self-Regulatory Organizations (SROs) under the Securities Act 2001-13, they are still regulated by the FSC.
10 
4.66.  The BSE is administered through a Board of Directors and a General Manager. The Board 
consists of four designated members, four elected members and an independent. The four designated members represent the Central Bank of  Barbados, the Bar Association, the Barbados 
Chamber of Commerce and Industry and the Inst itute of Bankers. The elected members are 
chosen from Membership of the Stock Exchange.
11 The Board of Directors sets by-laws and rules 
to regulate the BSE, including standards and codes of conduct to which members must adhere. 
                                               
10 Barbados Stock Exchange online information. Viewed at: http://www.bse.com.bb/about-us/about-us . 
11 There are 17 members of the BSE: Brentwood Securi ties Incorporated; Barbados Institute of Banking 
and Finance; Barbados Chamber of Co mmerce & Industry; Republic Financ e & Trust (Barbados) Corporation; 
Caribbean Financial Services Corporation; Central Ba nk of Barbados; Ernst & Young Services; KPMG; First 
Citizens Bank (Barbados) Limited; Millennium Heritage Incorporated; Si r Trevor Carmichael, KA, LVO, QC.; 
Capita Financial Services Incorporated; Fortress Fund  Managers Limited; Royal Fidelity Capital Markets 
(Barbados) Limited; Sagicor Asset Management Incorporated; Signia Financial Group; and First Citizens Investment Serv ices (Barbados) Limited. WT/TPR/S/308/Rev.1 • Barbados 
 
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  The BSE is a secondary market for the trading of shares. Companies do not sell their shares 
directly to the public; only Registered Brokers, representing members of the BSE, are allowed to 
trade securities on the Exchange.12 Securities traded include ordinary shares; preferred shares; 
Government debentures; and Government Treasury Notes. 
4.67.  For listing purposes, companies are divided in the BSE into two markets: the Regular Market 
and the Junior Market. The Regular Market is the BSE's main market; companies applying for listing of their securities must be able to show evidence of successful operation and, at a 
minimum, must: (i) have gross assets of not less  than BDS$5 million; (ii) have three years of 
audited financial statement, or, in the case of a new company, provide three years projections; 
(iii) provide evidence of competent management; and (iv) be incorporated under the Laws of Barbados or another jurisdiction approved by the Exchange. 
4.68.  The Junior Market, which began operations in October 1999, caters to smaller or newer 
public companies which may not meet all the necessary requirements for listing in the Regular Market. The requirements for listing in the Junior Market of the BSE are: (i) gross assets of not 
less than BDS$500,000; (ii) a minimum equity ca pital of BDS$200,000; (iii) subordinated loan 
capital of not more than 25% of its equity capital; (iv) at least 25 public shareholders holding not less than 25% of the issuer’s outstanding total equi ty capital; (v) be introduced in the market and 
have continued sponsorship by a Member of the Exchange; (vi) provide evidence of competent 
management; and (vii) be incorporated under the laws of Barbados or another jurisdiction approved by the Exchange. 
4.69.  The Barbados Central Securities Depository Inc. (BCSDI) is a limited-liability company 
incorporated in October 1998 that facilitates the ho lding of securities, the clearance of trades and 
settlement of funds through the CBB and acts as Registrar of public and listed companies as well as mutual funds. A book entry system through wh ich the BCSDI registers the stock in the name of 
the beneficial owner facilitates the electronic chan ge of ownership of securities, without the need 
for the movement of physical documents. 
4.70.   As at October 2014, there were 24 companies listed in the BSE. Of these, 20 were listed as 
regular companies, and four as junior companies.
13 Six companies (four junior and two regular) 
were newly-listed during the review period. Of the companies listed, 20 were locally-registered, 
and four were cross-listed foreign companies, mostly from the region. There were also 13 mutual funds.
14 
4.71.  The BSE has set up provisions to prevent excessive volatility in the market. According to 
BSE regulations, and effective October 2012, the market price of a security listed on the board of 
                                               
12 There are eight Registered Brokers: Republic Fi nance and Trust (Barbados) Corporation; Caribbean 
Financial Services Corporation; Firs t Citizens Investment Services Ltd.; Capita Financial Services Ltd.; 
FirstCaribbean International Trust & Merchant Bank (B arbados) Ltd.; Royal Fidelity Merchant Bank & Trust 
(Barbados) Ltd.; Sagicor Asset Management Inc.; and Sign ia Financial Group Inc. Ther e is also a non-settling 
broker, Fortress Fund Managers Ltd. 
13 The companies listed in October 2013 were: Almond Resorts Incorporated (local company, listed in 
August 1996); Bico Limited (local, listed in June 1987); Banks Holdings Limited (BHL, local, listed in June 1987); Barbados Dairy Industries Limited (BDI, local, listed in November 1987); Barbados Farms Limited (BFLI, local, listed in July 1994); Cable & Wireless Barbados Limited (local, listed in April 2002); Cave Shepherd and Company Limited (CSP, local, listed in Ju ne 1987); FirstCaribbean International Bank (FCI, local, 
listed in October 2002); Goddard Enterprises Limited (GEL , local, listed in June 1987); Insurance Corporation 
of Barbados Limited (ICBL, local, listed in November 2001); Jamaica Money Market Brokers Limited (JMMB, cross-listed company, listed in November 2005); Light and Power Holding Limited (LPH, local, listed in August 1987); Neal and Massy Holdings Limited (NML, cross-list ed company, listed in December 1999); One Caribbean 
Media Limited (OCM, cross-listed company, listed in November 2006); West India Biscuit Company Limited (WIB, local, listed in August 1987); Trinidad Cement  Limited (TCL cross-listed company, listed in 
November 1998); The West Indies Rum Distilleries Limited (WIR, local, listed in June 1987); Sagicor Financial Corporation (SFC, local, listed in February 2002); Royal Fidelity TIGRS A Fund (RFTA, junior company, listed in June 2010); Royal Fidelity TIGRS A1 Fund (RFTA1, junior, listed in June 2010); Royal Fidelity TIGRS A2 Fund 
(RFTA2, junior, listed in September 2012); Royal Fidelity TIGRS A3 Fund (RFTA3, junior, listed in September 2012); Fortress Caribbean Property Fund - Value Fund (CPFV, local, listed in October 2013); and Fortress Caribbean Property Fund - Development Fund (CPFD, local, listed in October 2013). 
14 Republic Capital Growth Fund; Republic Income  Fund; Republic Property Fund; Clico Balanced 
Fund Inc.; Fortress Caribbean Growth Fund; Fortress High Interest Fund - Acc.; Fort ress High Interest Fund - 
Dist.; Royal Fidelity Select Balanced Fund; Royal Fi delity Strategic Growth Fund; Royal Fidelity Premium 
Income Fund; Sagicor Global Balanced Fund; Sagicor Select Growth Fund; Sagicor Preferred Income Fund. WT/TPR/S/308/Rev.1 • Barbados 
 
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  the BSE will only change if a quantity of shares tr aded in a single trade is greater than or equal to 
a threshold amount volume limit set for each share by the BSE. Market capitalization at end-October 2014 was BDS$8.2 billion, or some 95% of GDP. Of thes e, BDS$5.86 billion 
corresponded to local companies, and BDS$2.85 billion to the four cross-listed companies. 
4.3.2  Telecommunications 
4.3.2.1  Market structure 4.72.  The telecommunications sector in Barbados was fully liberalized in 2005. In 2011, fixed-line 
penetration was approximately 53%, significantly higher than in 2008 (33%). According to the 
latest data made available to the secretariat, penetration in the cellular telephony sector was over 108% in 2011, compared with approximately 100% in 2008.  
4.73.  There are four companies providing fixed-line services in Barbados. However, Cable and 
Wireless (Barbados), Ltd. continues to be the dominant provider of fixed-line services. 
4.74.  Four companies, Cable and Wireless (LIME) , Sunbeach, Digicel and Columbus have licences 
to provide cellular services, but only two are active in the market. In October 2014, Digicel 
post-paid rates were BDS$49.95 per month including 100 minutes of calls, 100 free texts and 1GB 
of data. LIME post-paid rates were BDS$49.99 per month including 150 minutes of calls, 150 free texts and 250 MB of data. Four companies are licensed to provide international telephony: LIME, 
Digicel, Columbus and ACE Communications. Two companies, LIME and Sunbeach, offer fibre, 
ADSL, and dial-up internet services. Columbus  offers fibre and WiMax internet services. 
4.75.  Carrier licences are granted for the ownership and operation of telecommunications 
networks, with service provider licences being granted for the provision of telecommunications 
services. As at October 2014, 19 carrier licences had been granted to seven licensees (companies) 
and 17 licences were in service. In addition, 23 se rvice-provider licences had been granted to six 
licensees (companies); 17 licences were in service.  
4.76.  Barbados has adopted the WTO Basic Telecommunication Agreement without any 
exceptions.
15 
4.3.2.2  Legal framework 
4.77.  The telecommunications sector in Barbados continues to be governed under the 
Telecommunications Act CAP. 282B. The Minister of  Finance, Economic Affairs and Energy is 
responsible for policy formulation, while a Telecoms Unit within the Ministry has the responsibility for regulating the telecommunications industry in Barbados; the Fair Trading Commission (FTC) 
has authority to regulate tariff rates and address consumer protection and unfair trading. 
4.78.  In order to own or operate telecommuni cations networks and provide telecommunications 
services a licence must be obtained. Licences are granted at the discretion of the Minister, on the 
advice of the Chief Telecommunications Officer, may have conditions attached, and are renewable. 
Conditions may include: interconnection obligations; universal service requirements; licence limitations; and network build-out requirements. Application fees and annual fees for licensees 
differ significantly depending on the type of lice nce granted. The Minister has the authority to 
modify licences without the consent of the licensee, wh ere he is of the view that the modification is 
necessary for reasons of public interest. There are no legislative restrictions on foreign investment in the sector; however, in some instances local investment of at least 25% of the 
telecommunications company is encouraged. 
4.79.  Barbados' telecommunications legislation provided for a Universal Service Fund to facilitate 
and fund fixed-line private residential access; fixed-line public payphones; emergency and 
directory services; and special services for the disabled or elderly. Contributions to the Universal 
Service Fund would be collected from all carriers and service providers through the Access Deficit Charge, to be paid to the designated universal service carrier for initiating and terminating calls. 
                                               
15 WTO document GATS/SC/9/Suppl. 1, 24 February 1998. WT/TPR/S/308/Rev.1 • Barbados 
 
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  The authorities indicated that the framework for universal access is in place but has never been 
used and no money has been collected as, in pr actice, there is universal access in Barbados. 
4.80.  A price cap plan was introduced on 1 April 2005, and a second such plan was issued in 
2008. The price cap plan was to be reviewed again in 2012. It applies to domestic and 
international fixed-line services provided by Cable and Wireless, Ltd., which has been identified as 
the incumbent operator with market power. A flat rate in place for fixed-line local calls allows residential and business users unlimited local calls for any duration of time.  
4.81.  Under the provisions of the Telecommunications Act (2001) and the 2003 Interconnection 
Policy, interconnection must be provided when requested by other carriers in a transparent and non-discriminatory manner and in a timely fashion. Interconnection rates must be cost-based and network components sufficiently unbundled so that the interconnecting operator does not pay for 
facilities it does not need. Interconnection agreements can be reached either on the basis of a 
commercial negotiation between carriers or under the terms of a Reference Interconnection Offer (RIO), which must have been filed by the domi nant carrier with the FTC and approved by the 
latter. All interconnection agreements must be approved by the FTC. In April 2003, Cable and 
Wireless (Barbados) Ltd. was declared the dominant carrier for fixed-line services. RIOs were put in place for mobile and domestic fixed wireless services. However, growth in the sector 
necessitated that there be one RIO with terms and conditions governing the interconnection to all 
telecommunications service providers. As a result the FTC issued a decision on the Cable & Wireless Consolidated RIO in 2010. 
4.82.  In the event of a pre-contract interconnection dispute between the parties, the FTC may 
determine interconnection terms and conditions which must take into account interconnection 
principles as well as other specific issues laid out in the Interconnection Policy. The FTC is also responsible for resolving disputes referred to it under the terms of an interconnection agreement. 
Interconnection dispute resolution procedures were issued by the FTC in 2003.  
4.83.  Two policies have been operationalized to promote competition with respect to international 
calls: the Two-Stage Dialling Policy and the Eq ual/Indirect Access Policy. The latter gives 
consumers the ability to pre-select their international service provider or to select any international 
service provider on a call-by-call basis. However,  this has become redundant with the advent of 
voice-over internet telephony. 
4.84.  The Commission also introduced standards of service regulation, the first Standards of 
Service Decision being issued in 2006 and the second in 2010 with a three-year duration. 
Standards of Service were implemented to ensure  that Cable & Wireless service quality did not 
deteriorate as a result of the introduction of price cap regulation and competition in the market. 
Guaranteed Standards designated target parameters for each standard (including fault repair and 
installation) and breaches of these parameters resulted in compensation to customers. Overall standards were designed to set a target for the overall performance of the company. 
4.85.  No telecommunications-specific taxes are levied by the Government. Telecommunications 
providers are entitled to import all telecommunications equipment duty-free, as long as it is for their exclusive use. 
4.3.3  Tourism 
4.86.  The tourism sector is of vital importance to the economy of Barbados, the sector and related 
a c t i v i t i e s  c o n t r i b u t i n g  o v e r  5 0 %  o f  G D P .  I t  i s  the main driver of economic growth, the largest 
recipient of foreign investment, and the most significant foreign exchange earner. 
4.87.  As the global financial crisis in 2008 resulted in a significant economic downturn in the 
source markets (the United States, Canada and Europe), total visitors declined from nearly 1.2 million in 2007 to approximately 1.1 million in 2013 (Table 4.6). Stay-overs declined to some 
536,000 in 2012. Furthermore total expenditure by stay-over tourists declined from 
US$1.14 billion in 2008 to US$713 million in 2013. WT/TPR/S/308/Rev.1 • Barbados 
 
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  Table 4.6 Tourist arrivals, 2007-13 
Year U.S. Canada U.K. Europe Caribbean Other Air Cruise 
ship Total 
2007 133,519 52,981 223,575 27,058 99,383 36,421 572,937 616,354 1,189,291 
2008 131,795 57,335 219,953 31,825 100,639 26,120 567,667 597,523 1,165,190 
2009 122,306 63,751 190,632 30,072 88,771 23,032 518,564 635,212 1,153,776 
2010 134,969 72,351 181,054 31,222 86,182 26,402 532,180 664,747 1,196,927 
2011 142,414 71,953 189,150 35,859 100,974 27,374 567,724 609,844 1,177,568 
2012 
(P) 130,762 72,020 173,519 37,119 96,487 26,396 536,303 517,436 1,053,739 
2013 
(P) 120,584 67,295 168,733 41,065 87,295 23,548 508,520 570,263 1,078,783 
Source: Information provided by the authorities. 
4.88.  The Government‘s vision is to "develop  a sustainable, people-centred, high-yield, and 
innovative tourism industry". The Government considers that "sustainability depends, to a large extent, on engaging the community. As such, for tourism to be truly sustainable, it must put the Barbadian people at the epicentre of the industry 's development. The scope of tourism must be 
broadened to include a wider cross-section of the Barbadian society. The growth of the tourism 
sector must effect significant economic transformation and empowerment, with the ultimate goal of all Barbadians having a significant stake in the industry". 
4.89.  To achieve its vision, the Government prepared a white paper as a precursor to the Tourism 
Master Plan, which was submitted to the cabinet for approval and is expected to be a published in 
the public domain before the end of the year. Th e white paper identified the shortcomings of the 
industry in Barbados and highlighted changes that  need to be made. These included: developing a 
green economy which will result in a more sustainable, responsible and competitive tourism industry; creating new, exciting and authentic ni che products and attractions that appeal to the 
demands and expectations of the new tourist; creating an enabling environment to attract new 
foreign and domestic investment; developing a professional, well-trained and knowledgeable 
workforce; developing a world-class product based on a culture of operational and service excellence; developing stronger linkages with key sectors; improving infrastructure; enhancing 
research and trend analysis capacity; developing a crisis-resilient industry through, inter alia,  the 
diversification of source markets; developing strategic, targeted and creative marketing and promotional strategies and initiatives; and improving the integration between tourism, the 
environment and the community. 
4.90.  Responsibility for policy formulation in the se ctor lies with the Ministry of Tourism. Attracting 
and facilitating foreign investment in the sector is the responsibility of Barbados Tourism Investment Inc. (BTI). Following the restructur ing of the Barbados Tourism Authority, two new 
entities were created: Barbados Tourism Marketing Inc. (BTMI) and Barbados Tourism Product 
Authority (BTPA). The BTMI is responsible for tourism promotion and marketing and market intelligence, as well as for product development and for registering, licensing and classifying 
tourist accommodation and restaurants. 
4.91.  The main legislation governing the sector is the Tourism Development Act Cap. 341 and the 
Special Development Areas Act. Under the provis ions of these Acts, the Government offers a 
number of tax incentives to the tourism industry (section 3.3.1). 
4.92.  The Tourism Development Act Cap 341 was amended in 2002 to increase the scope of the 
application of tax incentives to also include restaurants, recreational facilities, tourism-related services, cultural and natural sites, and any other tourism project. These tax incentives included 
customs duty exemptions for the import of building  materials and a range of furniture and fixtures. 
The Tourism Development Order 2013 extended the range of items eligible for duty-free 
concessions for tourism projects or products. These items are listed in the second schedule to the 
Act.  
4.93.  In 2013, the Government signed two memoranda of understanding with Sandals Resorts 
International for the development of two Sandals properties in Barbados, thereby providing them 
with certain concessions. Most of these concession s are expected to be granted across the industry 
shortly. In October 2014, the Tourism Development (Amendment) Act 2014 was enacted widening WT/TPR/S/308/Rev.1 • Barbados 
 
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  the original Act's application to provide for entities other than traditional tourism entities to be 
declared a tourism project or product. It allows  owners or operators of a hotel to be granted 
duty-free concessions for items or supplies not spec ified in the second schedule of the Act if they 
are required for the exclusive use of a tourism pr oduct or project. The amended Act allows hotels 
with a restaurant on the premises to enjoy duty-f ree importation of stores of food and beverages 
(alcoholic and non-alcoholic).  
4.94.  Income tax concessions and exemptions from import duties, VAT and the environmental 
levy are also available to owners or operators of tourism products. In addition, investors (including 
persons providing loans) are eligible for an investment tax credit to be offset against tax payable. The Minister of Finance retains the right to approve or refuse applications for tax concessions, and accordingly applications are vetted on the basis of a determination as to whether the tourism 
project is practical and would assist with the development of tourism in Barbados. The terms and 
conditions attached to tax concessions do not include requirements to employ Barbadian nationals. However, to employ foreign nationals, the employer must prove that the required skill is not 
available in Barbados. 
4.95.  Under the Special Development Areas Act, developers involved in constructing, renovating 
or refurbishing buildings related to certain tourism activities in specific areas of the country are 
eligible for exemption from certain taxes. Tax exemptions relate to the payment of import duties, 
the environmental levy and VAT on inputs for building works. Investors making loans for such projects are also exempt from income tax on the interest received. 
4.96.  The Enterprise Growth Fund Limited pr ovides funding for certain small-scale tourism 
projects through the Small Hotels Investment Fund (SHIF), and the Tourism Loan Fund. Through 
the SHIF, the Small Hotels of Barbados Inc. and its members may apply for loans to assist with marketing, management, procurement of joint services and refurbishment. The repayment period 
is 12 years inclusive of a five-year moratorium on interest and principal payments at a 5% interest 
rate. Since inception BDS$40 million has been provided by the Government (one-quarter of the initial funding for the SHIF). Loans are provided for refurbishing and upgrading hotels of 
200 rooms or less and facilities for historical, cultural, and natural heritage attractions through the 
Tourism Loan Fund with an interest rate of 7.5%. The Government set up this fund with an initial contribution of BDS$30 million (US$15 million) and confirm that funding is available equally to 
citizens, residents, and foreigners. 
4.3.4  Transport 
4.3.4.1  Air transport 4.97.  In 2013, passenger traffic was nearly 1.9 million and total cargo and mail amounted to 
approximately 22 million tonnes. Grantley Adams International Airport is the only international 
airport in Barbados and serves as one of the main regional hubs.  
4.98.  During the period under review, Grantley Adams International Airport has been undergoing 
a major expansion and renovation. However, the airport does not meet the International Civil 
Aviation Organization's category 1 status. Thus airlines based at the airport cannot fly into the United States. This restriction has negative implications for the economy of Barbados particularly the tourism industry. 
4.99.  The airport is owned by the Government while Grantley Adams International Airport Inc. 
(GAIA Inc.) has responsibility for managing and maintaining it. GAIA is a government-owned limited-liability company with a board of directors. The airport land is leased by the Government to 
GAIA Inc. At the time of the last review, partial privatization of the airport was envisaged, with the 
Government maintaining a controlling interest.  
4.100.  Private companies are allowed to provide ground-handling services with five private 
companies currently providing such services. Under the provisions of certain bilateral air services 
agreements self-handling by airlines is permitted.  
4.101.  The Ministry of International Transport is responsible for air traffic control. The Civil 
Aviation Department, which is part of the Ministry of International Transport, has a regulatory role. WT/TPR/S/308/Rev.1 • Barbados 
 
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  Air transport activity in Barbados is primarily governed by the Civil Aviation Act 2004-18 as 
amended by the Civil Aviation (Amendment) Act 2007-38; and the Airport Act Cap. 285A and regulations made thereunder. 
4.102.  Barbados does not have a national airline, but the Government has a 49.04% share in the 
only regional scheduled airline, LIAT. Barbados-r egistered airlines must be majority-owned by 
Barbadian nationals and/or CARICOM nationals or a company based in Barbados. Scheduled airlines operating into Barbados must obtain a licence (in accordance with the Civil Aviation 
(Licensing of Air Services) Regulations 2007) from the Air Transport Licensing Authority, a 
statutory body established under the Civil Aviation Act. Airlines wishing to operate charter services 
must obtain a permit from the Minister responsible pursuant to the same regulations. 
4.103.  Barbados is a signatory to the CARICOM Multilateral Air Services Agreement (CARICOM 
MASA). This Agreement confers third and fourth freedom route rights to airlines owned and 
operated by Caribbean nationals. Fifth freedoms ar e exchanged on a bilateral basis, and day tour 
regimes may also be negotiated. Article 9 allows for bilateral discussions to take place among 
Members with regard to air taxi operations, while Article 8 stipulates that a Member State shall not 
be required to grant cabotage rights to a CARI COM air carrier of another Member State. At the 
time of the last review CARICOM MASA was being re viewed with a view to replacing it with an 
agreement that conforms to the provisions of th e Revised Treaty of Chaguaramas. Discussions in 
this respect are still ongoing. 
4.104.  The Air Transport Agreement among member States and associate members of the 
Association of Caribbean States has been signed and ratified by Barbados. The Agreement came 
into force in September 2008. Furthermore, pursuant to a CARICOM level policy decision, a first 
round of negotiations towards a plurilateral air se rvice agreement with the United States was held 
in August 2004 at which a draft air services agreement text was initiated. However, a 
U.S.-Barbados openskies agreement is being applied administratively. 
4.105.  Barbados has bilateral air services agreements with Brazil, Belgium, Canada, Chile, Cuba, 
Denmark, Luxembourg, the Netherlands, Nige ria, Norway, Singapore, Suriname, Sweden, 
Switzerland, the United Arab Emirates, the United  Kingdom, and the United States, and an interim 
agreement with Germany. Revised agreements with the United Kingdom and Canada have been initialled and are applied provisionally. Memoranda of understanding (MOUs) govern air services between Barbados and Aruba, Jamaica, St. Lucia,  St Vincent and the Grenadines and Venezuela. 
Barbados MOUs with St. Lucia and St. Vincent and the Grenadines also include air taxi services. In 
July 2010, Barbados signed air services agreements with Hong Kong, China; Iceland; India; and Kuwait. An agreement with Panama was also initialled in 2011. These initialled agreements are all 
being administratively applied. 
4.106.  Barbados has not scheduled any GATS-specific commitments on air transport activities 
listed in the GATS Air Transport Annex: comp uter reservation systems (CRS), selling and 
marketing of transport services, and aircraft repair and maintenance services. However, in 
practice, there are no restrictions on the provision of these services in Barbados. 
4.3.4.2  Maritime transport 4.107.  The maritime sector in Barbados is governed by the Shipping Act, Cap. 296 (as amended); 
the Shipping Regulations, 1994; the Shipping (oil pollution) Act, Cap. 296A; the Shipping 
Corporations Act; and the Shipping Corporations Regulations, 1997.  
4.108.  Under the provisions of the Shipping Ince ntives Act Cap. 90A (as amended by the Shipping 
(Incentives) (Amendment) Act 2005-5), approved shi pping companies involved in the operation or 
leasing of ships for carriage of passengers or carg o, commercial shipping and boating in the tourist 
industry, the leasing of ships or in shipbuilding, including the reconstruction, alteration, refitting, 
equipping, maintenance or repair of ships, may receive a number of tax benefits. These benefits 
include: duty-free importation of ships or of any articles to be used in the repair and reconstruction of ships, and exemption from tax on dividends and interest.  
4.109.  In accordance with Barbados' legislation,  an approved shipping company is any company 
that is engaged in shipping activities, or that is wholly-owned by the Crown or in which the WT/TPR/S/308/Rev.1 • Barbados 
 
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  Government has a majority interest.16 The purpose of the Shipping Incentives Act was to 
encourage the development of a shipping industry in  Barbados and an indigenous industry for ship 
repairs.  
4.110.  The Barbados Maritime Ships' Registry (B MSR) deals with all foreign-going ships and all 
coastal and Caribbean ships over 150 tonnes. There are no restrictions on the ownership of 
vessels. Vessels over 20 years of age on initial registration may be accepted by the Principal Registrar, providing they meet the requirements of  Conventions to which Barbados is party. Ships 
registered with BMSR benefit from a liberal tax regime. Shipping companies incorporated outside 
of Barbados may operate Barbados-registered ships; the ship’s earnings are not subject to taxes in Barbados and there is no requirement for foreig n companies owning Barbados-registered ships to 
be incorporated in Barbados. Companies no t incorporated in Barbados that operate 
Barbados-registered ships are also not liable for any Barbados tax. Currently there are 160 vessels 
registered under the Barbados flag and a further 1,097 vessels registered locally.  
4.111.  Bridgetown Harbour, Barbados' only port, is owned by the Government; sole responsibility 
for providing port services rests with Barbados Po rt Inc., also government owned. Certain services 
are provided by the private sector on behalf of  BPI; these include: depot services, maritime 
agency services, maritime freight-forwarding serv ices, stevedoring, and maintenance and repair of 
vessels. The authorities indicate that approximately 22 containers are unloaded per hour at 
Bridgetown Harbour. 
4.112.  Barbados did not take any GATS commitments on maritime transport but indicate that, in 
practice, there are no restrictions on the international transport of freight and passengers. 
4.3.5  Other offshore services 
4.113.  As at end-2012, and despite the effects of the global financial crisis, a total of 
4.024 international (offshore) companies were li censed to conduct business from Barbados, 
compared to 3,334 at end 2007. In 2012, the international business sector recorded revenue of 
BDS$5.5 million from renewals, new licences, pena lties, reinstatements and certified copies of 
entities regulated by the International Business Division; this is 70.3% higher than the previous 
year. 
4.114.  Specific legislation applies to each of the various types of offshore company. International 
Business Companies are governed by the Internatio nal Business Companies Act, Cap. 77. Exempt 
(offshore) insurance companies and offshore banks are governed by the Exempt Insurance Act 
308A and the International Financial Services Act of 2002, respectivelySocieties with restricted 
liability are governed by the Societ ies with Restricted Liability Act.
17 
4.115.  The International Business Companies Act, Cap. 77 regulates international business 
companies carrying out the business of international manufacturing or international trade and 
commerce from within Barbados. IBCs benefit fr om a number of tax benefits, including a lower 
rate of corporate income tax; of between 2% to 0. 25%, with lower rates applying to higher levels 
of profit; tax concessions for employment of non-resident specially qualified individuals; tax 
exemption for dividends and other payments, as we ll as withholding tax; and tax exemptions for 
the specified transfer of assets. IBCs are not su bject to exchange controls. Imports of machinery 
and equipment are also exempt from certain taxes and duties. 
 
                                               
16 An approved shipping company is defined as per section 3 of the Shipping Incentives Act Cap. 90A. 
17 Societies with Restricted Liability Act. Viewed at: 
http://www.barbadosbusiness.gov.bb/miib/Legislation/documents/srl_act_cap318b.pdf. WT/TPR/S/308/Rev.1 • Barbados 
 
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  REFERENCES 
Central Bank of Barbados (2013), Annual Report 2012 . Viewed at: 
http://www.centralbank.org.bb/WEBCBB.nsf/vwP ublications/D735CFB2B DC3C6FD04257C06006B6
644/$FILE/Central_Bank_Annual_Report2012.pdf. 
 
Enterprise Growth Fund Ltd. (2014), EGFL Annual Report, 2013 . Viewed at: 
http://egfl.bb/docs/areports/corporate/annual/2013/index.html#/55/zoomed . 
 
IMF (2012), Barbados  2011 Article IV Consultation, IMF Country Report No. 12/7 , January 2012. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2012/cr1207.pdf . 
 
IMF (2014), Barbados 2013 Article IV Consultation,  IMF Country Report No. 14/52 , February 2014. 
Viewed at: http://www.imf.org/external/pubs/ft/scr/2014/cr1452.pdf . 
 
Invest Barbados (2014), Guide to Doing Business in Barbados . Viewed at: 
http://www.investbarbados.org/docs/ Doing%20Business% 20in%20Bar bados.pdf . 
 
Ministry of Finance and Economic Affairs (2011), Barbados  Economic and Social Report 2010 , 
Bridgetown.  Ministry of Finance and Economic Affairs (2012), Barbados  Economic and Social Report 2011 , 
Bridgetown. 
 Ministry of Finance and Economic Affairs (2013), Barbados  Economic and Social Report  2012, 
Bridgetown. 
 Ministry of Finance and Economic Affa irs, Economic Affairs Division (2013), National Growth and 
Development Strategy 2013-20 . Viewed at: 
http://www.economicaffairs.gov.bb/download.php?id=327 . 
 WT/TPR/S/308/Rev.1 • Barbados 
 
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  5  APPENDIX TABLES 
Table A1.1 Merchandise exports and re-e xports by groups of products, 2007-13 
(US$ million and %) 
Description 2007  2008  2009  2010 2011 2012  2013  
Total 314 454 323 314 508 566 467 
 (% of total exports and re-exports) 
Total primary products 53.8 51.1 34.4 30.0 58.4 51.7 54.5 
  Agriculture 29.4 24.4 29.8 29.2 18.2 21.5 21.3 
   Food 29.1 24.3 29.6 28.9 18.0 21.2 21.1 
    1124 Spirits 11.6 8.7 11.1 14.0 8.3 11.2 10.5 
    0910 Margarine, etc. 2.5 2.2 2.9 3.0 1.9 1.8 2.2 
    0484 Bread, baked goods 2.1 1.7 2.3 2.3 1.7 1.7 2.0 
    0611 Sugars, beet/cane, raw, solid, no added 
    flavour/colour 6.0 5.0 5.6 3.1 2.1 2.0 1.7 
    0461 Flour of wheat or of meslin 0.7 0.7 0.6 0.7 0.5 0.6 0.8 
    4211 Soya bean oil, fractions 1.1 1.3 1.3 0.7 0.6 0.6 0.5 
     0599 Juices, other than citrus 0.0 0.0 0.0 0.0 0.3 0.4 0.5 
  Agricultural raw material 0.3 0.1 0.2 0.4 0.2 0.2 0.3 
     2631 Cotton (other than linters), not carded or  
     combed 0.0 0.0 0.0 0.2 0.1 0.1 0.1 
     2511 Waste and scrap of paper or paperboard 0.0 0.0 0.0 0.0 0.0 0.1 0.1 
  Mining 24.4 26.7 4.7 0.8 40.2 30.3 33.2 
  Ores and other minerals 2.4 1.5 0.9 0.8 0.5 0.4 0.5 
     2732 Gypsum, plaste rs, limestone, etc. for 
     lime/cement 0.1 0.2 0.0 0.2 0.0 0.1 0.2 
     2822 Waste and scrap of alloy steel 0.1 0.1 0.1 0.1 0.1 0.1 0.2 
     2821 Waste and scrap of cast iron 0.6 0.5 0.2 0.0 0.0 0.1 0.1 
  Non-ferrous metals 0.0 0.1 0.2 0.0 0.0 0.0 0.0 
  Fuels 21.9 25.1 3.5 0.0 39.6 29.9 32.6 
     334 Petroleum oils obtained from bituminous 
     minerals 0.0 20.2 0.5 0.0 35.8 24.2 27.4 
     3330 Crude oils of  petroleum and bituminous 
     minerals 21.9 4.9 3.0 0.0 3.9 5.6 5.2 
Manufactures 45.4 48.3 64.7 68.9 40.8 47.6 44.2 
  Iron and steel 0.2 0.2 0.1 0.1 0.2 0.0 0.0 
  Chemicals 13.3 13.2 20.6 28.6 18.8 16.8 15.5 
     5429 Medicaments, n.e.s. 7.7 8.4 12.0 19.4 13.3 11.4 9.0 
     5911 Insecticides for retail sale or as 
     preparations/articles 2.6 0.0 0.8 2.5 1.7 1.4 1.7 
     5334 Paints and varnishes; plastics in solution;  
     etc. 1.4 0.9 1.2 1.3 0.9 0.9 1.2 
     5532 Beauty or make-up preparations; 
     manicure or pedicure preparations 0.0 0.6 1.6 0.6 0.2 0.3 0.8 
     5531 Perfumes and toilet waters 0.2 1.6 2.3 1.0 0.5 1.0 0.8 
  Other semi-manufactures 13.0 8.7 12.0 11.6 6.2 5.5 8.1 
     6612 Portland cement and similar hydraulic 
     cements 4.5 3.2 5.2 4.9 2.2 1.8 4.3 
     6924 Reservoirs, tanks, vats of iron, steel or 
       aluminium, <= 300 litres 2.5 1.3 2.0 2.3 1.3 1.3 1.4 
  Machinery and transport equipment 8.5 5.9 9.0 7.4 4.7 4.9 4.9 
    Power generating machines 0.3 0.1 0.3 0.1 0.1 0.1 0.1 
    Other non-electrical machinery 1.7 1.0 1.5 1.0 0.5 1.4 1.7 
     7239 Parts n.e.s., of machinery of 723 and 
     744.3 0.1 0.0 0.2 0.0 0.1 0.4 0.6 
     7443 Derrick, cranes, mobile lifting frames, 
     etc. 0.3 0.0 0.2 0.0 0.0 0.0 0.3 
     7418 Other treatm ent machine, involving a 
     change of temperature, not domestic 0.1 0.1 0.1 0.2 0.1 0.1 0.2 
     Agricultural machinery and tractors 0.1 0.0 0.0 0.0 0.0 0.0 0.0 WT/TPR/S/308/Rev.1 • Barbados 
 
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  Description 2007  2008  2009  2010 2011 2012  2013  
   Office machines & telecommunication equipment 2.1 1.0 2.7 1.5 0.7 0.7 0.7 
     7641 Electrical apparatus for line 
     telephony/telegraphy 0.2 0.1 0.2 0.0 0.1 0.1 0.2 
     Other electrical machines 3.5 2.6 2.6 3.2 2.0 1.6 1.5 
     7723 Electric resistors, excl. heating resistors; 
     parts 3.1 2.4 2.2 2.9 1.8 1.3 1.2 
     7731 Insulated wire, cable etc.; optical fibre  
     cables 0.0 0.0 0.0 0.0 0.0 0.0 0.2 
    Automotive products 0.6 0.7 1.3 0.9 0.4 0.6 0.3 
    Other transport equipment 0.4 0.6 0.5 0.7 1.0 0.6 0.6 
     7931 Yachts and ot her pleasure/sports/vessels 0.0 0.1 0.0 0.2 0.1 0.1 0.4 
   Textiles 0.7 0.5 0.6 0.6 0.3 0.3 0.4 
     6582 Tarpaulins, sails, awnings, tents, etc. 0.7 0.5 0.5 0.5 0.3 0.3 0.4 
   Clothing 0.3 1.6 1.5 1.1 0.8 1.6 1.2 
     8414 Trousers, bib and brace overalls, 
     breeches and shorts 0.1 0.3 0.3 0.2 0.1 0.3 0.2 
     8482 Articles of apparel and clothing 
     accessories (including  gloves), for all purposes,  
     of plastics or of vulcanized rubber (other than 
     hard rubber) 0.0 0.0 0.0 0.0 0.0 0.1 0.2 
   Other consumer goods 9.4 18.1 20.9 19.6 9.8 18.5 14.0 
     8996 Orthopaedic appliances; artificial parts of 
    the body;      hearing aids etc. 2.1 1.6 1.9 3.3 2.3 2.3 3.8 
     8928 Printed matter, n.e.s. 2.7 2.3 2.7 3.5 2.2 2.0 2.9 
     8973 Jewellery of gold, silver or platinum 
     Metals 
    (except watches) 0.6 4.3 4.5 2.6 1.7 6.3 1.8 
     8854 Wrist-watches and other watches (excl. 
     of 885.3) 0.0 2.7 2.4 2.5 0.7 2.3 1.0 
Other 0.8 0.6 0.9 1.0 0.8 0.6 1.3 
  Gold 0.0 0.0 0.0 0.0 0.1 0.1 0.6 
 
Source: UNSD, Comtrade database (SITC Rev.3). WT/TPR/S/308/Rev.1 • Barbados 
 
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  Table A1.2 Merchandise imports by groups of products, 2007–13  
(US$ million and %) 
Description 2007  2008  2009  2010  2011 2012 2013  
Total 1,299 1,744 1,341 1,196 1,775 1,768 1,769 
 (% of total imports) 
Total primary products 25.7 39.5 36.9 29.5 47.9 51.8 48.8 
  Agriculture 23.0 20.7 22.6 26.7 19.9 20.1 20.8 
   Food 20.4 19.0 20.6 24.9 18.6 19.0 19.6 
    0989 Food preparations, n.e.s. 1.3 1.2 1.5 1.7 1.2 1.2 1.3 
    1110 Non-alcoholic beverage, n.e.s. 1.5 1.1 1.4 1.6 1.0 1.1 1.1 
    2222 Soya beans 0.6 0.9 0.8 0.8 0.8 0.7 0.7 
    0484 Bread, baked goods 0.6 0.6 0.7 0.8 0.6 0.6 0.6 
    0249 Other cheese; curd 0.6 0.7 0.5 0.8 0.5 0.5 0.6 
    1121 Wine of fresh grapes (including fortified 
    wine) 0.6 0.6 0.6 0.7 0.5 0.5 0.6 
   Agricultural raw material 2.6 1.7 2.0 1.8 1.3 1.1 1.1 
   Mining 2.7 18.8 14.3 2.8 28.1 31.7 28.0 
    Ores and other minerals 0.3 0.2 0.2 0.3 0.2 0.2 0.2 
     Non-ferrous metals 0.9 0.7 0.7 0.9 0.6 0.5 0.5 
      Fuels 1.5 17.8 13.4 1.6 27.3 31.0 27.3 
    334 Petroleum oils obtained from bituminous 
    minerals 0.5 16.9 11.9 0.6 25.5 30.2 26.2 
Manufactures 73.8 60.0 62.6 70.0 51.6 47.9 50.8 
  Iron and steel 2.6 2.2 1.8 1.8 1.5 1.1 0.8 
  Chemicals 11.4 10.7 13.2 14.7 9.9 9.7 10.1 
    5429 Medicaments, n.e.s. 2.9 3.1 4.3 4.9 3.1 2.9 3.0 
     5542 Surface-active agents (excluding soap) 0.8 0.7 0.9 1.0 0.7 0.7 0.7 
  Other semi-manufactures 12.8 10.0 10.4 11.9 8.2 8.4 8.2 
    6429 Articles of paper pulp, paper, etc., n.e.s. 0.7 0.6 0.8 0.9 0.6 0.6 0.7 
    6421 Packing containers, of paper, paper- 
    board, cellulose wadding etc. 0.6 0.4 0.5 0.6 0.4 0.4 0.4 
  Machinery and transport equipment 32.7 22.5 22.0 24.1 19.2 16.4 18.6 
   Power generating machines 1.1 0.6 0.7 0.5 1.2 0.5 0.7 
   Other non-electrical machinery 7.6 5.7 5.5 6.5 4.9 4.3 4.1 
    7415 Air conditioning machines, and parts 0.5 0.3 0.4 0.5 0.4 0.4 0.4 
    7436 Filtering and purifying machines for 
    liquids/gases 0.3 0.2 0.2 0.3 0.2 0.2 0.2 
  Agricultural machinery and tractors 0.3 0.3 0.3 0.5 0.2 0.2 0.2 
  Office machines & telecommunication 
  equipment 9.9 5.6 6.3 6.0 5.0 4.3 5.3 
    7641 Electrical apparatus for line 
    telephony/telegraphy 1.0 0.6 0.7 0.6 0.7 0.6 0.9 
    7643 Radio or television transmission 
   apparatus 2.4 0.7 0.8 1.0 0.8 0.5 0.8 
    7522 Data processing machines, with at least 
    processing, input and output units 0.7 0.5 1.0 0.7 0.5 0.6 0.7 
  Other electrical machines 5.2 3.6 3.7 4.0 3.1 2.8 3.5 
    7731 Insulated wire, cable etc.; optical fibre 
   cables 1.5 1.0 0.7 0.9 0.7 0.6 1.0 
  Automotive products 7.6 6.1 4.6 6.2 4.1 4.0 3.9 
    7812 Motor vehicles for the transport of 
    persons, n.e.s. 4.1 3.1 2.5 3.5 2.3 2.1 2.1 
  Other transport equipment 1.4 0.8 1.1 0.8 0.9 0.5 1.0 
   Textiles 1.6 1.3 1.4 1.6 1.2 1.1 1.2 
   Clothing 1.4 1.4 1.5 1.8 1.4 1.4 1.4 WT/TPR/S/308/Rev.1 • Barbados 
 
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  Description 2007  2008  2009  2010  2011 2012 2013  
  Other consumer goods 11.2 11.9 12.3 14.1 10.2 9.9 10.5 
    8931 Plastics containers, stoppers, lids, etc. 1.2 0.9 1.1 1.2 1.0 1.0 1.0 
    8973 Jewellery of gold, silver or platinum 
    metals     (except watches) 0.0 1.3 1.1 1.0 1.2 1.1 1.0 
Other 0.5 0.5 0.5 0.5 0.5 0.3 0.5 
 
Source: UNSD, Comtrade database (SITC Rev.3). WT/TPR/S/308/Rev.1 • Barbados 
 
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  Table A1.3 Merchandise exports and re -exports by trading partner, 2007-13 
(US$ million and %) 
Description 2007  2008  2009  2010  2011 2012 2013  
Total exports and re-exports 314 454 323 314 508 566 467 
 (% of exports and re-exports) 
America 83.7 64.8 83.0 76.6 59.1 63.9 62.4 
  United States 14.2 21.0 27.9 24.9 13.9 26.3 18.2 
  Other America 69.5 43.8 55.1 51.6 45.2 37.5 44.2 
    Trinidad and Tobago 27.8 9.5 10.0 8.4 16.9 11.5 11.5 
    Guyana 2.9 3.0 4.1 4.7 2.8 2.7 4.6 
    Jamaica 5.3 3.9 5.4 5.6 3.7 3.5 4.4 
    St Lucia 6.6 5.4 7.8 5.8 3.7 3.4 4.3 
    Canada 2.8 2.3 3.1 2.6 1.5 1.8 2.5 
    St Vincent and the Grenadines 4.3 3.3 4.4 4.0 2.6 2.1 2.5 
    Grenada 3.0 2.5 3.6 3.9 1.9 1.6 2.2 
    Netherlands Antilles 1.5 3.4 4.1 2.4 1.8 3.1 2.2 
    Antigua and Barbuda 3.0 2.4 2.9 2.5 1.8 1.6 2.0 
    Suriname 1.6 1.0 0.7 1.7 2.8 0.6 1.2 
    St Kitts and Nevis 1.7 1.8 1.7 1.9 0.9 0.8 1.2 
Europe 13.5 13.7 14.2 20.7 13.3 9.9 6.9 
  EU(28) 12.6 11.8 13.7 20.4 13.3 8.0 6.6 
   United Kingdom 9.1 9.1 10.2 16.8 10.8 5.5 1.8 
   Portugal 0.0 0.0 0.0 0.0 0.0 0.0 1.6 
   France 1.2 1.1 1.2 1.7 1.2 1.0 1.4 
   Germany 1.0 0.5 0.7 0.7 0.5 0.2 0.5 
   The Netherlands 0.3 0.3 0.2 0.3 0.1 0.2 0.4 
   Spain 0.1 0.0 0.1 0.0 0.2 0.6 0.4 
  EFTA 0.7 1.8 0.4 0.3 0.0 1.8 0.1 
   Switzerland 0.7 1.8 0.4 0.3 0.0 1.8 0.1 
  Other Europe 0.2 0.1 0.1 0.0 0.0 0.1 0.2 
   Turkey 0.2 0.1 0.1 0.0 0.0 0.1 0.2 
Commonwealth of Independent States CIS)a 0.0 0.0 0.0 0.1 0.0 0.0 0.0 
Africa 0.2 0.1 0.1 0.2 0.1 0.1 0.1 
  South Africa 0.1 0.0 0.1 0.1 0.0 0.0 0.0 
   Middle East 0.2 0.3 0.2 0.1 0.1 0.2 0.2 
   United Arab Emirates 0.2 0.3 0.2 0.0 0.1 0.1 0.2 
  Asia 2.4 1.4 2.5 2.3 1.7 1.9 3.0 
   China 1.5 0.3 0.6 0.8 1.0 1.1 2.2 
   Japan 0.0 0.0 0.0 0.0 0.0 0.0 0.0 
  Six East Asian Traders 0.7 0.8 0.5 1.0 0.4 0.4 0.6 
   Chinese Taipei 0.4 0.2 0.2 0.3 0.1 0.1 0.3 
   Thailand 0.0 0.0 0.0 0.2 0.0 0.1 0.1 
   Malaysia 0.0 0.1 0.1 0.1 0.1 0.0 0.1 
   Hong Kong, China 0.2 0.2 0.2 0.2 0.1 0.1 0.1 
   Korea, Rep. of 0.0 0.1 0.0 0.1 0.0 0.0 0.0 
   Singapore 0.1 0.1 0.0 0.1 0.0 0.0 0.0 
Other Asia 0.2 0.3 1.4 0.5 0.3 0.3 0.2 
  Australia 0.0 0.0 0.1 0.1 0.0 0.1 0.1 
  India 0.0 0.0 1.1 0.3 0.2 0.1 0.0 
Other 0.0 19.7 0.0 0.0 25.8 24.1 27.4 
  Areas n.e.s 0.0 0.0 0.0 0.0 0.0 24.1 27.4 
a Commonwealth of Independent States (CIS) includes Armenia, Azerbaijan, Belarus, Georgia, 
Kazakhstan, Kyrgyzstan, Moldova, Russian Federa tion, Tajikistan, Turkme nistan, Ukraine, and 
Uzbekistan. 
Source: UNSD, Comtrade database (SITC Rev.3). WT/TPR/S/308/Rev.1 • Barbados 
 
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  Table A1.4 Merchandise imports by trading partner, 2007–13 
(US$ million and %) 
Description 2007  2008  2009  2010  2011 2012 2013  
Total imports 1,299 1,744 1,341 1,196 1,775 1,768 1,769 
 (% of imports) 
America 66.9 71.1 72.3 67.2 74.0 76.7 75.6 
  United States 43.7 36.8 39.7 43.9 31.9 31.0 33.0 
Other America 23.2 34.2 32.5 23.3 42.1 45.7 42.6 
  Trinidad and Tobago 7.7 19.8 15.8 7.2 26.5 28.9 26.2 
  Suriname 0.1 2.8 2.9 0.2 4.8 6.2 4.9 
  Canada 4.4 3.4 3.8 4.4 3.1 2.6 2.8 
  Mexico 1.1 1.1 1.4 1.8 1.1 1.4 2.0 
  Brazil 2.0 1.3 1.8 1.8 1.2 1.1 1.2 
  Jamaica 1.2 0.6 0.6 0.7 0.5 0.6 0.7 
  Guyana 1.4 1.1 1.3 1.4 0.9 0.7 0.6 
  Dominican Republic 0.4 0.4 0.6 0.6 0.5 0.6 0.6 
  Costa Rica 0.5 0.5 0.5 1.0 0.5 0.5 0.6 
  St Vincent and the Grenadines 0.3 0.2 0.3 0.4 0.3 0.4 0.5 
  Panama 0.4 0.3 0.4 0.5 0.4 0.4 0.4 
  Colombia 0.6 0.5 0.5 0.6 0.3 0.4 0.4 
Europe 17.9 15.3 14.8 17.0 14.2 12.2 12.6 
  EU (28) 17.2 13.4 13.1 15.0 12.6 10.9 11.3 
  United Kingdom 7.8 5.3 5.0 5.4 4.0 3.8 4.0 
  France 1.5 1.6 1.7 2.1 1.5 2.0 2.0 
  Germany 2.1 1.6 1.3 1.9 2.0 1.1 1.3 
  Sweden 1.7 1.1 1.0 1.3 1.5 0.8 0.9 
  The Netherlands 0.9 0.9 0.9 1.1 1.1 0.9 0.7 
EFTA 0.5 1.5 1.4 1.5 1.3 1.1 1.1 
  Switzerland 0.4 1.4 1.3 1.4 1.2 1.0 1.0 
Other Europe 0.3 0.4 0.4 0.5 0.3 0.2 0.1 
  Turkey 0.3 0.4 0.4 0.5 0.3 0.2 0.1 
Commonwealth of Indepe ndent States (CIS)a 0.1 0.0 0.0 0.0 0.0 0.0 0.0 
Africa 0.2 0.2 0.2 0.2 0.1 0.2 0.2 
  South Africa 0.1 0.1 0.1 0.1 0.1 0.1 0.1 
Middle East 0.8 0.3 0.3 0.1 0.2 0.2 0.1 
  United Arab Emirates 0.0 0.0 0.0 0.0 0.0 0.1 0.1 
  Israel 0.7 0.2 0.2 0.1 0.2 0.1 0.1 
Asia 14.2 13.1 12.4 15.4 11.4 10.7 11.5 
  China 3.8 3.5 4.0 4.8 4.1 4.2 4.4 
  Japan 4.5 3.6 3.1 3.6 2.3 2.0 2.0 
Six East Asian Traders 3.3 3.0 2.5 3.3 2.4 2.3 2.6 
  Thailand 1.1 1.2 0.8 1.1 0.8 0.8 1.0 
  Korea, Rep. of 1.0 0.7 0.6 1.0 0.7 0.8 0.7 
  Chinese Taipei 0.6 0.4 0.4 0.5 0.3 0.3 0.3 
  Hong Kong, China 0.4 0.4 0.3 0.3 0.3 0.2 0.2 
  Malaysia 0.2 0.3 0.3 0.2 0.2 0.2 0.2 
  Singapore 0.1 0.1 0.1 0.1 0.1 0.1 0.1 
Other Asia 2.5 3.0 2.8 3.7 2.6 2.2 2.5 
  New Zealand 1.3 1.4 1.2 1.9 1.2 1.2 1.3 WT/TPR/S/308/Rev.1 • Barbados 
 
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  Description 2007  2008  2009  2010  2011 2012 2013  
  India 0.3 0.4 0.6 0.8 0.5 0.5 0.4 
  Australia 0.5 0.6 0.4 0.4 0.5 0.1 0.2 
  Indonesia 0.3 0.3 0.4 0.4 0.2 0.2 0.2 
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 
a Commonwealth of Independent States (CIS) includes Armenia, Azerbaijan, Belarus, Georgia, 
Kazakhstan, Kyrgyzstan, Moldova, Russian Federa tion, Tajikistan, Turkme nistan, Ukraine, and 
Uzbekistan. 
Source: UNSD, Comtrade database (SITC Rev.3). 
__________