WT/TPR/M/282  
3 October 2013  
(13-5336)  Page: 1/19  
Trade Policy Review Body  
10 and 12 June 2013   
 
TRADE POLICY REVIEW 
SURINAME  
MINUTES OF MEETING 
Chairperson: H.E. Mr Eduardo Muñoz Gómez (Colombia) 
 
Page 
1   INTRODUCTORY REMARK S BY THE CHAI RPERSON ...................................................... 2  
2   OPENING STATEMENT BY THE RE PRESENTATIVE OF SURINAME ................................. 3  
3   STATEMENT BY THE DISCU SSANT ............................................................................... 5  
4   STATEMENTS BY MEMBERS.......................................................................................... 7  
5   REPLIES BY THE REPRESENTATIVE OF SURINAME AND ADDITIONAL 
COMMENTS ..................................................................................................................... 16  
6   CONCLUDING REMARKS BY THE CHAIRPERSON ........................................................ 18  
 
 
Note: Advance written questions and additional questions by WTO Members, and the replies 
provided by Suriname are reproduced in document WT/TPR/M/282/Add.1 and will be available 
online at http://www.wto.org/englis h/tratop_e/tpr_e/tp_rep_e.htm. WT/TPR/M/282 • Suriname 
 
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  1  INTRODUCTORY REMARKS BY THE CHAIRPERSON 
1.1.  The second Trade Policy Review of Suriname was held on 10 and 12 June 2013. The 
Chairperson H.E. Mr Eduardo Muñoz Gómez (Colom bia) welcomed the delegation of Suriname 
headed by Mr Raymond Saopen, Minister of Trade and Industry; the rest of the delegation from 
Suriname and colleagues from the mission in Geneva; and the discussant, H.E. Mr Nimal 
Karunatilake (Sri Lanka). 
1.2.  The Chairperson recalled the purpose of th e Trade Policy Reviews and the main elements of 
the procedures for the meeting. The report by Suriname was contained in document 
WT/TPR/G/282 and that of the WT O Secretariat in WT/TPR/S/282. 
1.3.  Suriname adopted the alternative timeframe for its TPRB meeting. Questions by the following 
delegations had been submitted in writing at least four weeks in advance and had been 
transmitted to the delegation of Suriname: the United States; China; India; and the European 
Union. The following delegations submitted written questions after the four week deadline: India; 
Sri Lanka; Turkey; the Dominican Republic; Ecuador; and Uruguay. 
1.4.  Suriname has an open economy with large mineral reserves, and it is dominated by 
production and export of gold, bauxite/alumina, and fuel that together make up over 90% of 
exports.  
1.5.  Since its last review in 2004, GDP has performed relatively well, in a context of high 
commodity prices with an average growth rate of 5%. However, in the face of the recent economic 
downturn, Suriname's economy has shown signs of vulnerability to external shocks, as depressed demand for most commodities led to lower GDP growth in 2009. This scenario recalled an 
overwhelming necessity for economic diversification.  
1.6.  Trade is important to the economy with im ports and exports representing 100% of GDP. The 
structure of merchandise exports remains concentrated. Since 2007, gold has taken over 
bauxite/alumina as the main export, while exports of fuels also increased in importance. Imports 
are more broadly based than exports although petroleum oils make up a quarter of imports and machinery and electrical equipment another fifth. 
1.7.  At the last TPR, Members welcomed the decline of average applied MFN tariffs in Suriname 
over the years. Concerns were expressed, however,  with respect to the relatively high levels of 
tariff protection enjoyed by the agriculture sector. Suriname was invited to lower its tariff bindings to rates closer to applied rates in order to impr ove the predictability of its trade regime. Members 
noted with concern that certain applied tariff rates exceed their bound levels. In that context, they 
sought details on the status of Suriname's renegotiation under Article XXVIII of the GATT. 
1.8.  During the 2004 review, Members considered that the procedures for approving investments 
are cumbersome, and underscored the need to accelerate public sector reforms and reduce the 
degree of government interference in the econom y. It is worth noting that, since then, some 
efforts have been made to simplify business registration requirements. Since June 2011, business 
licensing is required for 26 businesses and professions; all others are only subject to registration in 
the Trade Register of the Chamber of Commerce and Industry.  
1.9.  Finally, the process of trade policy formulation remains challenging in Suriname due to 
cumbersome procedures. In that regard, Members would encourage Suriname in promoting the 
effectiveness of its trade-related legislative process. WT/TPR/M/282 • Suriname 
 
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  2  OPENING STATEMENT BY THE REPRESENTATIVE OF SURINAME (H.E. MR. RAYMOND 
SAOPEN) 
2.1.  I and my delegation are honoured to be here with you this morning at the occasion of the 
second Trade Policy Review of Suriname. 
2.2.  The current Government of Suriname which took office in 2010 set out a clear development 
path from the beginning. 
2.3.  It is useful that you take note of the headlines of the Government agenda which are the 
following: 
 Removing unnecessary barriers against doing businesses and increasing freedom of 
 entrepreneurship  Sustainable use of natural resources  
 Regional integration, and the South American Integration process in particular 
 South-South cooperation 
 Increasing the energy capacity to accommodate economic development while focusing on 
 development of renewable types of energy such as biofuel 
 Worldwide investment promotion activities 
 Development of industrial parks 
 Stronger Public-Private partnerships and projects 
 Development of export processing zones. 
2.4.  At the heart of this all is the strategy to  transform Suriname into a small emerging economy 
which could function as a regional hub. 
2.5.  A Trade Policy Review is an excellent opportunity to not only summarize trade policy matters, 
but to ask the relevant important question: “What can the world learn from Suriname”? 
2.6.  In other words, what are success stories of  our economic and other policies which could serve 
as a model for smaller sized economies? 
2.7.  That is, in my opinion, the core of the discussion which we should also be having in the 
context of a Trade Policy Review. 
2.8.  The effects of the 2008 Global Financial crisis and the subsequent Global Recession are still 
visible and some of the sectors which are important to Suriname, such as the aluminium branch, have still not fully recovered. 
2.9.  But we were able to prevent a destruction of the financial sector in Suriname because of the 
prudent oversight from monetary authorities. 
2.10.  The Central Bank is currently undergoing capacity building in order to manage financial 
instruments in the country even better. 
2.11.  So prudent oversight of financial markets in Suriname is one area where smaller countries 
can take a closer look at. 
2.12.  But in the financial area, Suriname is doing more. 
2 . 1 3 .   A s  a  p r o d u c e r  o f  m i n e r a l s  s u c h  a s  o i l  a n d  g o l d  w i t h  r e l a t i v e l y  h i g h  p r i c e s  o n  t h e  w o r l d  
market, the country is saving funds and setting up  a Sovereign Wealth Fund for times of economic 
downswing with lower world prices. 
2.14.  Many countries were forced to take some painful measures in the aftermath of the 2008 
financial crisis and we see the problems in some European countries today. 
2.15.  We took some difficult measures in January of 2011 and the implementation of these 
measures did not create any social eruptions. WT/TPR/M/282 • Suriname 
 
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  2.16.  This was possible due to a combination of compensation measures for the least vulnerable 
in society, a solid social program for the elderly and the youth, a housing program, and an afterschool program. 
2.17.  The other important element was the partnership with unions who did understand the 
importance of economic stability measures. 
2.18.  The Government is currently implementing a social security system consisting of: 1. A general pension system for every citizen 
2. Health care availability for every citizen 
3. A minimum wage.  
2.19.  So that is the second thing in which the Government was successful, but the wisdom in this 
case is: painful measures should be accompanied by a solid social program. And I emphasize this 
as we witness high unemployment rates among youth under the age of 25 in some European 
countries. 
2.20.  I do not need to mention the importance of social stability to the business climate in a 
country. But social stability is also achieved by  making sure that all citizens have access to 
education. Basic education is free in Suriname and as a former Minister of Education I cannot emphasize this policy matter enough. 
2.21.  Safety is also an important pre-condition of a good business climate in any country. In this 
connection, I refer to the following UNDP publication: Caribbean Human Development Report 2012, UNDP Citizen Security Survey 2010, Summary of Findings- Suriname. 
2.22.  According to this report on page 20, Suriname is one of the safest countries in the 
Caribbean. Responders of the survey answered th e question: “How secure or insecure do you 
consider (living in) your country to be?” Obviously, Suriname is doing something right in the area of safety and as a Minister I am proud of this fact. 
2.23.  But since security is a new area of cooperation between nations in the wake of international 
terror threats, the lessons learned of Surina me may be considered by many nations. 
2.24.  I gave you a brief presentation of the direction of Suriname. I hope that after reading the 
relevant Trade Policy Review reports, you got a clear idea of the progress we are making to 
integrate Suriname in the dynamic world economy. We answered the questions we received to the best of our ability. We look forward to a meaningful discussion with you. I would like to thank the WTO and all the officials of this organization who made this second Trade Policy Review possible. WT/TPR/M/282 • Suriname 
 
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  3  STATEMENT BY THE DISCUSSANT 
3.1.  At the outset, let me also extend a warm welcome to His Excellency Raymond Sapoen and his 
officials, who are here for the second Trade Policy Review of Suriname. I consider it an honour to join you in this important and constructive exercise as the Discussant.  
3.2.  I wish to focus my introductory comments this morning primarily on the macroeconomic 
outlook and the trade policy regime of Suriname, with particular reference to its WTO obligations.   
3.3.  Let’s first turn to the macroeconomic outlook.  
3.4.  As all of you know, Suriname is an upper-middle income country, which is blessed with 
valuable natural resources such as alumina, gold  and petroleum. While mining and energy sectors 
contribute about 30% of Suriname’s GDP, alumina, gold and petroleum together account for well over 90% of its total exports. Dominated by trad e and transport activities, the services sector 
accounts for as much as 60% of the GDP, whereas the manufacturing sector (spearheaded by food 
processing and bauxite refining) account for another 22%. Despite their relatively small 
contribution to the GDP, agriculture and fisheries sectors continue to remain important in terms of 
employment and foreign exchange earnings.  
3.5.  Averaging around 5%, the GDP growth of Suriname has remained relatively strong during the 
period under review. This is mainly due to the bu oyant mining sector, which plays a key role within 
the Surinamese economy. However, the depressed demand for commodities, which stemmed from 
the global economic meltdown witnessed in 2008, dampened the country’s growth to a considerable extent in 2009.  
3.6.  Although the economy has begun to show so me signs of recovery after 2010 as a result of 
the favourable commodity prices fuelled by the improving economic conditions in some of the 
industrialised countries, Suriname’s heavy dependence on a just few commodities can seriously expose its economy to the risks of external shocks at any time. 
3.7.  The highly volatile commodity markets and the associated risks underline the important 
necessity of taking effective and sustained measur es in diversifying the Surinamese economy. In 
response to some of the Member questions, Suriname has outlined a number of measures it 
intends to pursue in addressing this situation. 
3.8.  Devaluation of the Surinamese dollar in 2011 has led to increasing import prices, triggering a 
considerably high inflation. However, the rate inflation, which stood closer to 16% in 2011, has begun to slowly come down over the following years and expected to be within a single-digit by 
now.    
3.9.  It is also pertinent to point out that the Go vernment of Suriname has been able to reduce its 
debt stock from 37% of GDP in 2005 to some 19% in 2012 in the wake of the country’s strong 
GDP growth and the favourable fiscal conditions.  
3.10.  In its 2012–2016 Multi-annual Development Plan, the most recent in the series, Suriname 
aims at rationalising the public sector, increasing earning capacity through advantageous mining 
contracts, as well as exploiting potential for tourism, and promoting entrepreneurship with special 
emphasis on export industries. Concrete action in achieving these objectives would, of course, be most beneficial for the Surinamese economy. 
3.11.  Next, I would like to turn to the trade front. 
3.12.  Foreign trade remains an important component in the Surinamese economy as imports and 
exports equivalent to some 100% of the country’s GDP. Suriname’s exports have been registering 
a considerable growth since 2007, while the structure of its exports has changed to some extent 
with gold overtaking alumina as the main export and petroleum products gaining an increased 
importance within the export basket. 
3.13.  Suriname’s export destinations too have seen some changes in the recent past. For 
instance, the share of its exports to the European market has shrunk from nearly half to WT/TPR/M/282 • Suriname 
 
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  one-quarter of the total exports during the peri od 2007–2011, while exports to the Middle East 
increased from near zero to almost a quarter, primarily due to the growing exports of gold to that region.   
3.14.  Suriname’s imports are more broad-based in  comparison to its exports, although petroleum 
oils, which mostly consist of refined products that are not produced in the country, make up a 
quarter of imports. Foodstuff, clothing, machinery and electrical equipment etc., feature among the other main items of import.   
3.15.  The United States and the European Union rank as Suriname’s main sources of imports, 
although their share has declined somewhat in the recent years, while imports from Trinidad and Tobago seen some increase.  
3.16.  Reading through the reports of the Secretariat and the Surinamese government as well as 
some of the Member questions, I observe that  the policy formulation processes in Suriname 
remains lengthy and time consuming. In fact, its trade policy does not appear to have changed fundamentally since its previous review, which was held in July 2004. Needless to say this 
constitutes a major challenge to the system where a lot of legislation needs updating. Some of the 
areas which need more modern legislative basis include trade and investment, intellectual property rights, customs, land tenure, consumer protection, and competition policy.  
3.17.  It is also pertinent to mention that Suriname does not have specific legislation yet in areas 
such as contingency measures and competition policy. Although some aspects of these areas are covered under other laws, they would benefit from comprehensive, dedicated acts of legislation albeit that too would require appropriate institutional reforms to support and enforce such 
dedicated laws. Despite the fact that Suriname has prepared draft legislation in several cases, 
including intellectual property, its National Assembly has not been able to pass them so far.  
3.18.  Suriname is a member of the Caribbean Community or the CARICOM, and has adopted its 
common external tariff. Although Suriname’s average MFN tariffs remain below its average bound 
tariffs at the WTO, the applied rates of some 9%  of the overall tariff lines exceed their bound 
rates. Suriname is expected to address this situ ation by undertaking renegotiation of its Schedule 
of Tariffs.   
3.19.  In order to mitigate any under-invoicing, the Surinamese Customs authorities currently 
apply specific duties for imported cars, cigarettes, and alcoholic beverages. In addition, the authorities are in process of initiating a pre-shipment inspection programme as well. 
3.20.  It has been observed that Suriname has no t made notifications to the WTO in many areas, 
including technical regulations and SPS measures. The authorities have indicated that they would take action to notify their technical regulations, once the Suriname Standards Bureau has been 
notified as their enquiry point.  
3.21.  Although minerals and oil production are central to its economy, Suriname has considerable 
potential in agriculture production as well. However, the country faces a number of challenges in 
agriculture development and they include the outdated land tenure system that hinders 
investments and restricts producers' access to cred it, poor infrastructure and inadequate research 
and development.  
3.22.  I wish to conclude my brief remarks by  thanking the Surinamese Government for its 
commitment and engagement in their second Trade Policy Review under the overall mechanism of 
the WTO. I am also appreciative of the spirit of cooperation demonstrated by Suriname in using the alternative timeframe for this Review, as that provides sufficient time for the Member 
delegations to pose questions on areas of interest to them and then allows us to study the 
Suriname responses to the particular questions in advance, paving the way for an active engagement in the Review process.    WT/TPR/M/282 • Suriname 
 
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  4  STATEMENTS BY MEMBERS 
UNITED  STATES 
4.1.  During its first TPR in 2004, Suriname indicated that the decision to participate in the TPR 
process had not been easy – but that it recognized its commitments under the WTO. Hopefully its 
first TPR provided a valuable opportunity for Suriname to both recognize its accomplishments and 
provide further insights into its regime. We recognize that Suriname faces added challenges with regards to its participation in the TPRs and other WTO activities given that Suriname does not 
maintain a permanent mission in Geneva. We therefore commend Suriname on its willingness to 
engage with the Secretariat and Members and appreciate its participation today.   
4.2.  Turning to developments since its last TPR, we note that Suriname enjoyed solid economic 
growth rates averaging 5% from 2005 until the financial crisis in 2008. Suriname’s intensive 
participation in the world economy contributed significantly to these growth rates as well as to 
Suriname’s recovery from the crisis.  As the Se cretariat stated, trade clearly plays an important 
role in an economy with imports and exports equal to 100% of GDP. Further, according to the 
Secretariat’s report, while Suriname experienced setbacks to its exports and its economy during 
the financial crisis, Suriname’s merchandise export strength supported a steady current account surplus from 2006 through 2012 and merchandise expo rts have more than doubled during this 
period, along with Suriname’s GDP. We note that the sectors in which Suriname’s services imports 
are concentrated – transport and engineerin g – further enable and support Suriname’s 
merchandise exports. 
4.3.  The United States and Suriname enjoy a solid trade and investment relationship. The 
Secretariat reports that the United States imported approximately 10.7% of Suriname’s exports in 
2011. In the review period, Suriname exports to the United States, led by minerals and fish exports, increased by 75%, and U.S. exports to  Suriname increased by 71%. The Secretariat 
reports that the United States is also among the top four sources of foreign direct investment in 
Suriname. 
4.4.  The United States commends Suriname on its efforts to expand trade flows and further 
integrate its economy into the world market. The Caribbean Community establishes the 
groundwork for the CARICOM Single Market and related commitments on competition policy, services, transport policy and agricultural policy, among others. Suriname’s participation in CARICOM is therefore a significant step towards improved trade flows within CARICOM and with 
third countries. Enhanced integration within the Caribbean is key to Suriname’s and other 
Caribbean countries’ effective integration in global markets. Suriname’s participation in the European Partnership Agreement with CARIFORU M further demonstrates Suriname’s long-term 
commitment to an open trade regime. However, as CARICOM reduces internal barriers among its 
members, we urge Suriname to also keep in mind  its WTO commitments, in particular with regards 
to its WTO bound rates.  For example, we are concerned by the statement in the Secretariat report 
that 9% of Suriname’s tariff lines are above its bound rates. 
4.5.  The United States commends Suriname on the reforms undertaken since its last review. In 
that regard, we support the establishment of th e Suriname Standards Bureau (SSB), but would 
also encourage Suriname to notify the SSB to the WTO as an enquiry point as soon as possible.  
We also look forward to learning more about the important improvements to the port in 
Paramaribo, which the Secretariat indicates has considerably reduced the time needed for ports and terminal handling. 
4.6.  We note the Ministry of Trade and Indu stry’s objective “to improve doing business” in 
Suriname. However, while Suriname has made noteworthy strides to improve its trade regime in recent years, there are areas that pose a signific ant challenge to this stated objective. As the 
Secretariat indicated, both the investment law and customs laws would benefit from being 
updated. We encourage Suriname to adopt and implement a modernized customs law to improve customs efficiencies and amplify the benefits realized by the investment that has already been made in the Paramaribo port. We would also be interested in learning about Suriname’s reasons 
for recently establishing new pre-shipment inspection requirements.   WT/TPR/M/282 • Suriname 
 
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  4.7.  The protection of intellectual property is another critical area of legislation that has not kept 
pace with Suriname’s development. Intellectual property protection falls short of Suriname’s TRIPS commitments, international standards, and Suriname’s other reforms to improve the business climate, attract foreign investment and diversify the economy. Effective protection of intellectual 
property underpins a secure and rules- based business friendly climate.   
4.8.  We submitted written questions which highli ght our concerns in this area, as well as a few 
other areas where we would appreciate further information. We thank Suriname for its responses, 
which we are reviewing carefully.   
4.9.  In closing, we would like to emphasize that we value our trade and investment relationship 
with Suriname and value the opportunity to work with Suriname both bilaterally and within the WTO to facilitate trade and investment between our two countries. We continue to hope that the 
Government of Suriname finds value in this important process. We thank the delegation of 
Suriname for its participation in this review, and welcome the opportunity to engage with Suriname and other delegations in a discussion of Suriname’s trade and investment regime.   
CHINA 
4.10.  We note with pleasure that Suriname was one of the few Caribbean countries to maintain 
macroeconomic environment stability and weathered the global financial crisis well. Its total GDP 
and GNI per capita nearly doubled to US$5.2 billion and US$9,321 respectively during the review 
period (2006-2012). We are also happy to see that Suriname has made some progress on other aspects, such as adoption of a number of nation al and CARICOM standards, the improvement of its 
food control system and the enhancement of its banking supervision with the Banking and Credit 
System Supervision Act. 
4.11.  We have also witnessed encouraging progre ss on our bilateral trade and economic relations. 
According to Chinese statistics, Suriname is one of China’s major trading partners in Caribbean 
countries. In 2012 our bilateral trade amounted to US$212 million with an increase of 40% year 
on year. On investment, by the end of 2012, th e aggregate total of utilized FDI of China in 
Suriname amounted to US$106 million. Suriname has also invested 17 projects in China with the 
total amount of US$20.1 million. Just a week ago, Chinese president Xi Jinping has met 
Surinamese President Dési Bouterse in Port of Spain, at which our two countries have committed to further expand our bilateral cooperation and help promote China's overall cooperation with Latin America. 
4.12.  These achievements don’t come without efforts. As the Government Report and the 
Secretariat Report both pointed out, Suriname has made great efforts towards its integration into a more open global economy and to improve its own investment environment. China also highly 
commends Suriname’s efforts towards multilateral trade liberalization and regional integration. As 
the government report pointed out, Suriname has actively engaged in the multilateral Doha negotiations through CARICOM and negotiations for various regional cooperation initiatives to be a 
regional hub. 
4.13.  Having said that, we believe that there is still room for improvement in Suriname’s trade 
policy. Its legal framework needs to be updated in a number of areas related to trade and investment such as investment law, customs act and the existing IPR legislation. It is also noted 
that about 90% of Suriname’s export income is based on alumina, gold and oil, rendering its 
economy vulnerable to global commodity price fluctuations. China expects Suriname to take measures to accelerate its efforts to update its legal framework and promote its trade 
diversification. Of course, those could only be  achieved with patience, perseverance and a 
well-prepared work plan that starts with little th ings. As a Suriname saying goes “If you like okra, 
you will have to like the seeds as well”, which means that, if you want to achieve something, you’ll 
have to start with little things. China will be most glad to work together with Suriname to plant the 
seeds now and harvest the okra in due course. 
INDIA 4.14.  India and Suriname share strong cultural and historical links. Nearly 30% of Suriname’s 
population is of Indian origin. Our bilateral ties have continued to flourish through multifaceted WT/TPR/M/282 • Suriname 
 
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  cooperation, including technical assistance and tr aining under India’s ITEC programme. A Line of 
Credit worth US$30 million was extended to Suriname during the fourth Joint Commission Meeting in Paramaribo. 
4.15.  Trade between India and Suriname has been modest but increasing. From US$15 million in 
2011-12, bilateral trade has crossed US$25 million in the first nine months of 2012-13. There is a 
growing interest in investing in Suriname as evident from a proposed palm oil project in Suriname by an Indian company involving an investment of US$200 million. We look forward to exploiting 
the full potential of our trade and commercial relationship in the future. 
4.16.  As small and open economy, Suriname is rich in mineral reserves with a per capita income 
of US$9,321. Its economy is dominated by the prod uction and export of gold, bauxite, alumina 
and fuel, which make up over 90% of its exports.  Trade plays an important role in Suriname’s 
economy with imports and exports amounting to 100%  of its GDP. In this backdrop, we welcome 
the Suriname Government’s emphasis on economic diversification to promote development and reduce exposure to risks from external shocks.  
4.17.  Various sectors have been identified for development keeping in mind Suriname’s potential 
for further economic growth, including not only minerals, but also tourism and agriculture. Through a strategy of enhanced agricultural production, the Government proposes to convert 
Suriname into a major food producer and supplier of the region. Suriname’s Multi-annual 
Development Plan 2012-16 lays down the development blueprint for the medium term, focusing on rationalizing the public sector, increasing productivity of the mining sector, promoting tourism and entrepreneurship. Today Minister Sapoen has outlined his Government’s agenda and desire to 
transform Suriname into a small emerging economy that could function as a regional hub. We 
hope Suriname will be successful in achieving its desired objectives and wish them well in their work ahead. 
4.18.  Suriname’s strong and steady economic performance during the period under review is 
noteworthy. Driven largely by favourable prices for its exports of gold, bauxite and alumina, Suriname’s growth averaged 5%, slowing down briefly in 2009 due to depressed international 
demand and prices. Since 2010, the economy has show n signs of recovery as a result of improving 
commodity prices and economic recovery in some in dustrial countries. Growth in the medium term 
is projected at 5% to 7% per annum, propelled mainly by FDI and domestic private investment in gold and bauxite mining, as well as in large-scale infrastructure.  
4.19.  As a member of CARICOM, Suriname has ad opted a common external tariff and is party to 
the Community's international agreements, including its RTAs. This regional integration will promote greater competitiveness and productivity, bringing enhanced benefits for Suriname.  
4.20.  In conclusion, we take this opportunity to wish the delegation of Suriname a productive 
Trade Policy Review. Though a small economy, Suriname has been successful in charting a high growth path marked by stability and growing income levels. At the same time, Suriname is fully 
cognizant of the challenges and constraints facing its economy and is taking appropriate steps to 
address them. We wish Suriname success in its future course and endeavours. 
BRAZIL 4.21.  For Brazil, it is a pleasure to participate in the second Trade Policy Review of Suriname, a 
neighbouring country with which we have develope d and hope to continue to develop increasingly 
close and friendly ties. 
4.22.  We view with satisfaction that, in the 2006-2011 period, the Surinamese GDP has grown at 
an average rate of more than 4% yearly. Moreover, Suriname has faced the current global 
economic crisis with limited effects on its trad e indicators: from 2007 to 2011, total exports have 
increased from US$1.36 billion to US$2.48 billion, while total imports have risen from almost 
US$1 billion to US$1.43 billion. Suriname is a very open economy: imports plus exports account 
for nearly 100% of its GDP. 
4.23.  In Suriname, most FDI inflows are still conc entrated in the mining and energy industries. As 
many developing countries, Suriname faces the chal lenge of diversifying its productive base and WT/TPR/M/282 • Suriname 
 
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  enhancing its participation in the world trade flows. Agriculture, forestry, tourism and other 
industries also offer opportunities for investments. Brazil welcomes and encourages the initiatives taken by Suriname to attract inve stments and diversify its economy. 
4.24.  We are glad to note the constructive role Suriname has played in the process of 
strengthening regional integration and identity . Suriname is engaged in various regional 
mechanisms and organizations. Among these, we could mention the Caribbean Community, the Union of South American Nations and the Community of Latin American and Caribbean States. 
4.25.  Trade between Brazil and Suriname has evolved in recent years. Between 2002 and 2012, 
bilateral trade flows have increased by 480%, from US$10.7 million to US$62.1 million. This growth has favoured mostly Brazilian exports, which stood at US$61 million last year and covered a wide range of products such as machinery, f oodstuffs, footwear, clothing and vehicles. On the 
other hand, almost 85% of the less than US$1 million Suriname sold to Brazil in 2012 was 
represented by a single product, alumina. There remains room to explore ways to diversify and 
increase bilateral trade and investments, in a more balanced way. 
4.26.  In parallel to increased trade flows, bilateral co-operation has als0 intensified. The recent 
o p e n i n g  o f  t h e  C o n s u l a t e  o f  S u r i n a m e  i n  B e l é m ,  i n  t h e  N o r t h e r n  p a r t  o f  B r a z i l ,  a n d  t h e  establishment of a direct shipping route between the two countries are a few examples. 
Additionally, Brazil and Suriname are developi ng co-operation projects in areas such as 
agriculture, health care, education, public security, geology, mining and energy. Initiatives of this nature aim to bring our country closer to Suriname and the Caribbean region as well. 
4.27.  Last but not least, Brazil sincerely expe cts to continue to reinforce its relations with 
Suriname in a friendly and open way, promoting not only bilateral trade in goods and services but 
also productive investments, for the benefit of our populations. 
EUROPEAN
 UNION 
4.28.  Overall the Surinamese economy has grown steadily in recent years, despite the global 
financial turmoil and the medium-term economic outlook is positive. Trade represents 100% of Suriname’s GDP and is important for its growth. 
4.29.  The relationship between Suriname and the EU is important and the 24th EU-ACP Joint 
Parliamentary Assembly (JPA) which took place for the first time in Paramaribo in November 2012 reflects the role played by Suriname and its increased efforts to deepen its integration into region. 
4.30.  As far as trade is concerned, the EU re mains Suriname’s number one export market, and its 
second greatest source of imports, accounting for 12 % of the total, just after the U.S. even if the 
EU’s share of Suriname’s overall trade has shrunk, as noted by the Secretariat. The EU is also an 
important investment partner.  
4.31.  Suriname is a signatory to the Economic Partnership Agreement, or EPA, between 
CARIFORUM States and the EU. The EU is pleased to inform Members that just after signing the 
EPA in October 2008 Europe opened its market fully  to Suriname and to the rest of CARIFORUM. 
Like most other CARIFORUM countries, Suriname has now started cutting its tariffs on certain EU 
imports, as agreed in the EPA. We now very much hope that Suriname will proceed with ratifying the EPA in short order.  
4.32.  The EU is also one of the main provider s of development assistance to Suriname and the 
rest of CARIFORUM. Most of this is currently financed from the 10th European Development Fund, 
which runs from 2008 to 2013. The EU has increased its support to the region to €163.5 million to 
bolster the economic integration process, already underway in the Caribbean, and to support the 
implementation of the EPA. Aid for trade is an im portant part of this aid. Alignment to standards 
including SPS standards is covered as it is a factor that should facilitate Suriname’s exports of food products to the EU. 
4.33.  Aid to Suriname individually amounts to €19.8 million for the period 2008-13 and aims at 
contributing to the Government’s objectives identified in the National Development Plan focussing WT/TPR/M/282 • Suriname 
 
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  on transport infrastructure. In addition to that, €9.3 million has been allocated in 2012 to help the 
country’s banana industry adapt to changes in global markets. 
4.34.  The EU believes that Suriname still faces several challenges as it seeks to grow its trade 
with the rest of the world. These were highligh ted by the country’s ranking in the World Bank’s 
most recent Doing Business Report. The EU notes Suriname’s arguments in this regard which have 
been presented in its replies to the EU advanced questions.  
4.35.  This leads me to congratulate Suriname for having chosen the new timeframe for its review 
which allows the Members to examine Suriname’s replies before the TPR meeting starts. Indeed, 
the EU welcomes the replies made by Suriname and believes that the country could further develop its economy and trade, and attract even mo r e  i n v e s t m e n t  t h a n  i t  d o e s  a t  p r e s e n t ,  b y  
adopting measures in five corresponding areas:  
 Firstly, cutting red tape, simplifying customs procedures and making it easier for businesses 
 to operate.  
 Secondly, drafting and applying legislation affecting trade and investment in a way that is 
 more predictable and transparent.  This should include stronger rules on property rights and 
 better enforcement of those rules.  
 Thirdly, managing its state-owned enterprises more effectively.  
 Fourthly, further reforming its competition and public procurement rules.  
 And finally, ratifying several international conventions to tackle corruption.  
4.36.  In conclusion, I wish on behalf of the EU  Suriname every success in this challenging but 
useful exercise in transparency, and in its efforts to grow and play a full role in global trade.  
DOMINICAN REPUBLIC 
4.37.  On the occasion of this second Trade Policy Review, we would like to congratulate the 
Government of Suriname for having, as noted in  the WTO Secretariat Report, a small and open 
economy where both trade and GDP increased ea ch year between 2006 and 2012, despite the 
global economic crisis. GDP and per capita income have doubled thanks to the country's large reserves of minerals such as gold, bauxite and oil-based fuels, which account for 90% of 
its exports. 
4.38.  Economic growth was mainly supported by the strong prices of these products, making the 
country dependent on this narrow range of goods. This is why the report suggests – as does the Dominican Republic – that the Government tr y to diversify its revenue  base, despite having 
almost always had a fiscal surplus during the period under review, in order to avoid being 
so exposed to the international price fluctuations of the commodities that it exports. The report 
also indicates that the production methods used in the gold sector can lead to environmental 
degradation and are not very efficient in extracting this form of metal. We therefore suggest that 
the Suriname authorities monitor these methods with a view to making them more efficient and sustainable. 
4.39.  We are pleased to see that the average MFN tariff is below the average bound tariff 
in Suriname's WTO schedule of tariff commitments. Improvements have also been made in various areas, including the establishment of the Suriname Standards Bureau. 
4.40.  The Secretariat report also notes that improvements could be made in updating the 
Investment Law of 2001, and that a general customs act could be drafted to consolidate 
and update existing provisions on customs administration so as to make them more modern and efficient. Legislative improvements could also be made in the areas of intellectual property, 
trade remedies and competition policy.  
4.41.  The Dominican Republic has submitted several questions to Suriname, in particular on 
certain measures taken in the area of agricultur e, and we are grateful for the replies received, 
which we will study carefully. We would like to end by urging Suriname to continue along the path 
of progress and to carry on improving the lives of its people and making the necessary legislative WT/TPR/M/282 • Suriname 
 
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  and institutional reforms. We wish it every success in this second trade policy review and 
in the future.  
CANADA 4.42.  Indeed the key economic indicators for Suriname are very positive. At a time when many 
countries are experiencing significant challenges, Suriname boasts a projected GDP growth rate of 
4.5% for 2013 and 4.5% in 2014 (IMF World Economic Outlook Reports – Update) and an inflation rate, which stood at 5% in 2012, down from 17.7% in 2011 as a result of successful stabilization 
measures taken by the government. Further, the Ce ntral Bank of Suriname reported that official 
reserves have risen from US$237.2 million in 2006 to just over a billion in 2012. And in April 2013 Standard and Poor revised Suriname’s credit rati ng outlook upward from “stable to positive”. 
4.43.  Canada and Suriname have enjoyed an expanding trade and business relationship in the 
thirty eight years since formal diplomatic relati ons were established in 1975. Total two-way trade 
has expanded since the last review in 2004 to over US$600 million, mostly due to Canada’s import of gold, inorganic chemicals (corundum), and mineral ores, slag and ash. Although this year 
Suriname was one of the countries from which Canada removed General Preferential Tariff, the 
bulk of Suriname’s exports to Canada are admitted at the “MFN duty-free” rate.  
4.44.  Although investment is not subject to WTO disciplines, it is important to note that trade 
follows investment. One of the key elements of Canada’s relationship with Suriname is investment 
in the mining sector, which dominates Suriname’s exports and contributes mightily to the country’s foreign-exchange reserves. Canada is among the top 4 largest foreign investors in Suriname. Toronto-based IAMGold has developed the largest gold mine in Suriname, which accounts by some 
estimate for closed to 15-20% of the country’s  GDP. Recently, Suriname’s National Assembly 
signed off on a new agreement with IAMgold to expand its operations and increase the government’s ownership in the expanded portion of the Gros Rosebel gold mine to 30%. The new 
agreement will mean additional tens of millions of dollars in income for Suriname.  
4.45.  Given the strong global demand for gold, the number of Canadian exploration companies 
interested in doing business in Suriname has multiplied. From this perspective, it is very important 
to have clarity and transparency in the rules governing investment that there is a predictable 
regime in place.  
4.46.  While we acknowledge that the Government of Suriname is seeking ways to improve the 
investment regime and has consulted with multilat eral bodies (for example, the World Bank), and 
bilaterally with Canada, we regret to note that in the “Ease of Doing Business” 2012 report of the 
World Bank Group and as the Secretariat Report  notes, Suriname ranked 164th overall of 185 
economies on the composite measure of ease of doing business. Protecting investors is more 
challenging. On the indicator for “protecting investors”, Suriname ranked 183rd of 185 and on “the 
enforcement of contracts”, Suriname ranked 180th. Canada believes that it is of fundamental importance for the government of Suriname to take additional measures to improve the business 
and investment climate by implementing a more pr edictable and rules-based regulatory regime. To 
this end, we would encourage the government to update or amend the Investment Law of 2001 on a priority basis. We understand that even the Su riname Business Forum considers the adoption of 
a new investment law as a main priority. Implementa tion of best practices can be stepped up as a 
positive signal to foreign investors. 
4.47.  In 1995, Suriname became a member of  the Caribbean Community (CARICOM) with an 
important goal of becoming more integrated into the regional economy. Canada continues to 
negotiate a comprehensive trade agreement with CARICOM, which would cover services, 
investment and trade in goods. A free trade agreement with CARICOM should contribute to the shared goal of facilitating development through economic integration within the Western 
Hemisphere. Such an agreement would contribute to addressing a number of issues such as 
investment protocols, labour and the environment and would contribute to creating a more secure and predictable environment for investors, thereby encouraging further investment and contributing to a positive economic climate. 
4.48.  We congratulate Suriname on its achievements to date, and we would encourage Suriname 
to continue with the implementation of necessary reforms to place its economy on a sound footing WT/TPR/M/282 • Suriname 
 
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  to meet its development goals in partnership with its foreign investment partners. Canada wishes 
the delegation every possible success in fulfilling its task and would like to reiterate that it appreciates being given the opportunity to participate in this review. 
COLOMBIA 
4.49.  During the review period, Suriname's ec onomy performed remarkably well, with sustained 
economic growth of around 4% since 2009, which was supported in particular by strong performance in the oil and gold mining sectors, and exchange rate stability.  
4.50.  The report shows that, despite the co untry's impressive economic growth, a high 
concentration of its exports still consists of mining and energy products. It should be noted, however, that recent efforts have been made by  the Government of Suriname to create policies 
that promote production diversification, trade facilitation and tourism, which is becoming 
an increasingly profitable sector for Suriname's economy. 
4.51.  We hope that Suriname's efforts to fulf il its WTO commitments and update its regulatory 
framework on foreign investment, trade facilitation, intellectual property and new businesses will 
produce results enabling it to maintain its growth trajectory in the coming years.  
4.52.  We note that Suriname has yet to submit some of its regular notifications, and we urge it to 
catch up on those which are outstanding insofar as is possible.  
BARBADOS
  
4.53.  Barbados wishes to commend Suriname on its credible performance since its last Trade 
Policy Review. Over the last six years, the world has been challenged by economic and financial crisis, recession, rising oil and commodity prices, and burgeon levels of debt. 
4.54.  We are pleased to see that despite these challenges, Suriname has managed to almost 
double its GDP and GNI per capita income over the period. We also commend the Government of Suriname on taking advantage of its robust output growth and several fiscal positions to 
significantly reduce its debt stock thereby reducing its GDP ratio from 37% in 2005 to 
approximately 19% today. This is a feat that many world economies have not succeeded in fulfilling. My delegation therefore applauds Suriname in this regard. 
4.55.  Barbados maintains an excellent trade relationship with Suriname as we share a special 
relationship both as regional neighbours and as CARICOM members. Through this integration initiative, we together, both sub-regional counterparts in CARICOM, are committed to realize an ambitious level of economic and political integration through the CARICOM Single Market and 
Economy. This policy coherence it's evidenced in Suriname's trade policy and reflected in the 
relationship between our countries.  
4.56.  The importance of trade in the Suriname se economy should not be underestimated and we 
recognize that trading goods and services averag ed 100% of Suriname's GDP from 2005 to 2010. 
With respect to regional initiatives, regional trade forms an integral part of relationship within CARICOM and regional efforts at trade liberalization seeks to expand the export potential of small 
open economies that comprise CARICOM. The results have been reflected in Suriname's export 
performance. We are four CARICOM members within the Americas region that have been identified 
as main recipients of Suriname's exports. We admit that there is more work to be done to boost the trade within CARICOM integration and we will co ntinue to work with Suriname at increasing 
the competitiveness and the trade profile of th e region. We note the recommendations for the 
efforts made by Suriname to diversify its exports to include more products than gold, alumina and oil. 
4.57.  However, as a small open economy like Suriname, we can relate to the difficulties Suriname 
has encountered in achieving this goal within its foreign trade policy. Barbados, like Suriname, face inherent challenges which include limited export basis, high cost of production, limited human 
technical and financial resources. We therefore commend Suriname on the development of its 
medium-term Development Plan 2012-2016. We know that the strategic goals are aimed at enhancing socio-economic development of the country through increasing revenues, as well as WT/TPR/M/282 • Suriname 
 
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  increasing internal efficiencies, improving education, increasing entrepreneurial export-oriented 
trade and increasing employment. 
4.58.  My delegation believes that it is necessary that small economies be allowed the flexibilities 
that are required to devise and apply trade policies and development policies in line with our 
developmental needs. This will enable countries li ke Suriname to continue to successfully pursue 
their trade liberalization, economic reform and developmental objectives in an effort to further integrate into the multilateral trading system.   
ARGENTINA 
4.59.  The relationship between Argentina and Suri name is just one example of how strengthening 
of political ties can have a positive impact on bilateral trade. Let me try to elaborate on this a little further. 
4.60.  On the political front, Suriname's relationship with Argentina gained new momentum when 
Suriname joined the Union of South American Nations (UNASUR) in May 2008. Without going into too much detail, I would like to highlight some of the most recent developments in this area. 
In October 2012, the Ambassador of Suriname based in Brasilia, H.E. Marlon Hoesein, presented 
his credentials to our country. That same month, the Argentine Government published a decree providing for the opening of the embassy in Paramaribo, which will take place in 2013.  
4.61.  On the trade front, although the numbers are low in relative terms, the statistics on bilateral 
trade between Argentina and Suriname over the last decade show a significant increase beginning precisely in 2008, which, despite some interruptions caused by the severe international financial and economic crisis that began near the end of 2007, reached its peak two years later. 
More specifically, our annual imports from Suriname, which consist almost entirely of mineral 
products and especially alumina, rose from US$24,000 in 2002 to US$5.2 million in 2012, while our exports to Suriname, more than half of which consist of oils and foodstuffs, 
increased from US$1 million in 2002 to US$10 million in 2012.  
4.62.  Considering the non-competitive nature, or rather the complementary nature, of the main 
sectors involved in this bilateral trade, and the recent GDP growth in both countries, we can 
reasonably expect to see trade between Argentina and Suriname continue to increase at 
a steady pace.  
4.63.  In this regard, we welcome and encourage the Government of Suriname's on-going efforts 
to diversify its export basket of goods and the structural reforms made in the services and 
tourism sectors.  
4.64.  Lastly, I would like not only to reiterate our appreciation of this opportunity to exchange 
information and ideas concerning the trade policy of Suriname, but to stress the importance of this 
exercise in transparency from every point of view  and to wish the authorities of Suriname every 
success in this second Trade Policy Review.  
TRINIDAD
 AND  TOBAGO 
4.65.  Like Trinidad and Tobago, Suriname ha s a small open economy and therefore like us, 
experiences the same challenges concomitant with being a small and vulnerable economy. With this in mind, Suriname must be commended for not allowing its smallness and vulnerability to handicap its efforts to fulfil its economic growth and development goals. My delegation was 
heartened this morning when during his openin g remarks, Minister Sapoen stated that the 
Government of Suriname’s main goal “is to tr ansform Suriname into a small emerging economy 
with the capacity to perform as a regional hub”.   
4.66.  Suriname like many of its fellow CARICOM Members was negatively affected by the global 
economic and financial crisis of 2008, mainly due to the fall in international commodity prices in the second half of 2008, Suriname was one of the few Caribbean states to post positive growth 
during 2009. Moreover, while recovery still re mains elusive for a number of CARICOM States, 
Suriname’s economy performed robustly in 2010-2012. We congratulate the Government of Suriname on this feat. WT/TPR/M/282 • Suriname 
 
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  4.67.  Suriname’s economic performance is buoyed by its natural resources, namely gold, bauxite 
and petroleum. However, its reliance on the above-mentioned commodities makes it extremely vulnerable to external shocks. My delegation therefore commends Suriname for its plans to 
diversify its economy as outlined in its Multi-annual development Plan 2012-2016. While several 
sectors have been targeted, noteworthy is th e Government’s commitment to developing the 
Agricultural Sector to allow Suriname to become a major food provider of the Caribbean Region.  This is commendable when one takes into considerat ion the fact that agricultural trade can provide 
the opportunity to boost employment, promote rural development and reduce poverty.  
4.68.  In light of Suriname’s commitment to succe ssfully integrate into the global trading system, 
my delegation encourages Suriname to intensify its efforts to improve its business competitiveness and attract Foreign Direct Investment.    
4.69.  Trinidad and Tobago has a positive trading relationship with Suriname and it is with this in 
mind that we commend Suriname for its commit ment to Regional integration and the CARICOM 
Single Market and Economy (CSME) process.   
INDONESIA 
4.70.  Indonesia appreciates Suriname's commitment in keeping its economy open and continuing 
its path for further liberalization. We also recognize Suriname's continuous support to the 
multilateral trading system, and acknowledge our shared interests in two negotiating groups in this 
organization, the G-33 and the W/52 Coalition on the TRIPS issues. 
4.71.  Our statistic shows that Indonesia's bilateral trade relations with Suriname have increased 
significantly over the past three years. Our to tal trade value reached US$8.9 million in 2012, 
increasing 12.5% from 2011. Indonesia's exports to Suriname consist of manufacture products 
such as furniture, stationery, textile, footwear, spices, traditional medicine, pottery and automotive parts. 
4.72.  In light of improving our bilateral economic relations, Indonesia has signed four bilateral 
agreements with Suriname. Three of them were signed during 1990s, which focused on economic 
and technical cooperation, on trade and on promotio n of investments. Last year, Indonesia ratified 
the fourth one on avoidance of double taxation. 
JAMAICA 4.73.  I note that Suriname is a member of the Caribbean Community and participates in the 
Single Market and Economy of the Caribbean. We share much in common in terms of the profile of 
our economy and our trading partners. We have several similarities in terms of the structure of our 
economy which rely to some degree on mining and other extractive activities. 
4.74.  We are also challenged with our efforts to deepening our integration in the multilateral 
trading system. As members of the Single Mark et and Economy, we are committed, Jamaica and 
Suriname, to deepening regional integration. 
4.75.  As Suriname's participation in this Trade Policy Review shows, we share a deep commitment 
to the multilateral trading system. We are mindful of the challenges that are faced in deepening 
integration and share with Suriname a desire for more effective measures for deepening the link between trade and development. 
4.76.  We will endeavour, as a member of the Regional Integration Process and as sister member 
of the Caribbean Community, to work together with Suriname in deepening its trade and economic 
efforts at the regional and multilateral level. WT/TPR/M/282 • Suriname 
 
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  5  REPLIES BY THE REPRESENTATIVE OF  SURINAME AND ADDITIONAL COMMENTS 
5.1.  Let me first express my gratitude to all the countries and representatives who offered 
suggestions and well wishes to Suriname on Monday. 
5.2.  As I listened to the comments from the delegations on Monday, I realized that we have a lot 
in common. 
5.3.  From a trade and economic perspective, we all desire the same outcomes. We all want 
transparency, development in all corners of the world, we all want to solve the economic problems 
of our countries, we want more cooperation between ourselves and a higher standard of living in 
our nations. But it wasn’t just a matter of nice words which were expressed on Monday. We have a good working relationship with all of the delegations who spoke on Monday. 
5.4.  Some countries are actively involved in development projects in Suriname. 
5.5.  So I take this opportunity to express my gratitude on behalf of the Government of Suriname 
for any form of cooperation and support. Also to the WTO. 
5.6.  I believe that fair trade and transparency is  achieved by a spirit of cooperation, sharing of 
resources and expertise, and a commitment to opening markets. 
5.7.  At the same time, we should pay attention to  issues like environment in a time of changing 
weather patterns, sustainable agriculture in rural areas and unemployment among the young. To 
name a few. 
5.8.  In other words, fair trade and transparency will not come if we don’t fix the larger 
environment and its circumstances. 
5.9.  As politicians, we need to give people hope. Hopelessness and prolonged periods of economic 
decline in regions are a breeding ground for pr otectionism and that undermines fair trade and 
transparency. 
5.10.  My message is that the larger world economic and social environment deserves just as 
much attention as the energy we assign to ac hieving free trade, fair trade, transparency, 
competitiveness and to increase the number of nations which participate effectively in world trade. 
5.11.  We took good notice of the suggestions for improvement which were offered to us and we 
are already seriously considering them. 
5.12.  This goes for customs procedures, notificati ons, Intellectual Property Rights, protection of 
investors, enforcement of contracts, and all other things which will make Suriname a better place to do business and a better trading partner. 
5.13.  I would like to thank the WTO and all delegations for taking time to make the 2nd Trade 
Policy Review of Suriname a success. 
DISCUSSANT 
5.14.  I also would like to congratulate His Excellency the Minister and his team for concluding the 
Suriname’s second round of Trade Policy Review in a successful manner. I am of the view that the review provided an excellent opportunity for a frank exchange of views by Members on the 
macroeconomic conditions and the trade and investment policy regime of Suriname. I also believe 
that the review proved to be a constrictive exercise for Suriname as well, since it was a good occasion for Surinamese policymakers to reflect on certain policy gaps or grey areas, where they have to pursue expeditious action.   
5.15.  As regards the overall macroeconomic environment, the Members were appreciative of the 
level of GDP growth Suriname has been able to achieve over the recent years, considering particularly the global economic meltdown witn essed in 2008 and trickled down to the ensuing 
years.    WT/TPR/M/282 • Suriname 
 
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  5.16.  However, I noted several Members expressing their concerns over the investment regime of 
Suriname, which appear to remain cumbersome and cause undue delays. In the circumstances, Suriname is encouraged to introduce appropriate reforms to improve the present investment climate and make it more efficient and business-friendly.  
5.17.  I was happy to hear that Suriname has recently made some progress in three specific 
aspects relating to “Ease of Doing Business”, namely, simplification of licensing requirements for 
several types of economic activities, reduction of the time spent for land registration and cutting 
down on the time frame needed for estab lishing a Limited Liability Company.   
5.18.  Suriname is currently in the process of implementing its 2012–2016 Multi-annual 
Development Plan, which aims at rationalizing its economic activities. It is pertinent to mention that economic diversification, public sector efficiency and infrastructure improvement rank very high priorities in the successful implementation of this strategy.  
5.19.  In the context of the trade policy regime, the Members commended Suriname for the 
reforms undertaken during the period under review  and establishment of the Suriname Standards 
Bureau is a case in point. 
5.20.  The Members also encouraged Suriname to take early measures to formulate and 
implement dedicated and transparent legislation in several areas relating to trade. They include 
modernized customs law for customs efficiencies, effective protection of intellectual properties, competition policy, contingency measures, investment policy and government procurement. 
5.21.  Some Members have expressed their concerns on Suriname's tariff regime, where applied 
rates of a considerable number tariff lines remain higher than their bound rates. At the same time, it is pertinent to point out that their bound rates of certain tariff lines are higher than the applied 
MFN rates. 
5.22.  Suriname is planning to initiate a pre-shipment inspection programme, which, according to 
the authorities, will be implemented for a period of 18 months for the purpose of revenue 
collection. Some Members expressed their interest in learning more about the main requirements of this program and the progress made so far.  
5.23.  As regards sectoral policies, the Members highlighted the importance of promoting 
agriculture and tourism as a way to diversify Suriname's economy, minimising its heavy 
dependence on mineral and energy products. I note  that Suriname has already initiated efforts in 
this direction and made substantial investments in tourism-related infrastructure, including hotels, tour operators, and airport renovation. I believe these efforts will help Suriname to transform its economy to a more broad-based and resilient one, which can weather the unpredictable external 
shocks with relative ease.  
5.24.  Before concluding, I should state that it was an honour for me to attend the second Trade 
Policy Review of Suriname as a discussant. I believe that the Review was a productive exercise for 
both Members and the Surinamese authorities.   
5.25.  I wish Suriname every success in their economic endeavours. I also wish Minister Sapoen 
and his delegation a safe return home. 
5.26.  Last, but not least, I would like to take this opportunity to place on record my sincere 
appreciations of the excellent cooperation extended to me by the WTO Secretariat, particularly the 
Trade Policy Review Division. I am also grateful to Ambassador Muñoz, the Chair, for sharing with 
me his experience, which I found very useful in preparing my remarks.   
UNITED
 STATES 
5.27.  The United States thank Suriname for its responses to our advance written questions, as 
well as to our follow-up questions which we received  this morning. We will overview them shortly. 
5.28.  We know that Suriname is still working on its new IPR law which has been in progress since 
2004 and we look forward to the conclusion of the new law. 
5.29.  We again thank Suriname for its responses to Members' questions and for its participation in 
this Review. WT/TPR/M/282 • Suriname 
 
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  6  CONCLUDING REMARKS BY THE CHAIRPERSON 
6.1.  The second Trade Policy Review of Surina me has given us a better understanding of trade 
and economic developments in the country over the nine years since the last review. It has also helped us to measure the challenges it faces in further developing its economy. The discussion was 
aided by the participation of the Suriname delega tion, led by the Minister of Trade and Industry, 
His Excellency Mr Raymond Sapoen, and by the remarks of the discussant, Ambassador Nimal Karunatilake of Sri Lanka. The questions and st atements from delegations and the replies from 
Suriname were also very useful.  
6.2.  In this Trade Policy Review, Members co mmended Suriname for its prudent macroeconomic 
policies that enabled it to weather the global economic crisis that started in 2008 without resorting to any protectionist measures. They also appreciated the steps that had been taken to improve the 
trade and investment environment, including cust oms procedures, and noted that the new law on 
banking supervision had further improved over sight of the financial services sector.  
6.3.  Although the economy has grown strongly over the past few years and Suriname has fiscal 
and current account surpluses, the economy depend s on minerals with 90% of exports being gold, 
alumina, and oil. The establishment of a sovereign wealth fund mentioned by Minister Sapoen in his opening remarks would help to insulate the country from the impact of sudden changes in 
commodity prices. This, along with diversificatio n, would make development more sustainable and 
less vulnerable to exogenous shocks.  
6.4.  As Minister Sapoen noted, Suriname is a stable, secure country with a good system of 
education. Its natural resources are not limited to minerals as it also has good agricultural land 
and it has the advantage of being both a South American and a Caribbean country with strong 
historical or economic links to Canada, China, Europe, India, Indonesia, and the United States. Therefore, the bases for development and divers ification are there but there are also several 
constraints. Some of these constraints, such as poor infrastructure, are shared with other 
countries at similar levels of development, while others are related to outdated national laws and public administration that could be improved. 
6.5.  The statements, questions and replies voiced in the course of this Review have highlighted 
the fact that Suriname is a generally open economy and trade is essential to its development. They also noted that reforms in some areas could help Suriname develop and diversify by improving conditions for trade and investment. Among the areas noted by Members were: 
 Legal and institutional reform:  Many Members noted that several pieces of legislation 
 were at various stages of development and that some of them had already been in the  process of being prepared at the time of the last Review in 2004. Several delegations 
 suggested that introducing or updating legislation in areas like intellectual property, 
 competition policy, contingency measures, investment policy and government procurement  would provide a more conducive economic and investment environment thereby making the 
 country more competitive. 
 Diversification:  Members recognized Suriname's efforts at diversifying the economy away 
 from minerals and noted the priority given to this in the Government's plans. It was also  noted that Suriname's trade and investment  patterns have been changing as trade and 
 investment links with new partners have been increasing; 
 Tariffs:  Some delegations welcomed the reduction in the average applied MFN tariff during 
 the review period, but they also noted that  some applied tariffs were above bound rates 
 which was a result of adopting CARICOM's common external tariff; 
 Notifications:  Suriname was also urged to bear in mi nd the need to comply with other WTO 
 commitments, such as its notifications. The notification of the Suriname Standards Bureau 
 as an enquiry point was one of those mentioned;  
 Agriculture:  Several delegations noted the importance of agriculture and fishing and the 
 Government's emphasis on these sectors as avenues for diversification. Some delegations  also remarked on the relatively high levels of protection of the agriculture sector. WT/TPR/M/282 • Suriname 
 
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  6.6.  Suriname is an upper-middle income country but it is also a small vulnerable economy. 
Although oil, bauxite and gold are the basis for it s wealth, dependence on minerals also represents 
its greatest challenge. While minerals are prob ably going to remain the cornerstone of the 
economy, diversification will decide its further development because the capital intensive nature of 
minerals exploitation means employment for most people will probably be in other areas.  
However, in addition to minerals , Suriname has many other advantages, such as a stable society, 
a good standard of education, access to regional markets and several sectors, including agriculture 
and tourism, have a lot of growth potential. Therefore, I am confident that, with the 
implementation of the right policies and programmes, Suriname can reduce its dependence on minerals and continue to develop and raise living standards. The key issues that are part of the policy agenda mentioned by Minister Sapoen in his introductory remarks on Monday should serve 
as the basis to shape those policies and programmes.  
6.7.  In conclusion, this Review has confirmed the benefits of maintaining an open economy. Once 
again, I thank the delegation of Suriname led by  Minister Sapoen, the discussant and Members for 
contributing to an informative and interesting review. I also wish to express my appreciation to the 
delegation of Suriname for its oral and written responses during the meeting and recognise that, with no mission in Geneva, the TPR exercise must have been particularly difficult. We look forward 
to receiving any outstanding responses within the coming month. 
 
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