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Barbados Trade Advisory Council To Unlock FTA Benefits

by Mike Godfrey, Lowtax.net, Washington
08 August, 2014

Barbados has announced that it will establish a Trade Advisory Council to increase the number of businesses taking advantage of tariff reductions secured in free trade agreements.

The establishment of the Council is aimed at removing bottlenecks in the trading process and supporting an expansion of Barbados's role in the global economy.

The Government have encouraged manufacturers to start utilizing the CARICOM Single Market and Economy trade pact and the European Union-African, Caribbean, and Pacific Economic Partnership Agreement.

Minister of Industry, International Business, Commerce and Small Business Development Donville Inniss told a recent forum attended by heads of manufacturing companies that: "If these Agreements are effectively utilized, they can be a critical element in our economic development by facilitating the expansion of the domestic manufacturing sector."

"As we all know, when the entire recession abates, new opportunities will be presented but only the innovative and the forward-thinking entrepreneurs will be positioned to seize these opportunities. It simply cannot be business as usual. Manufacturers must utilize trade intelligence to build effective and profitable international trading relations. Trade intelligence plays a major role in increasing your companies' knowledge base, improving your products and services, and assists in keeping you informed of changes in your competitors products, specifications and trading strategies."

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