WT/TPR/S/299/Rev.1 22 September 2014 (14-5261) Page: 1/374 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT OECS-WTO MEMBERS Revision This report, prepared for the third Trade Policy Review of OECS-WTO Members, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from OECS-WTO Members on its trade policies and practices. Any technical questions arising from this report may be addressed to Angelo Silvy (tel: 022 739 5249), Usman Ali Khilji (tel: 022 739 6936), Rosen Marinov (tel: 022 739 6391), and Nelnan Koumtingue (tel: 022 739 6252). Document WT/TPR/G/299/Rev.1 contains the policy statement submitted by OECS-WTO Members. Note: This report was drafted in English. WT/TPR/S/299/Rev.1 • OECS-WTO Members - 2 - CONTENTS SUMMARY ........................................................................................................................ 5 1 ECONOMIC ENVIRONMENT ........................................................................................ 10 1.1 Real Economy .......................................................................................................... 10 1.2 Monetary and Exchange Policy .................................................................................... 12 1.2.1 Fiscal policy .......................................................................................................... 13 1.2.2 Balance of payments .............................................................................................. 14 1.3 Trade Flows ............................................................................................................. 15 2 TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES .......................................... 18 2.1 General Constitutional and Legal Framework ................................................................ 18 2.2 Development and Administration of Trade Policy ........................................................... 18 2.3 Trade Agreements and Arrangements International Relations .......................................... 19 2.3.1 WTO .................................................................................................................... 19 2.3.2 Foreign investment regime ...................................................................................... 21 2.3.3 Regional agreements .............................................................................................. 22 2.3.3.1 OECS ................................................................................................................ 22 2.3.3.1.1 Overview ........................................................................................................ 22 2.3.3.1.2 OECS Economic Union ....................................................................................... 22 2.3.3.1.3 OECS institutions ............................................................................................. 24 2.3.3.2 CARICOM ........................................................................................................... 24 2.3.3.3 CARIFORUM-EU Economic Partnership Agreement (EPA) ........................................... 27 2.3.3.4 Bilateral agreements ........................................................................................... 32 2.3.3.4.1 CARICOM-Colombia .......................................................................................... 32 2.3.3.4.2 CARICOM-Costa Rica ........................................................................................ 32 2.3.3.4.3 CARICOM-Cuba ................................................................................................ 32 2.3.3.4.4 CARICOM-Dominican Republic Free Trade Agreement ............................................ 33 2.3.3.4.5 CARICOM-Venezuela ......................................................................................... 33 2.3.3.5 Non-reciprocal agreements ................................................................................... 34 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 35 3.1 Measures Directly Affecting Imports ............................................................................ 35 3.1.1 Procedures, customs valuation and rules of origin ....................................................... 35 3.1.2 Tariffs .................................................................................................................. 35 3.1.2.1 Structure ........................................................................................................... 35 3.1.2.2 Tariff bindings .................................................................................................... 35 3.1.2.3 MFN applied tariff ................................................................................................ 36 3.1.3 Tariff and tax concessions ....................................................................................... 38 3.1.4 Tariff preferences .................................................................................................. 38 3.1.5 Other charges affecting imports ............................................................................... 38 3.1.6 Import prohibitions, restrictions and licensing ............................................................ 39 3.1.7 Contingency measures ........................................................................................... 39 WT/TPR/S/299/Rev.1 • OECS-WTO Members - 3 - 3.1.8 Technical regulations and standards ......................................................................... 40 3.1.9 Sanitary and phytosanitary measures ....................................................................... 41 3.2 Measures Directly Affecting Exports ............................................................................. 42 3.2.1 Export procedures, export prohibitions and export taxes .............................................. 42 3.2.2 Export subsidies, financing support, and promotion .................................................... 42 3.3 Measures Affecting Production and Trade ..................................................................... 43 3.3.1 Incentives ............................................................................................................ 43 3.3.2 Competition policy and price controls ........................................................................ 43 3.3.3 State-owned enterprises and marketing boards .......................................................... 43 3.3.4 Government procurement ....................................................................................... 45 3.3.5 Intellectual property rights ...................................................................................... 45 4 TRADE POLICIES BY SECTOR ..................................................................................... 47 4.1 Agriculture .............................................................................................................. 47 4.2 Manufacturing .......................................................................................................... 47 4.3 Services .................................................................................................................. 48 4.3.1 GATS commitments ............................................................................................... 48 4.3.2 Telecommunications ............................................................................................... 49 4.3.3 Banking, finance, and insurance ............................................................................... 53 4.3.3.1 Overview ........................................................................................................... 53 4.3.3.2 Banking ............................................................................................................. 54 4.3.3.2.1 Onshore banking .............................................................................................. 54 4.3.3.2.2 Offshore banking .............................................................................................. 55 4.3.3.3 Insurance .......................................................................................................... 56 4.3.3.4 Securities .......................................................................................................... 56 4.3.4 Transport ............................................................................................................. 58 4.3.4.1 Air transport ....................................................................................................... 58 4.3.4.2 Maritime transport .............................................................................................. 59 4.3.5 Tourism ................................................................................................................ 59 4.3.6 Professional services .............................................................................................. 60 4.3.7 Other offshore services ........................................................................................... 61 REFERENCES .................................................................................................................. 62 ANNEX 1: ANTIGUA AND BARBUDA ...............................................................................