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The Government of Grenada envisions that the "New Economy" will comprise inter alia a world class tourism, yachting and marina destination, complemented by efficient business, finance and information technology services, an efficient light manufacturing sector, a well-diversified agricultural sector focused on "value added" products, a dynamic oil and gas and renewable energy sector, and a highly efficient agro-industrial sector cluster dedicated to oils and flavour extraction for health, food, cosmetic and pharmaceutical applications.

The Ministry of Economic Development, Planning Trade and Cooperatives also coordinates the work of the Cabinet appointed National Trade Policy Coordinating Committee (NTPCC), which comprises representatives of Ministries and Departments with a bearing on trade policy, as well as representatives of the Private Sector and Civil Society. The NTPCC informs the development of trade policy and adopts positions for trade negotiations with respect to market access for goods and services, government procurement, intellectual property rights, investment, labour market mobility, trade and labour, trade and environment, trade facilitation, dispute settlement, among others. (…)

The Treaty establishes the OECS economic union, making possible the creation of a single financial and economic space within which goods, people and capital move freely, monetary and fiscal policies are harmonized and countries continue to adopt a common approach to trade, health, education and environment, as well as to the development of such critical sectors as agriculture, tourism and energy.

The Strategy highlights the following key areas for Aid for Trade interventions at the CARICOM level:
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4) Caribbean Renewable and Alternative Energy Roadmap: Developing a regional bio energy strategy, implementing a strategy for promoting solar cooling technology, and establishing a financing mechanism for micro, small and medium sized enterprises;

Downside risks to the country's growth projections include external shocks such as; natural disasters, escalating fuel and oil prices and moderate increases in food prices.

As a Small, Open, Vulnerable Economy, Grenada is constrained in its development by a number of factors, which taken together challenge the country in implementing its WTO obligations, particularly as it relates to the creation of new institutions and in competing effectively in a liberalized trade environment. These include: susceptibility to natural disasters; (…)

In the near future, the authorities expect the pace of economic activity to accelerate triggered by increased activities in the construction sector, both private and public, and expansion in the tourism industry with the opening of the Sandals La Source Resort and Spa. Risks to the prospects include natural disasters/unfavourable weather conditions and weaker economic growth, particularly in the United States, a major trading partner and source of tourists and students.

In 2011, Grenada developed an investment-generation strategy with the goal of increasing private investment in some selected sectors. Five sectors were identified as transformational, and some niches have been identified:
• agri-business: production of organic fruits, vegetables, spices and herbs;
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• energy development: the manufacturing, installation and servicing of solar water heaters and solar-powered products.

Table 2.1. Major trade-related laws and regulations, December 2013
Legislation: Environmental Levy Act
Reference or date of first adoption: Act No. 5 of 1997
Latest amendment: Act No. 13 of 2007

Legislation: Forest, Soil and Water Conservation Act
Reference or date of first adoption: 1st August 1949
Latest amendment: Act No. 34 of 1984

For imports, the tax base comprises the c.i.f. value of goods, customs duties, the Customs Service Charge, the environmental levy and the excise tax. Businesses can charge on their supplies the VAT paid on their inputs.