Search

After 2007, further reforms were made to the above named bodies of the international financial services sector jurisdiction in keeping with international best practices. These new measures included:
(…)
iv) Rebranding the National Investment Promotions Inc (NIPI) in 2009 as Invest SVG (linking host country and investor)to attract Foreign Direct Investments in priority sectors such as the creative sector, agro–processing, light manufacturing, tourism, Information technology and the search renewable energy solutions were major steps forward towards the stimulation of the economy.

(…) Renewable energy and international financial services are the new additions to the priority areas for investment promotion.

National Investment Promotion Inc., doing business as Invest SVG, acts as an investment promotion and export development agency. St. Vincent and the Grenadines still lacks a national export strategy; the authorities continue to seek technical assistance for its elaboration. Priority sectors for export development include: tourism; information and communication technologies; light manufacturing; agriculture/agri-processing; creative industries; international financial services; and renewable energy. During the review period, the export promotion activities of Invest SVG were limited to funding local companies' participation in trade fairs and organizing training events; these activities were mainly funded by overseas donors.

Manufacturing continues to be plagued by the high cost of electricity and overhead charges. The price for electricity is non competitive as it soars at US$0.50 cents per KWh. compared to US$0.6 cents in Trinidad and Tobago. This price is amongst the highest in the region and does not favour export–oriented enterprise. Identifying and promoting affordable renewable sources of energy is critical to the survival of small businesses. Another major challenge is the lack of readily available marine transport within the sub–region that will facilitate the affordable movement of goods and people.

(…) Simultaneously environmental (tourism) and renewable energy supply issues would greatly enhance competitiveness of the small productive sector which has emerged as a replacement to our declining agro sector.

The Structure of Governance or Principal Organs of the OECS Economic Union are the OECS Authority (Heads of Government), the Economic Affairs Council, the Council of Ministers (Education, Health, etc.), the OECS Assembly and the OECS Commission which is a strengthened secretariat.
(…)
iii) The OECS Assembly (inaugural meeting took place 10 August 2012) comprises five (5) members of Parliament of each Independent Member State and three (3) from the Legislature of each non independent Member State. (…) There are five (5) main areas agreed for the exercise of exclusive power by the Authority; common market and customs union, monetary policy, trade policy; maritime jurisdiction and maritime boundaries and civil aviation. The Assemble can also legislate on environmental policy and immigration policy.

During the review period, the OECS has further strengthened the enabling environment to overcome severe human resource, economic and financial challenges by binding resources together and this is evident in the signing of the Protocol of Eastern Caribbean Economic Union and the resultant new initiatives:
(…)
iv) Launching of the OECS Climate Change Project on 13 July 2011 in St. Lucia. The Reducing Risk to Human and Natural Assets Resulting from Climate Change (RRACC) is funded by the USAID and seeks to enhance the overall, long term capacity of the OECS region to respond to climate change impacts through concrete and adaptation measures;

Canada and CARICOM are currently negotiating a reciprocal Canada-CARICOM Trade Agreement set to replace the unilateral preferences granted under CARIBCAN. (…) Five (5) Rounds of negotiations have been completed as of January 2014. Discussions during the rounds 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. (…)

The EPA [Economic Partnership Agreement with the EU) provides for a standstill of other duties and charges applied on imports, leading to a phase-out starting seven (7) years after signature with a complete elimination within 10 years. This will be a sensitive reform in most OECS countries, since they depend heavily on the Customs Service Charge (CSC) on imports as a source of revenue, given that due to their CARICOM commitments, they cannot incorporate the CSC into their applied MFN tariff rate. Moreover, the CSC is also applied on all imports from preferential partners, including other OECS countries. OECS Member States apply a number of other duties and charges on imports, such as the environmental levy, and excise tax, and would have to remove the CSC and these taxes and charges by 2018.

Background
In April 2012, the Secretary-General signed a Financing Agreement with the European Commission for the provision of "Support to the Forum of Caribbean States in the implementation of the commitments undertaken under the Economic Partnership Agreement (EPA)". The Agreement is valued at Euro 46.5 million. Its overall objective is to support the beneficial integration of the Caribbean Forum of ACP States (CARIFORUM) into the world economy. Its specific objectives are to provide support to CARIFORUM in the following areas:
(…)
3. Sanitary and Phyto-Sanitary Measures (SPS): to increase production and trade in agriculture and fisheries which meet the international standards while protecting plant, animal and human health and life and the environment.
(…)