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(…) Moreover, the OECS States are particularly vulnerable to natural disasters, such as hurricanes and other extreme weather events including droughts, which are now being exacerbated by the adverse impacts of global climate change. These disasters effectively reduce the domestic capital stock, lead to an increase in the cost of capital through high replacement rates, and force States to resort to additional borrowing to aid recovery efforts.

This period of review of the OECS-WTO Member States' trade policies and procedures was plagued by the effects of global economic and financial crisis and a series of natural disasters in the region. (…)

The WTO Members of the Organization of Eastern Caribbean States (OECS-WTO Members) consist of six independent states located in the Lesser Antilles: Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The OECS-WTO Members are small vulnerable economies with GDP per capita ranging from about US$6,300 (St. Vincent and the Grenadines) to over US$13,000 (Antigua and Barbuda). They are located in a region prone to natural disasters, mainly hurricanes. (…)

Their narrow economic base, exposure to natural disasters and a high reliance on imports make the OECS-WTO Members vulnerable to exogenous shocks. In fact, during the period under review, the global financial crisis coupled with natural disasters in the region adversely impacted their economies.

(…) The islands are also located in a region prone to natural disasters (mainly hurricanes).

The narrow economic base, susceptibility to natural disasters, and a high reliance on imports makes the OECS particularly vulnerable to exogenous shocks. (…)

Agriculture plays in general a smaller role in the economy of the OECS-WTO Members than in the past. The sector has been affected by diminishing banana production, natural disasters (for example with the respect to nutmeg production in Grenada), and the demise of the sugar industry in St. Kitts and Nevis. (…)

The banana industry continued to shrink during the review period; it accounted for just 0.4% of nominal GDP and 10.7% of agricultural production in 2012, compared with some 0.5% and 16.6%, respectively, in 2007. In 2010-11, the industry was severely affected by plant disease, resulting in a substantial reduction in production. This was compounded by the effect of natural disasters. Hurricane Thomas eradicated all banana plantations in St. Lucia in November 2010, causing a significant setback in agricultural production.

Parallel initiatives will be implemented to establish a common maritime space in the OECS, which will include facilitating the seamless travel of yachts across the single space, and the development of guidelines for environmental compliance and enforcement, so that territorial waste and marine pollution by commercial and pleasure vessels, are traceable and minimized.

In 2003 the OECS Secretariat established the Trade Policy Unit (TPU) within the Economic Affairs Division to assist Member States to formulate and implement trade policies and negotiate trade rules and arrangements which will facilitate sustainable development.