Government TPR |
WT/TPR/G/299/REV.1 |
G-II§2 |
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2014 |
Trade Policy Framework |
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External vulnerabilities and a weak global environment, particularly from weaker tourism demand combined with domestic supply shocks contributed in part to the sluggish performance. Natural disasters, as in the case of Hurricane Tomas in 2010 and a major outbreak of a banana leaf disease posed serious challenges towards greater output growth. (…)
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-I§2 |
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2014 |
Trade Policy Framework |
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(…) Agriculture's GDP contribution remained modest during the review period, partly due to the adverse effects of natural disasters, plant pests, and rising input prices. (…)
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Government TPR |
WT/TPR/G/299/REV.1 |
G-VII§1 |
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2014 |
Trade Policy Framework |
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(…) The challenges of climate change, external shocks, high debt to GDP ratios, inflationary pressures and volatile food prices are real and have all contributed to an extended period of economic pressure. Consequently, it is Saint Lucia's view that the multilateral trading system must focus on a more equitable framework for trade and greater sensitivity for the circumstances of SVEs.
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-I§6 |
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2014 |
Trade Policy Framework |
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The Government's short-term reform programme also envisages a number of measures to reinforce the institutional framework and enhance competitiveness, such as: establishing a specialized court for commercial disputes; creating an energy sector regulator and paving the way for commercial entry of renewable energy producers; implementing information technology solutions for fully transactional online presence of the public administration and monitoring of government vehicles; and a better targeted social safety net.
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-III§52 |
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2014 |
Trade Policy Framework |
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The Special Development Areas Act aims at encouraging investment in the areas of Vieux Fort, Anse la Raye, Soufriere, Canaries and Dennery, which have been designated as such. The concessions offered under the Act include: exemption on import duty, stamp duty and consumption tax on inputs for the construction of new buildings and the renovation or refurbishment of existing buildings; exemption on land and house tax and on stamp duty payable by vendors and purchasers on the initial purchase of property; higher tax allowances; and accelerated depreciation. Agricultural and fisheries-related activities; tourism projects highlighting the heritage and natural environment of St. Lucia; residential complexes; commercial or industrial buildings; facilities directed towards the improvement or expansion of services to the tourism sector; water based activities; and arts and cultural investments are eligible to benefits under this Act.
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Government TPR |
WT/TPR/G/299/REV.1 |
G-I§4 |
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2014 |
Trade Policy Framework |
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SVG (Saint Vincent and the Grenadines) is a small open economy susceptible to external economic shocks and natural disasters and dependence on international trade. The susceptibility of SVG to a variety of natural disasters, principally hurricanes and flooding is well known. The limited availability of social safety nets for rapid responses to economic adjustments has contributed to economic and social dislocations, particularly within rural communities. Due to both external and internal challenges, the GoSVG has to continuously, redefined developmental policies. The downturn of the economy was partly due to a declining productive sector, rising import bill and a trade deficit ratio of 8:1. This situation was further exacerbated as a result of the exigencies of international trade, the reduction of trade preferences in the agricultural sector and the impact of natural disasters. This has led to high public sector debt, fiscal imbalances and persistent unemployment and poverty.
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Government TPR |
WT/TPR/G/299/REV.1 |
G-II§20 |
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2014 |
Trade Policy Framework |
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(…) Growth in the agriculture sector is forecasted to be fuelled mainly by the on-going replanting drive following plant diseases and natural disasters and activities under the Banana Accompanying Measures (BAM). (…)
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-I§2 |
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2014 |
Trade Policy Framework |
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(…) Despite the adverse impact of several natural disasters, agriculture continued to account for some 6% of GDP in 2013, largely due to continued output diversification. The manufacturing sector remains relatively small, with a GDP contribution of less than 5%. (…)
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-I§4 |
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2014 |
Trade Policy Framework |
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Several unfavourable events, including a series of natural disasters, the global economic crisis and the collapse of major insurance companies in the sub-region (Common Report), severely tested the resilience of the Vincentian economy during the review period. In these difficult circumstances, real GDP contracted during 2008-10, but returned to an upward trajectory from 2011 (Table 1.1). The fiscal position deteriorated somewhat, but the overall fiscal deficit, after grants remained at annual levels of under 3% of GDP; the deficit before grants hovers around 6% of GDP. At end-September 2012, the total public debt of St. Vincent and the Grenadines amounted to EC$1.31 billion (approximately 69.9% of GDP), with the external component accounting for some 57% (EC$747.3 million).
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Government TPR |
WT/TPR/G/299/REV.1 |
G-I§5 |
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2014 |
Trade Policy Framework |
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The overall development agenda of St. Vincent and the Grenadines as defined in the National Economic and Social Development Plan (NESDP) 2013-2025, has been built around five (5) strategic goals: (i) Re-engineering economic growth; (ii) Enabling increased human and social development; (iii) Promoting good governance and increasing the effectiveness of public administration; (iv) Improving physical infrastructure, preserving the environment and building resilience to climate change; and (v) Building national pride, identity and culture.
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Keywords
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Environment
Climate
Conservation
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