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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Environment
Climate
Conservation
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Government TPR |
WT/TPR/G/299/REV.1 |
G-I§6 |
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2014 |
Trade Policy Framework |
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During the medium term (2013-15) Government's over-arching focus will be to stabilize the economy while at the same time address issues of poverty reduction and promote social participation. Government will seek to achieve these goals through the following: Maintaining strong macroeconomic fundamentals; Promoting entrepreneurship and conservation of the natural environment; Improving the general health of the population; Creating an adaptable, functional and literate population; Maximizing the benefits afforded through integration into the OECS Economic union, CSME and the Global Economy; Enhancing effectiveness and efficiency in the provision of public goods and services; Creating an energy sector that ensures sustainable supply and efficient use of energy; Developing the telecommunications sector; Enhancing the road network; and Reducing the adverse impact of climate change and other natural disasters. These measures are deemed as critical elements in facilitating Government's vision of not only a modern competitive post-colonial economy but more importantly, improving the quality of living for all Vincentians.
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Conservation
Environment
Energy
Sustainable
Climate
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Government TPR |
WT/TPR/G/299/REV.1 |
G-III§22 |
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2014 |
Trade Policy Framework |
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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.
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Government TPR |
WT/TPR/G/299/REV.1 |
G-III§23 |
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2014 |
Trade Policy Framework |
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(…) Renewable energy and international financial services are the new additions to the priority areas for investment promotion.
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Secretariat TPR |
WT/TPR/S/299/REV.1 |
S-III§39 |
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2014 |
Trade Policy Framework |
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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.
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