Grenada and other OECS Trade Ministers are reported to have expressed satisfaction with the outcome of their recently-concluded 5th ordinary Council meeting, which discussed many pertinent issues of trade and development in the sub-region.
They have agreed to continue to work together to advance the trade agenda of the OECS.
REPORT:
As it relates to trade, the Ministers considered the issue of improving the monitoring and review of OECS external trade performance.
They noted the importance of access to up to date and accurate trade data and statistics for good evidence-based policy making.
They also noted the findings from a very preliminary analysis of the performance of the OECS merchandise trade for the past ten years in which exports have been stable but trending downward for the last five years.
It’s recognized that exports have remained narrow in composition and destination; and imports have been significantly outstripping exports resulting in a very wide trade deficit.
On the issue of OECS engagement at the World Trade Organization the Ministers agreed to the immediate establishment and robust operation of the Quick Consult Mechanism, in order to enhance OECS negotiating effectiveness at the international level.
On the engagement at the WTO, the OECS Council of Trade Ministers expressed satisfaction with the success of the Fourth Trade Policy Review of the OECS, which was held early last month, and commended the performance of the OECS Geneva Mission team.
