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Views on Barbados’ Services Exports Drawing on papers by: Barbados Private Sector Trade Team Systems Consulting Limited Caribbean Regional Negotiating Machinery November 2008
Barbados • Population 274,000 • Land Size 431 Sq Km • GDP (ppp) US$ 5billion • Exports US$ 385million (2006) • Imports US$ 1500million (2006) • Fixed Lines 50 per 100 population • Mobile 85 per 100 population • Internet Users 200,000 est.
Services Development • Barbados continues to diversify from primary commodities (cotton, sugar) and reliance on tourism. • The services sector is developing well and comprises a portfolio of services including financial,communication,construction and related engineering,retail and distribution,educational,health,transport and professional services.
Some Support Elements • Highly Educated Population • Developed Professional Services • Finance Related Treaties • Government Support Schemes • Other Development Assistance • Favourable Climate
Caribbean Integration • 1968-1972 Free Trade Area (CARIFTA) • 1973-2001 CC Common Market • 2001 Caribbean Single Market & Economy (CSME)
Readiness to Export within CSME Objectives of the Study Likely Impact of CSME Adequacy of information Assess level of competitiveness
Some Concerns of Exporters of Services • Inadequate funding • Regulation issues • Marketing information • Varying quality standards • Transportation issues