The authority of Dominica has announced that the country has been developing a national trade policy that would replace the ad hoc situation.
Dominica Trade Minister, Energy and Employment Ian Douglas said that earlier, the country did not possess any trade policy, and the bilateral agreements were highly influenced by the European Partnership Agreement, and then Dominica had the CARICOM Single Market Economy government by the treaty.
While addressing a government programme on the state-owned radio, Douglas said Dominica’s trade policy was formed by trading policies and instruments made in the past. However, the country has been forming a new trade policy that will provide a comprehensive yardstick, which will help Dominica make their trade locally, nationally and internationally strong in the future.
He further said that the authority aims to reduce the trade deficit and to increase the exports in all spheres through this policy.
The trade minister further said that the Dominican authority would really like to end with the generation of more economic activities, which would provide more trade and livelihood opportunities on the board.
Furthermore, he mentioned that he is optimistic that this year the policy would fall into place. Expectedly, the policy will be finally approved in the Parliament of Dominica by the end of 2022; authorities have been working on the last phase of the policy. “A draft would be prepared closely so that all the demands and the requirements of the country’s trade could successfully meet,” said Douglas.
Dominica is among the founding members of the Caribbean Common Market and Community (CARICOM). Later the country participated in the GATT since May, 1993 and in the WTO since January, 1995.