The Inter-American Development Bank (IDB) has agreed to support Barbados’ needs assessment on the World Trade Organization (WTO) Investment Facilitation for Development Agreement, in partnership with the International Trade Centre.
IDB’s Trade and Investment Division Chief, Jaime Granados, gave his support to conduct the needs assessment during a bilateral meeting on Thursday with Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds.
The Investment Facilitation for Development Agreement is a plurilateral agreement agreed to by 123 WTO members.
Mr. Granados pointed out that Caribbean economies need to diversify through exports and innovation and offered the support of the IDB in working with the government on a review of its trade policy priorities, with particular emphasis on digital trade, e-commerce, and food security. This is in line with IDB’s new Institutional Strategy and ONE Caribbean approach.
He suggested that Barbados considers the digital single window for investors, which helps governments deliver quality services quickly and effectively to support policy objectives in areas such as mobilising investment in climate change, jobs, environment, food, and health, while keeping interactions with citizens and entrepreneurs simple and online.
“It’s a single window, digital window. One portfolio, one point of entry, in which you capture all the processes, registrations, licences, and payments that investors have to go through, either local or foreign. And it really changes and moves the needle in terms of ascertaining investments…. It’s not really that expensive and it’s something very innovative.…
“Countries are asking for help and we’re providing that help…. The Investment Facilitation Agreement is meant to encourage those kinds of interventions,” Mr. Granados explained.
In response to the suggestion, Minister Symmonds said he could see the digital single window for investors “substantially lift the profile with the ease of doing business in Barbados” and offered to discuss the matter with his Cabinet colleagues, especially those with responsibility for finance and business.
The two officials also engaged in discussions on climate resiliency; food security; cooperation on developing the orange (culture) and services sectors; and the importance of inter-island transportation.
Also participating in the bilateral meeting were Barbados’ Ambassador to the United Nations, World Trade Organization and other International Organisations in Geneva, Matthew Wilson; Director, Foreign Trade Division, Kay Sealy; and IDB’s Senior Trade Specialist in the Trade and Investment Division, Krista Lucenti.