Part of what I want to do on this site is share different perspectives on trade related issues. In his Hoyos File this week, veteran journalist and publisher of the Broad Street Journal, Patrick Hoyos, whose articles I absolutely enjoy, wrote as per usual an interesting article stimulated by the issue of Barbados’ lowering of the tariff on imported hydraulic cement from 60% to 5%.
Mr. Hoyos has couched his insightful article in a wider discussion and critique of Barbados’ tariff policy, highlighting some of the inconsistencies in our tariff policy.
While applauding the decision to lower the tariff, he also questions the maintenance of high tariffs for other products. He highlights the competition issues which arise as a result of high tariffs, as well as the disconnect between tariff rates and stated policy goals. As an example he cites the inconsistency on maintaining duties on electric cars while at the same time purporting to promote reduced dependency on fossil fuels. In reference to Barbados’ most recent trade policy review which was undertaken in 2014, he notes the WTO’s continued concern about Barbados’ high tariffs and the wide disparity in levels between our applied and bound rates.
Very interesting analysis. Click here to have a read of the whole article!
Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. Please note that the views expressed in this article are solely hers. You can also read more of her commentaries and follow her on Twitter @LicyLaw.