Trade monitoring
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What we stand for
Simple, fundamental principles form the foundations of the multilateral trading system. These principles have lain at the core of all WTO activities since its creation in 1995.
Who we are
The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who meet at least once every two years) or by their ambassadors or delegates (who meet regularly at the WTO’s headquarters in Geneva). Decisions are normally taken by consensus. The WTO Secretariat coordinates the activities of the WTO.
Introduction
The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives. The WTO operates the global system of trade rules and helps developing economies build their trade capacity. It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with each other.
Report by the WTO Secretariat
Barbados is a relatively small and open economy with a GDP per capita of some USD 14,619 in 2020. Barbados is highly dependent on imports of goods and on exports of services, particularly tourism, and was thus strongly affected by the COVID-19 pandemic. In 2020, real GDP declined by 14%, and grew by 0.7% in 2021. This came after a period of already weak economic performance: real GDP declined in four of the years of the review period. Limited economic diversification, strong reliance on imported consumer and investment goods, and persistent fiscal deficits left Barbados vulnerable to exogenous shocks, even before the outbreak of COVID-19.