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Barbados

2007 Barbados

According to CountryAAH, the dispute over fishing rights between Barbados and Trinidad & Tobago was further intensified at the end of 2000, when two Barbados fishing boats were raided by the Trinidad Coast Guard. Prime Minister Arthur threatened Trinidad & Tobago with economic reprisals, declaring that he would apply the Immigration Act to expel illegal immigrants from Trinidad out of the country. At the same time, he suggested that the agreements on flights for Trinidad's national airline BWIA be revised. The episode took place shortly after Arthur and Trinidad's Prime Minister Basdeo Panday drafted a plan for fisheries negotiations. Barbados exports to Trinidad fell from $ 39.5 million. US $ 1982 to $ 30 million in 2000. In return, Trinidad had exported goods and services to Barbados for $ 150 million. US $ in 1999.Taiwan, which then exported their fish to Barbados, which was a Trinidadian product, thereby benefiting from the favorable CARICOM trade agreements.

In 2001, Barbados passed a new investment law to attract foreign companies. The law imposed a tax ceiling of 2.5% on the highest interest rate, exemption from all other taxes and duties on imports of production assets, exemption from currency control, and a reduction of the tax base by 150% of the research and development costs.

On 17-21. June 2001, Barbados hosted the Regional Roundtable in preparation for the Global Sustainable Development Summit to be held in Johannesburg in September 2002. The Roundtable aimed to gather views from all relevant parties to evaluate Agenda 21, and prepare recommendations for the Summit. in Johannesburg. Agenda 21 was formulated at the Rio de Janeiro Summit in 1992 as a path to sustainable development in each country.

In the May 2003 elections, the Labor Party (BLP) got 23 of the 30 seats in parliament, and Owen Arthur could thus continue in the Prime Minister's post. The election campaign was mostly about reducing income tax and creating new jobs. Barbados has one of the highest levels of income tax in the Caribbean. The government had already prepared in 2002 a plan for how the tax could be reduced by a quarter to 22.5%, and the plan was to further reduce it to 20% in 2004. Unemployment rose from 9.9% to 10.9 in 2001, 3%. This was due to both the economic crisis in the Western world and the decline in tourism after September 11, 2001. The opposition also blamed the government for poor administration of tax revenue and, in particular, excessive spending on interest and repayments on hotel debt.

 

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