Barbados subscribes to the view that international business and financial services should be facilitated with the objective of ensuring that international best practice is observed. Barbados has representation within all of the major regional and international bodies that currently take responsibility for aspects of the international business and financial services architecture. These include:

• The Basle Committee
• The International Association of Insurance Supervisors
• The International Association of Securities Commissions
• The Caribbean Financial Action Task Force
• The Caribbean Association of Regulators of International Business
• The International Tax and Investment Organisation
• Commonwealth Association of Tax Administrators (CATA)

Barbados respects principles of confidentiality but also exchanges information of both a civil and a criminal nature under international agreement.

All concessions granted to investors are granted through legislation and are published in the Official Gazette of Barbados.

Barbados is a member of the World Trade Organisation and signatory to its agreements including investment, services and intellectual property. Barbados is also a member of the Free Trade Areas of the Americas.

Barbados is however also of the view that the institutional arrangements for implementing best practice in the international economic environment is ripe for review and reform.

Barbados is of the view that it is important to ensure that mechanisms are instituted to ensure that the principles directing international standards are clearly defined, mutually agreed and are advanced through a process that is non-discriminatory and transparent and allows each country to participate and contribute.

Such international standards and codes should also be implemented in a manner and at a pace that reflects each country's unique development and policy priorities and institutional characteristics.

All countries both developed and developing recognise that the process of setting international codes and practices requires urgent attention. It is therefore necessary that a participatory process be implemented, which takes into account the views of developing countries. Such an institutional framework must include the following elements:

• All countries must have a right to participate;
• All countries that participate must be treated equally;
• All countries must be entitled as of right to full participation in the decision making process;
• Monitoring of international standards must be conducted through a process of mutual evaluation or peer review.