| Economic theory posits that the removal of impediments to trade should redound to improvement in the overall well-being of all nations. Unfortunately, for many developing countries, this has not been the case; upon significantly reducing their tariffs, they are yet to see any tangible benefits. On the contrary, they have experienced a decline in market share and in some instances significant erosion of trade preferences that they had previously enjoyed with their trading partners. The preferential market access, from which Jamaica and other ACP (African Caribbean and Pacific) states benefit, through exports of sugar and bananas to the EU (European Union), has been eroded as a result of recent rulings by the WTO. These rulings have already affected the... |
