WORLD TRADE  
ORGANIZATION  RESTRICTED 
WT/TPR/G/135 
14 June 2004  
 
(04-2439) 
Trade Policy Review Body Original:  English 
   
 
  
 
TRADE POLICY REVIEW 
 
SURINAME 
 
Report by the Government 
 
  
 
Pursuant to the Agreement Establishi ng the Trade Policy Review Mechanism 
(Annex 3 of the Marrakesh Agreement Establishing the World Trade 
Organization), the policy statement by the Government of Suriname is attached. 
 
 
Note: This report is subject to restricted circul ation and press embargo until the end of the meeting 
 of the Trade Policy Review Body on Suriname. Suriname WT/TPR/G/135 
 Page 3 
 
 
CONTENTS 
 
 Page 
I. INTRODUCTION 5 
II. THE REFORM PROCESS 6 
 THE ECONOMIC CLIMATE  6 
 PRIVATE SECTOR PARTICIPATION  7 
III. SECTORAL PERFORMANCE 8 
 KEY SECTORS  8 
o Agriculture  8 
o Services   9 
o Tourism   9 
o The financial sector 9 
o Telecommunication 10 
o Transport  10 
o Mining   11 
IV. TRADE RELATIONS 11 
 
 
 
 
 Suriname WT/TPR/G/135 
 Page 5 
 
 
I. INTRODUCTION 
1. The Republic of Suriname is situated on the northeast coast of South America.  It is the 
smallest independent developing nation in South America and also the only Dutch speaking country.  
The land area is 163,270 square kilometres, of which 90% is covered by tropical rainforest enriched 
with a great diversity of flora and fauna.  Surina me has a relatively small population of about 450,000, 
residing mostly along the coastline.  Suriname shares  its border in the east with French Guyana, an 
overseas department of France.  Suriname also shares  its borders with Brazil in the south and Guyana 
in the west. 
2. Suriname, a former colony of the Netherlands, gained autonomy in domestic affairs in 1954 
and full political independence in 1975.   In 1980, the civilian government was violently overthrown 
by a military coup.  The military regime ruled through a succession of civilian administrations until 1987.  In 1987, a democratically elected government  came into power but was again overthrown by 
the military in 1990.  Democratic rule was restored  in 1991.  These politically turbulent years strained 
economic development, especially since the country became isolated because of international pressure 
to end the military regime.  Migration to The Neth erlands increased fiercely.   In 1996, Surinamese 
and their descendants accounted for about 300,000 pe ople in The Netherlands.  This has negatively 
affected economic, social and cu ltural development of the country .  The political environment has 
been quite stable for some year s now.  The current Government is a reflection of a multi-ethnic 
community.   
3. The Constitution of Suriname enshrines the parliamentary form of democracy based on 
the Dutch legal system with an inco rporated French penal principle.  Legislative Power resides in the 
51-member Parliament.  Executive power is vested in  the President.  The President is the Head of 
State of the Republic of Suriname, Head of the Government, President of the State Council and the 
Security Council.  He is accountable to the Na tional Assembly.  The Government consists of 
President, Vice- President and the Council of Minist ers.  The Council of Ministers is the highest 
executive and administrative body of the Government.  Judicial power is vested in the Court of 
Justice, consisting of the Public Prosecutors’ O ffice, Magistrate’s Court and Supreme Court.   
4. Suriname inherited a classic plantation econom y from the Dutch.  In the early years of 
independence the country’s main expor t crops included rice, bananas, palm oil, fish including shrimp, 
sugar and citrus, with products of the aluminium industry and to a limited extent, gold, being the 
mineral staples.  Together they provided much of  the foreign exchange available to meet import 
demand.  Upon independence, the Dutch and Surina mese Governments signed a bilateral Treaty for 
development cooperation.  It consisted of a fift een-year long development plan with allocation of 
funds by the Dutch.  The main goal of this pl an was to achieve economic autonomy based on the 
principle of self-reliance (Frank Essed, Development Hi story of Suriname).  As a result, Suriname 
came to rely too strongly on Dutch aid as the onl y source of development funds.  The Government of 
Suriname started execution of a comprehensive programme in the early seventies for the socio-
economic development of West Suriname as one of the main sources of future developments in the 
country.  This programme included construction of several series of power plants in the Kabalebo 
River, the exploitation of local bauxite resources,  and the construction of an alumina refinery.  
However, the world-wide economic crisis, whic h affected the aluminium industry negatively, 
combined with the suspension of the Dutch-Su rinamese cooperation fro m 1982 to 1987, and the 
inabilities of subsequent governments to deal with  these changes, strongly effected the Surinamese 
economy.   
5. Suriname has a typical small and open economy th at poses a constant challenge to maintain 
stability.  Suriname is highly dependent on a limite d number of exports of g oods and services in order WT/TPR/G/135 Trade Policy Review 
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to finance its development.  Suriname’s tradeable sector at the beginning of the 21st century remains 
heavily reliant on primary production - agriculture, fishing, forestry and mining.  The major export crops - rice and bananas - have been marketed tr aditionally under preferential arrangements, which 
recently have come under review.  In turn, pr oduction has decreased, mainly due to the non-
competitiveness of these industries in the internatio nal trading environment.  Bauxite mining and 
refining remain a key sector of the Surinamese economy.  Petroleum is also growing as part of the extractive sector.  It is estimated that bauxite, petroleum and gold mining account for more than 70% 
of export earnings in 2002.  Efforts are now being taken to further diversify the economy with more 
ongoing foreign investments in the gold, bauxite, palm oil, and fishery sectors.  In addition, the 
Government is taking structural steps to transform tourism into a profitable industry in the years to 
come.   
6. The participation in the CARICOM Single Ma rket and Economy is primarily as a way of 
gradually integrating the economy regionally.  Suriname  is also engaged in three major external trade 
negotiations namely the multilateral World Trade Organization (WTO), the hemispheric Free Trade 
Area of the Americas, and the negotiations of Econo mic Partnership Agreements (EPAs) between the 
African, Caribbean and Pacific Group and the European Union (EU)).  It has become evident that the 
economy should be transformed to cope with these new market developments.    
II. THE REFORM PROCESS 
T
HE ECONOMIC CLIMATE  
7. After civil rule was restored in 1991, the G overnment embarked on an Economic Recovery 
Programme with the fundamental objectives of est ablishing internal and external equilibria, 
promoting greater efficiency in resource use and a ttaining greater international competitiveness.   
Major structural adjustment reforms were started in  order to liberalize the exchange rate and trade 
regime, as well as removal of price controls and subs idies, removal of restrictions on capital flows and 
introduction of reforms in tax policy and administra tion.  Since the mid 1990s, Suriname has also 
undertaken a series of legal, institutional and po licy changes to continue the process of economic 
reform. 
8. The 1998-2001 period showed fluctuations in economic growth.  Although positive steps 
were taken, the fiscal balance came under great pressure because of an ex pansionist expenditure 
policy after 1998.   Disproportionately high salary increases of civil servants, the construction of two bridges, the rehabilitation of roads, and subsidi es led to the acceleration of expenditures.  This 
continued against a further decline in revenues and delayed implementation of sales tax measures.  In 
1999 and 2000 there was a negative growth of GDP of  respectively -1% and -0.3%.  This decline was 
caused by a general decline in economic activity in almost all sectors.   
9. The growth in 2001 was 2.5% and was th e result of the increase in production of the 
agriculture, electricity and the construction sectors.   The growth in GDP in 2002 was estimated at 
1.5% and was caused mainly by the production increase in agriculture, lumber and transport. 
10. Significant progress has been made in addressing the most pressing macro-economic issues.   
Between 2000 and 2002, the budget deficit was brought to  manageable proportions.  As a result, the 
exchange rate has been stabilized and inflation is well within single digits.  The financing of the 
government budget deficit is done through financia lly neutral means and remains under the legal 
government credit ceiling.  In addition, borrowing from the Central Bank has remained within the 
legal limits of the Bank Law.  The Government deci ded to cease most subsidies in 2000 in an effort to 
introduce modern market mechanisms.  Suriname WT/TPR/G/135 
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11. In 2003 the monetary authorities announced that the Surinamese guilder would be replaced by 
a new currency, the Surinamese dollar.  Due to the h eavy monetization of fiscal deficits in the last two 
decades, the confidence in the Suri namese guilder was heavily undermined.  In this regard, the new 
currency must be seen as a way of restoring confiden ce in the Surinamese currency and having a legal 
tender that can perform the functions of money ag ain.  Under this climate and reinforced by 
legislative measures in other areas, a sound financia l sector in Suriname can be developed.  The new 
currency, the Surinamese dollar (SRD), became the new legal tender as of 1 January 2004.   
12. Suriname is opening up to international trad e.  Reforms are improving the competitiveness of 
Suriname’s economy and the business sector has adjusted to the competition brought forth by 
Suriname’s membership of the CARICOM.  The tr aditional dependence on agricultural exports to the 
European Union (EU) and on minerals is no longer a viable long-term strategy.  Efforts are being 
made to develop manufacturing and service industries.   Suriname became a member of CARICOM as 
an effort to integrate the economy into the region.   Suriname still benefits from preferential access to 
the markets of some key trading partners.  These arrangements include GSP and, in the near future, CARICOM-Dominican Republic, CARICOM-Cuba, CARICOM- Costa Rica free trade agreements.   
13. After a decade of economic volatility, the m acroeconomic environment has been largely 
stabilized.  Surinamese trade policy is now seeking to open up the economy and preparing it to face the far more open global economic environment.  The need to improve cond itions for domestic capital 
formation, and to improve the environment in orde r to stimulate entrepreneurship while the country 
attracts foreign investment is also recognized.  Small businesses continue to increase in number and 
provide an important growing source of employment. 
P
RIVATE SECTOR PARTICIPATION  
14. In recent years, Suriname’s development strate gies have emphasized the critical role of the 
private sector as the engine of growth.  The G overnment now recognizes the need to pursue a 
programme of diversifying its commercial activities.  In order to achieve its policy goals, Government has sought to forge a partnership with the social partners (Social Economic Council), and the creation 
of a Business forum.    
15. The private sector actively participates in Gove rnment’s consultations on trade policy matters 
through the Ministry of Trade a nd Industry.  Private sector partic ipation is also evident through 
presence in the Government State Council. 
16. Suriname currently provides assistance to its ma nufacturing and agricultural sectors to foster 
their growth and development, and to enable them to  overcome some of the constraints they face from 
operating in a small developing economy.  Throu gh IFONS (Investment Fund Netherlands Suriname) 
development aid funding is made available to the private sector.  As such, more than € 50 million will 
become available to entrepreneurs.  In addition,  the improved relations with donors like the Islamic 
Development Bank have opened possibilities for the private sector to access funding.  Given the new 
challenges confronting these sector s, posed by liberalization and globalization, the Government 
considers that continued assistance to these sectors is appropriate. 
17. In order to encourage and support private investment, Suriname promulgated a new 
investment law in 2001.  The Investment Law 2001 ( Investeringswet 2001 ) provides for various kinds 
of fiscal and non-fiscal investment incentiv es while the law to set up Investsur ( Wet Investsur ) 
envisages the establishment of an agency responsib le for granting  incentiv es under the Investment 
Law.  This investments law is applicable to both foreign and domestic enterprises.   WT/TPR/G/135 Trade Policy Review 
Page 8 
  
III. SECTORAL PERFORMANCE 
KEY SECTORS Agriculture 
18. Agriculture is very important to the Suri namese economy as a form of food supply (food 
security), employment in rural areas, its share of the GDP, and a way to restructure the economy.  The 
contribution to GDP is about 11,3%, while its shar e in foreign currency earnings equals 15%.  The 
agricultural sector is dominated by the production of rice, bananas, vegetables, and fishery products.  
From the 1.5 million hectares that can be cultivated, on ly a small fraction is actually in production.   
19. Rice is the largest subsector and accounts for about 60% of the agricultural crop area.  The 
use of agricultural land, approximately 55,000 hectares,  consists of about 4,370 farms.  In addition, 
the contribution to export earnings is about 3.5%.  The main export market is Europe where the ACP 
countries have certain preferential conditions.  Ne w conditions were formulated in the Cotonou 
agreement.  With the support of the EU, a pr ogramme is being implemented to improve the 
competitiveness and to diversify the markets.   
20. The banana sector is mainly oriented towa rds exports, with a production area of 2,250 
hectares divided into two plantations.  Th e sector's contribution to employment is some 2,000 people.  
The sector has been negatively aff ected by the conflict over the European Union’s banana regime 
where preferential treatment has been applied to AC P bananas on the European market.  The ruling of 
the Dispute Settlement Body of the WTO against the European Union was very unfortunate for 
Suriname’s banana sector.  With technical and financial assistance from the EU, the sector is 
undergoing a rehabilitation process, with the ultimate goa l of privatization.  With the renewal of the 
total crop and surrounding facilities, this should l ead to increased production and export contribution, 
which is currently about 3%. 
21. The exports of bananas and rice from Suriname benefit from preferential arrangements.  For 
rice, Suriname enjoys preferential treatment in th e European Union arising from the Joint Declaration 
on Rice, which was signed as part of the Cotonou Agreement for ACP rice exporters.  Suriname and 
Guyana are the only exporters of rice in the ACP and share an ACP quota of 125,000 tonnes in the EU 
market.   
22. Suriname may also have access to an a dditional 35,000 tonne quota via the Overseas 
Countries and Territories (OCT) route.  Prior to 1997, Suriname’s access to the EU market via the 
OCT route was not limited by quota.  The 35,000 tonne OCT quota of levy-free rice (shared with 
Guyana) was introduced as a result of a safeguard measure brought by the European producers.  More 
recently, decisions taken by the European Union under the Mid-Term Review of their Common Agricultural Policy are likely to furthe r erode Suriname’s preferential access. 
23. About 3,000 to 4,000 farmers of which more than 50% work part-time, are involved in 
horticulture.  Vegetables are cultivated to cover both the local and export markets, the Netherlands in 
particular.  Recent studies have shown that Surina me has ideal conditions for the cultivation of 
cashew nuts.  With the help of the Indian Gove rnment the cultivation and production of cashews will 
be undertaken.   
24. Suriname is relatively well endowed with fish resources.  Research has shown that Suriname 
is very suitable for aquaculture.  The farming of  fish and different shrimp species have been 
developed successfully.  The fish subsector employs about 5,000 people.  Its contribution to foreign 
exchange earnings is 12.6% of major exports.  The industry concentrates mainly on shrimp and Suriname WT/TPR/G/135 
 Page 9 
 
 
snapper types of fish.  The export markets consist of  Europe, Japan and the United States.  Within the 
Cotonou Agreement there are rules for preferential treatment for ACP exports. 
25. In order to restructure the economy for the purpose of increasing employment opportunities, 
reducing poverty, and ensuring food and income security, Suriname requested authorization to 
enter into negotiations to modify its binding  concessions in accordance with Article XXVIII of 
GATT 1994.  Suriname received responses from four WTO Members.   
Services 
26. Though Suriname is not as heavily dependent on  the services sector as its Caribbean partners, 
services account for nearly half of the GDP and have  been growing in value terms over the past five 
years.  The Government is in the process of modernizing the regulatory framework of key service 
sectors. 
Tourism 
27. Tourism has emerged as an important new sector in terms of foreign exchange earnings, 
although at the moment it is still less significan t for Suriname compared to other CARICOM 
countries.  The Government, in its mission to dive rsify the economy, has sought to develop all sectors 
that can boost the Surinamese economy.  The tour ism sector provides very good growth potential.  
That is why, with the help of the E.U., all effo rts are being made to organize the sector by putting 
legal and regulatory requirements in place.  The fi rst tourism development programme financed by the 
European Union has resulted in a revelation of the strengths and weaknesses of tourism in Suriname.   
28. Suriname undertook commitments in the WTO in or der to encourage foreign participation in 
this sector.  Specific commitments where made with regard to tourism and travel services.  These 
commitments provide for unqualified market access a nd national treatment with regard to the supply 
of services for hotels and restaurants, travel agenci es and tour operators.  The Government believes 
that there is substantial growth potential in Surina me’s tourism sector and th at foreign participation 
will boost these developments.  Currently, the fo cus is on promoting Suriname as a tourism 
destination for Europe Union, the United Stat es, the Caribbean region, and Latin America. 
29. Suriname has placed itself among the nations in the world which are prepared to protect and 
manage a part of their national her itage of universal value in such a manner that many generations to 
come will enjoy and benefit from it.  On 29 November 2000, the UNESCO World Heritage 
Committee decided in Sidney, Australia, to inscrib e the Central Suriname Nature Reserve on the 
World Heritage List of Natural Sites.  This Cent ral Suriname Nature Reserve, which was created in 
1998, comprises 1.6 million hectares of primary tropical forest of west-central Suriname.  The 
Reserve protects the upper watershe d of the Coppename River and covers a range of topography and 
ecosystems of notable conservation value due to thei r pristine state.  Its mountain and lowland forests 
contain a high diversity of plant life with almost 6,000 vascular plant species collected to date.  There are also viable populations of typical animals of the region including jaguars, giant armadillos, giant 
river otters, tapirs, sloths, and eight species of primates, as well as 400 bird species.  The Central 
Suriname Nature Reserve will remain one of the mo st pristine nature reserves on the World Heritage 
List.   
The financial sector  
30. There are eight banks and ten insurance compani es in Suriname.  The financial services sector 
accounted for 8% of GDP in 2002.  There are no rest rictions to foreign par ticipation, and foreign 
capital participates in both banking and insurance ac tivities.  The financial sector in Suriname is WT/TPR/G/135 Trade Policy Review 
Page 10 
  
currently under review in the legislative, regulator y, and supervisory areas.  The sector has remained 
fundamentally sound but serious m acro-economic difficulties experienced by Suriname during the last 
two decades have added to the challenges faced by the sect or.  In recognition, high priority is given to 
financial sector reform.   
Telecommunication 
31. Communication is of great importance in a society and its international relations.  
Telecommunication for everyone is the ultimate goal whereby the role of telecommunication in 
education, administration and social development is promoted.  That is why the Government is 
concentrating heavily on the necessary activities to develop this sector.  The telecommunication sector 
is now at a stage where liberalization is th e key issue.  With the approval of the new 
telecommunication law ( Wet Telecommunicatie Voorzieningen ), the sector will be opened for private 
participation with the existence of  an independent regulat ory body, the T.A.S.  A study of the sector 
has shown that to operate in a commercially pr ofitable environment (population of about 450,000), 
the sector can only absorb two additional operators.   
32. As part of a process of gradual liberalization,  foreign participation will be permitted up to 
40%.  The liberalization refers not only to consumer products but also to the infrastructure.  As soon 
as the national assembly approves the new law on tele communication, the regulatory body will have a 
legal basis to operate effectively, and the admissi on of new operators can be finalized.  Suriname 
made WTO commitments on an autonomous basi s following the conclusion of the post-Uruguay 
Round negotiations on telecommunications.   
Transport 
33. The goal of developing and maintaining an effi cient, modern, reliable, secure, competitive 
and high quality transport system is not only formul ated for the national transport system but also for 
international transport.  With the help of EU as sistance, a transport sector policy study was conducted 
recently to refine the already formulated transpor t policy.  The study indicates that cross-border 
development of transport, and bila teral agreements with neighbouring countries are essential.  In this 
regard, the process of integration of transport in the Caribbean and on the South-American continent 
is fully supported.  As part of the IIRSA integr ation process, the Government is striving for qualitative 
and quantitative development of tran sport connections by water, air,  and land with countries in the 
region. 
34. International air transport will be liberalized to  provide a wider range of air traffic routes and 
deliver a higher frequency of good quality transport.  To organi ze the sector, the Government is 
establishing an independent air transport authority, which will have the duty to regulate air transport 
activities.  Several private compani es service the local market together  with the state owned transport 
company Suriname Luchtvaart Maatschappij (SML).  International air transport is regulated in conformity with international regulations on air trans port.  Suriname is interested in transforming the 
east of the Caribbean region into a home market for Surinamese products.  To achieve this, relations 
on air transport with the CARICOM and ACS countri es will be intensified.  The participation of 
Suriname in the CARICOM and ACS regional air tr ansport agreements should be seen as carefully 
calculated steps in this direction.  Also, relati ons with the Americas and African regions are being 
intensified.   The WTO commitments on aircraft  repair and maintenance services, and selling and 
marketing of air and computer reservation system services are being currently implemented.   
35. With regard to maritime transport, policy focu s is on modernizing existing legislation to take 
current international developments  into account.  This sector has already established an independent Suriname WT/TPR/G/135 
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regulatory body, the M.A.S.  The duty of this authority is to take care of safety and continuity in 
maritime transport.  The authority is also res ponsible for pilotage services including education in 
pilotage.   Suriname will apply rules to regulate the very active maritime trade at the borders.   
36. The Canawaima Ferry service was established in 1998 to service the route between Suriname 
and Guyana.  This service is maintained throu gh a joint venture between Suriname and Guyana.  
Steps are under way to also maintain the route between Suriname and French Guyana.  The port 
facilities will be renovated and upgraded with the assistance of the EU.   
Mining 
37. Mining is one of the pillars of the Suriname se economy, providing more than 70% of the 
country’s exports.  It is also one of the most promising sectors in terms of investment.  The aim of 
recent policies has been to secure the continued produ ction of bauxite and alumina in east and central 
Suriname and to promote new activities in the west of the country. 
38. The annual bauxite production is around 4 milli on tonnes.  The entire bauxite production is 
processed into alumina and then exported.  Annua l alumina production is around 1.9 million tonnes.  
The yearly average value is around US$335 million (1993 prices).  As a result of a project to expand 
the alumina production capacity, the export value will increase by approximately US$40 million  
39. The Government has recently concluded one M OU with the two bauxite companies regarding 
exploration activities and a feasibility study on the construction of an alumina refinery.  The second MOU concerns the feasibility of  constructing  a hydropower facility and an aluminium smelter. 
40. Suriname seeks to develop the petroleum indus try by attracting foreign investment into 
exploration and production activities.   Exploration in offshore areas is planned or in progress by a 
number of foreign companies.  Onshore, Staatsolie , the State Oil Company, aims to increase the 
production of petroleum.  The combined efforts of  Staatsolie and third-party oil companies should 
guarantee long-term production of hydrocarbons at a level that allows Suriname to become a net 
exporter. 
41. In order to create an effective environment to attract investment, the Government expects to 
soon submit a draft law to amend the Mining Decree 1996 to the National Assembly.  A possible 
revision of the petroleum law is under consideration. 
42. The Government is also taking steps to enha nce its institutional capacity to regulate the 
mining sector.  A new mining operation will in crease gold production while also continuing 
exploration activities.  The Government also aims to improve regulation in the area of small scale, 
informal gold mining. 
IV. TRADE RELATIONS 
43. As a member of the Caribbean Community sin ce 1995, Suriname’s policy decisions on trade 
take into consideration the country’s obligatio ns under the Revised Treaty of Chaguaramas that 
established the Caricom Single Market & Economy.  The main focus of the integration arrangements 
is free trade in goods, persons, services, capital and the establishment of companies.   
44. With respect to the free movement of skills and facilitation of travel, Suriname, like the other 
Member States, amended its legisl ation in June 2003 to allow CARI COM university graduates, sports 
persons, media workers, artists and musicians to move and work within the Caribbean without the 
requirement of a work permit. WT/TPR/G/135 Trade Policy Review 
Page 12 
  
45. In 1997, CARICOM established the Caribbean Regional Negotiating Machinery (CRNM) in 
order to develop and coordinate the region’s positions in external  negotiations.  The CRNM provides 
political and technical support to Caribbean Member States.    
46. Neither the CRNM nor the Government of Suriname has missions in Geneva.  The 
Government of the Republic of Suriname has accred ited the country’s Ambassador in Brussels as the 
Geneva representative. 
47. Suriname is an original member of the WTO, and has sought to comply with its obligations 
within the limits of its human, fi nancial, and technical resources.  This is witnessed by the increasing 
access to the Surinamese market, for example through the elimination of restrictive import and export 
licensing requirements in 1999.  Ongoing efforts are being made for further implementation of 
WTO Agreements into the national legislation.   
48. Suriname joined other small developing economies in requesting special and differential 
treatment.  In this regard, the Doha Ministeria l Decision to establish a Work Programme on the 
treatment of small economies with in the multilateral trade context is especially propitious.  The 
effective participation of these countries in the multilateral trading system should be a priority 
concern of the WTO.   
49. Suriname is currently engaged in trade nego tiations seeking to create a workable Free Trade 
Area of the Americas (FTAA) by 2005.  As part of the African, Caribbean and Pacific Group of countries (ACP), Suriname is also actively part icipating in negotiations to establish trade and 
economic partnership agreements (EPAs) with the EU to be e ffective from 1 January 2008.   
50. The conclusion of these negotiations will have  significant impact on Suriname’s trading 
relations, particularly in two areas.  Firstly, th e new trade arrangements will increase competition for 
the relatively small firms providing goods and services to the domestic market.  Secondly, the 
arrangements, while promising greater export op portunities for Suriname, will erode the current 
preferential access.  In this respect, advantages Su riname currently enjoys as a member of CARICOM 
will also be eroded as a result of the new negotiated arrangements. 
51. The several ongoing trade negotiations offer bot h risks and opportunities for Suriname.  
Suriname is, like other CARICOM countries, not in a hurry to enter into agreements which are not 
favourable.  The challenge in these ongoing negotiati ons is, as a small economy,  to make sure enough 
measures are taken to protect its vulnerable status.  From recent experiences, Suriname is aware of the 
economic devastation with rising unemployment, ra pid depletion of foreign reserves, social and 
political instability. 
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