Investigates what benefits can realistically be expected to accrue when a country adopts a policy of trade liberalisation. Highlights the role of credibility in determining the sustainability of trade reforms, and argues that no matter how convincing the theoretical arguments in favour of trade liberalisation may be, without credibility no reform package will succeed. Investigates the applicability of trade theory to the Commonwealth Caribbean, and discusses some of the key issues arising from economic research that need to be considered by policy-makers in the Commonwealth Caribbean. Sets out an agenda for the future, including areas for further research and matters for which policy direction needs to be formulated.

3/7/00 M2LMGR