The economy of Grenada, depends on tourism, remittances and tourism related Foreign Direct Investment (FDI). The government is implementing structural reforms to spur economic growth and keep public debt under control without reducing its social programs. This island was recently removed from the OECD´s grey list of tax havens, as a result of financial sector reforms. Grenada is considered an upper medium income country with a high human development.
As a CARIFORUM member, further implementation of the Economic Partnership Agreement between this regional group and the EU is a key trade issue for Grenada. Also, to finalise negotiations for a Free Trade Agreement (FTA) with Canada to replace the Caricom- Canada Trade and Economic Co-operation Agreement.
Based on the ITC 2014-2018 Strategic Approach to the Caribbean Region, ITC will focus on implementing at regional level the recommendations of strategies recently developed by CARICOM for the cultural industries and professional services sectors.