Barbados recognizes China's full market economy status. China and Barbados have signed an agreement on the encouragement and mutual protection of investment and an agreement on the avoidance of double taxation and the prevention of tax evasion. In 2019, China and Barbados signed a memorandum of understanding on cooperation on the Belt and Road Initiative. In 2023, the trade volume between China and Barbados was US$163 million, of which China's exports were US$152 million and imports were US$11.8 million, down 12.3%, 5.1% and 55.5% year-on-year respectively. China mainly exports electric vehicles, accessories and furniture to Barbados, and mainly imports medical equipment, beverages, rum, coffee, etc.