The main opposition party, the centre-left Unity Labour Party, a merger of the Labour Party and the Movement for National Unity, based its campaign on initiatives for creating a system of good governance which included job creation as a major priority, toughness on crime and fighting corruption in government. On its part, the incumbent New Democratic Party (NDP), that had been in power for the last 16 years, centred its campaign around promises of diversifying the agriculture-based economy.

These were the first elections monitored by international observers, some of them coming from the Caribbean Community (CARICOM). On polling day, there were no reports of violence, although the ULP leader, Mr Gonsalves had reportedly received death threats.

There were 41 candidates from three political parties competing for the 15 seats at stake. Final results showed a landslide victory for the ULP, which took 12 of the 15 seats in Parliament. The incumbent NDP won 3 seats.

On 29 March 2001, Mr Ralph Gonsalves, of the ULP, was sworn in for a five-year term as Prime Minister by Governor General Sir Charles Antrobus.

Successful candidates took their seats in Parliament on 17 April 2001, when a new session of the Seventh Parliament convened. Mr Hendrick Alexander was appointed as the new Speaker by Prime Minister Gonsalves.