CARICOM SG urges trade ministers to explore new trade markets as COTED meets in Guyana
The Caribbean Community (CARICOM) Secretary-General, Dr. Carla Barnett, on Tuesday urged regional trade ministers to deepen existing markets, explore new ones, and diversify economic relations in response to evolving geopolitical and tariff challenges.
Speaking at the opening of the Sixtieth Regular Meeting of the Council for Trade and Economic Development (COTED) on June 10, Dr. Barnett emphasised the need to strengthen regional production and seize new trade opportunities.
“The recent tariff shocks are a stark reminder of the need to diversify our trade and economic relations. We must redouble our efforts to deepen existing markets, explore new ones, and develop new partnerships if the Region is to advance its goals of economic growth and sustainable development,” she stated.
Highlighting ongoing trade discussions with countries including Colombia under the CARICOM-Colombia Agreement on Trade, Economic and Technical Cooperation, Dr. Barnett called for focused attention on advancing these negotiations.
She also underscored the importance of removing barriers to intra-regional trade and enhancing support for entrepreneurship.
“We need to promote regional production and expand intra-regional trade by updating policies and practices to support entrepreneurship and make trade and business development easier. We also have an imperative to address the impediments to trade and remove longstanding issues of ‘non-compliance’ from the agenda,” Secretary-General Barnett told the trade ministers and delegates.
Welcoming a report on the Regional Industrial Policy that will be tabled at the meeting, she described the Policy as a crucial step in strengthening regional integration and urged COTED to finalise and ensure its implementation to drive regional economic growth.
The Secretary-General also encouraged greater collaboration among CARICOM institutions and stakeholders, including partnerships with the Caribbean Development Bank (CDB) and the CARICOM Private Sector Organization (CPSO). She emphasised the need to break down silos and better utilize the resources available to the Community.
“Time is too short, and resources are too scarce for us to continue to work in silos when collaboration and joint effort can save resources, both human and financial, and deliver better results,” she stated.
Dr. Barnett commended the CARICOM Private Sector Organization’s trade advocacy efforts, particularly addressing concerns related to the America First Trade Policy and actions against certain shipping and maritime interests.
She also urged progress on key initiatives such as revising the Common External Tariff and finalising the Community’s Rules of Origin Regime. Expressing confidence that under the leadership of the Chair of COTED, Minister of Foreign Affairs and Foreign Trade of Barbados, Hon. Kerrie Symmonds, the Secretary-General anticipated that the meeting would yield tangible policy decisions that support the regional economic agenda.
