MINISTER of Trade and Industry Paula Gopee-Scoon co-hosted a Caricom ministerial meeting with the US Trade Representative (USTR) Ambassador Katherine Tai to discuss key concerns in the region’s trading relationship with the US.
The meeting took place via video conference on October 18 and included Caricom delegates such as Hugh Hilton-Todd, Minister of Foreign Affairs and International Co-operation of Guyana; Minister Kamina Johnson-Smith, Minister of Foreign Affairs and Foreign Trade of Jamaica; senior representatives from Barbados, Bahamas, Belize, Grenada, St Kitts and Nevis and Suriname. The Caricom secretariat was also represented at the meeting.
In a release, the ministry said the meeting was a follow-up to the ministerial meeting held in Georgetown, Guyana on August 2.
"The meeting continued discussions on improving the Caribbean Basin Initiative (CBI). Delegates addressed the opportunities and challenges in the trade relations, global best practices, consultation mechanisms and key actions to strengthen and improve trade and investment performance," the release said.
The CBI is a collection of trade programmes between the US, Caribbean and Central America. It is designed to facilitate and increase the economic development of Caribbean economies by providing beneficiary countries with duty-free access to the US market for most goods.
The US is the top trading partner for Caricom. Specifically for Trinidad and Tobago, the exported goods are valued at approximately $16 billion to the US market, which accounts for 35 per cent of total exports to the world.
During the meeting, Gopee-Scoon highlighted Caricom’s persistent trade deficit with the US, the region’s vulnerability to natural disasters and the need for greater integration into global supply chains.
She said targeted measures are needed to stimulate small and medium enterprises (SMEs) and outsourcing can facilitate youth and women empowerment.
This was echoed by Caricom ministerial colleagues who called for enhanced information sharing so that the region can actively participate in the development of inclusive trade policies.
"The CBI is here to stay but will be updated to remain relevant to the needs of its beneficiary countries. This would include expanding the scope of the trade and investment instrument to foster greater inclusiveness to empower youths, women, the disabled, indigenous peoples, diaspora populations and remote and rural communities," Tai said.
She said the US is utilising a data-driven approach to improving its trade policy.
She concluded the meeting by taking note of the region’s issues and reiterated the US engagement with the region.
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