CARICOM Urged to Strengthen Trade Strategies

• Chief Executive Officer and Technical Director of the Caribbean Community (CARICOM) Private Sector Organisation (CPSO), Dr. Patrick Antoine, has proposed addressing trade inefficiencies as a key strategy to mitigate the potential impact of the impending 10.0% baseline tariff on regional exports to the United States (US).
• Speaking during a Business Breakfast Forum in Montego Bay on Tuesday (July 8), Dr. Antoine noted that CARICOM is facing a potential fallout of approximately US$542.3Mn per annum consequent on the proposed implementation of the baseline tariff, according to a CPSO study conducted across Caribbean nations.
• “There are instances where our inefficiency from trade facilitation, inefficiency at ports, et cetera, account for nearly 10.0% of the export value of some of our products in some of the countries. So again, if we were to drive down the inefficiencies, we could, in fact, overcompensate for the loss,” he opined.
• Antoine noted that by addressing trade inefficiencies, the Caribbean could unlock substantial cost savings across key sectors. “So, all we’re saying in the context of all of this is to look at logistics and connectivity. We need to look at the impact on the negotiations that we have, because about 70.0% of the goods that we export are not consumed in the community,” the CPSO Head maintained.
• CPSO Chairman, Gervase Warner, supported Dr. Antoine’s position, stressing that CARICOM member states must prioritise export market diversification. Mr. Warner emphasised that CARICOM nations must look beyond short-term relief from US trade policies and actively pursue strategic partnerships that strengthen the region’s long-term economic resilience and global competitiveness.

(Source: JIS)