The 60th Regular Meeting of the CARICOM Council for Trade and Economic Development (COTED) opened this morning with the Foreign Affairs and Foreign Trade Minister for Barbados, Kerrie Symmonds, stating that regional businesses are battling the effects of the imposition of new and unexpected tariffs imposed on countries within the Caribbean Community (CARICOM).
He said two years ago, the regional bloc could have never imagined the turmoil that the global trading system and the global economy are facing today.
“Our business community is reeling from cancelled export orders, the imposition of new and unexpected tariffs and unprecedented uncertainties,” Minister Symmonds told the regional leaders.
On April 1, the US announced sweeping global tariffs on countries including those within the Latin America and Caribbean Region.
The executive order imposed a blanket 10% tariff on most Caribbean countries while in the case of Guyana, the tariff was initially set to 38%.
“The question of whether our exports can enter markets with the least possible barriers, and whether imports reach us in a timely, safe and affordable manner all impact the performance of our economies, and determines whether we thrive or struggle as a community. These considerations must be uppermost on our minds today, and into tomorrow, as we take critical decisions in our region’s interest,” the COTED chair said.
CARICOM Secretary-General, Dr. Carla Barnett said the 60TH Regular Meeting of COTED is taking place at a time when the region is facing many trade-related challenges in a geopolitical environment that is rapidly changing.
She said COTED, and CARICOM by extension, must redouble its efforts to expand its reach.
“The recent tariff shocks are a stark reminder of the need for us to diversify our trade and economic relation. We must redouble our efforts to deepen existing and explore new markets and develop new partnerships, if the region is to advance its goal of economic growth and sustainable development,” the CARICOM Secretary General said.
Dr Barnett said as such trade relations with the United States, bilateral negotiations with Colombia and the outstanding certification of the Belize- El Salvador Partial Scope Agreement must be given focused attention.
Equally, she said, the region must continue to promote regional production and expand into regional trade by updating policies and practices to support entrepreneurship and make trade and business development easier.
Dr Barnett said it is imperative to address the impediments to trade and remove longstanding issues of non-compliance.
She also underscored the importance of partnerships.
“Time is short and resources are too scarce for us to continue to work in silos when collaboration and joint efforts can save resources, both human and financial and delivery better results. The secretariat continues to seek to work collaboratively with our stakeholders, and we will see this when the secretariat team reports on work alongside partners like the CDB and CPSO [CARICOM Private Sector Organisation] on critical research and analysis on trade challenges,” the CARICOM Secretary General said.
The two-day Trade and Economic Development meeting will see the regional ministers and leaders addressing a number of trade related matters including the proposed implementation of the revised Common External Tarriff (CET).
A progress report from the Sectoral Working Group reviewing CARICOM Rules of Origin and reports from the Monitoring Mechanisms on sugar, cement and rice are expected to be tabled before the Council.
The CARICOM Ministers will also address compliance with the Revised Treaty of Chaguaramas and decisions of COTED as CARICOM works to enhance the operations of the CARICOM Single Market and Economy (CSME).
Other key discussions will centre around a draft Industrial Policy and Strategy for 2025-2030, and issues related to the free movement of Community nationals.
Additionally, the Council will review several external trade matters, including developments at the World Trade Organization, implications of the America First Trade Policy for CARICOM trade and economic prospects, and negotiations to expand preferential market access under the Agreement on Trade, Economic and Technical Cooperation between CARICOM and the Government of Colombia.
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