CARIBBEAN/USA – Senator Paula Gopee-Scoon, Trinidad and Tobago’s Minister of Trade and Industry and Chair of the Council for Trade and Economic Development (COTED), engaged in vital discussions on Friday in Guyana with representatives from the CARICOM Secretariat and the United States Trade Representative.
The meeting follows a recent visit by the U.S. Trade Representative to Ecuador and Guyana, where she engaged with regional stakeholders on trade matters.
Key Highlights from Senator Gopee-Scoon’s Remarks:
“The United States is a crucial market for the Caribbean region, being CARICOM’s primary trading partner. Currently, over 40 percent of CARICOM’s exports and just over 35 percent of its imports are linked to the U.S. However, the region has faced persistent trade deficits with the U.S. for the past decade.”
“From 2018 to 2022, CARICOM’s exports to the U.S. surged by 93 percent while imports grew by 48 percent. Despite the increase in exports, the overall trade deficit has widened, emphasizing the need for a balanced approach to enhance exports further.”
“Our current discussions are pivotal as we seek strategies to foster continued growth of CARICOM’s exports to the U.S. High-level conversations have been ongoing and were previously initiated during the MC13 meetings in Abu Dhabi.”
“Furthermore, the Caribbean Basin Initiative (CBI) remains an essential framework for boosting trade and investment between CARICOM and the U.S. We anticipate identifying concrete measures to maximize the region’s benefit from the CBI and encourage broader participation among all CARICOM Member States.”
“Due to the CBI, CARICOM goods can better compete in the U.S. market, which is particularly vital for small island developing states. Without these preferences, many exports struggle against international competition. It is imperative to ensure the program’s continuity and timely extensions where necessary.”
“The global pandemic and extreme weather events have highlighted our reliance on international trade and our vulnerability to climate change impacts. Through resilience and regional integration, we strive to position ourselves more effectively in the global economy, with the U.S. being a key trade partner.”
“We are committed to open dialogue about the challenges and opportunities that influence our trade dynamics. We are eager for more discussions that will enhance CARICOM-U.S. relations moving forward.”
“Moreover, we endorse the focus on inclusive trade, ensuring that all sectors, particularly disadvantaged ones, reap the benefits of trade as outlined in the Revised Treaty of Chaguaramas.”
