CARICOM Trade Ministers Meet in Guyana for 62nd COTED

Trade ministers from across the Caribbean met in Georgetown, Guyana, on 11 June for the 62nd Regular Meeting of the Council for Trade and Economic Development (COTED). Dr Vince Henderson, Dominica’s Minister of Foreign Affairs, International Business, Trade and Energy, chairs the meeting.

At the opening session, CARICOM Secretary-General Dr Carla Barnett spoke about challenges facing the global economy. She said problems in energy markets and supply chains continue to affect trade. As a result, prices remain high and economic growth faces pressure.

Dr Barnett also referred to data from the United Nations Conference on Trade and Development. The data shows that global merchandise trade could decline. At the same time, fuel, food and fertiliser prices remain high. Consequently, many countries could face higher inflation and greater food security concerns.

She warned that these conditions increase the vulnerability of CARICOM economies. Therefore, she urged member states to work together and stay focused on regional goals.

Dr Barnett said COTED plays an important role in supporting the region’s trade and economic agenda. She noted that decisions taken at the meeting affect businesses, consumers, self-employed workers and young people across the Community.

A key item on the agenda is the CARICOM Single Market and Economy (CSME). Dr Barnett described the CSME as the region’s main platform for economic growth and resilience. In addition, she said a current assessment highlights the need for stronger implementation of the Revised Treaty of Chaguaramas.

She also highlighted Article 164 of the treaty. The article allows temporary tariff protection and market access support for regional industries. In particular, it helps industries in Lesser Developed Countries. Furthermore, Dr Barnett praised the CARICOM Development Fund for supporting firms that benefit from these measures.

Ministers will also discuss digital trade. CARICOM continues work on a regional digital trade policy. The initiative aims to help the region adapt to a more technology-driven economy.

Finally, ministers will review developments in the multilateral trading system. Dr Barnett said the system continues to face challenges. The meeting runs through 12 June as ministers discuss issues that could shape the region’s economic future.