The United States (US) wants to increase trade with its partners all across the globe and the Caribbean Community (CARICOM) is well-positioned to be a much larger trading partner.
As the two sides met in Guyana for trade and investment talks last week, taking stock of the issues that exist and figuring out how to resolve those was a key focus.
Deputy US Trade Representative, Jayme White told the News Room that after hours of talks, it is clear that the momentum is high for easier, increased trade between CARICOM and the US. Now, a work plan is being crafted to make sure increased trading happens.
“We are re-engaging in ways and we have a plan to keep the momentum going in the weeks, months and years ahead.
“…I would say it’s momentum for engagement and also resolving trade issues and preparing common goals,” White said.
A statement released on Monday by CARICOM, offered further details on how the partnership will evolve.
According to that statement, CARICOM and the US acknowledged that trade in services represent a large and growing share of their economies and agreed to advance their collaboration on trade in services by establishing a joint work program on services. Both sides will organise a first scoping meeting to clarify and confirm areas for collaboration.
It noted that they committed to working together to support durable and resilient supply chains in their shared region. The two sides also underscored the importance of the Caribbean Basin Initiative (CBI) trade preference programmes and both sides agreed to jointly explore ways to increase utilisation of the CBI programs – and thereby expand regional trade – by exchanging data, analysis, and methodologies related to utilisation of the programs.
Further, the delegations also discussed agricultural sustainability and food security, areas where CARICOM and the US share common interests and objectives.
CARICOM and the US also discussed agricultural biotechnology and specific trade concerns. Each side agreed to keep the other informed about third-party agreements that may have an impact on CARICOM-U.S. agricultural trade.
Both sides also agreed on the importance of protecting workers’ rights and reaffirmed their commitment to internationally recognised core labour standards.
Intellectual property protection and enforcement in CARICOM member states was also a matter of discussion. CARICOM and the United States committed to consider the sharing of information and best practices on export promotion and facilitation of business-to-business engagement among CARICOM and US firms.
While the talks focused on how the trading relationship can be improved, Guyana’s Foreign Secretary Robert Persaud believes that intra-regional trade must also be improved.
“We can’t go and talk to the US, to Europe, to Colombia, to the Dominican Republic, Brazil, India, China and elsewhere about the need for us to have favourable a d good treatment in trade arrangements and then right here in the Caribbean we have these trade impediments,” Persaud told the News Room.
