Bolstering trading of goods and services inter-regionally and education transformation are critical to the success and development of Caribbean countries.
This is according to Minister of State in Foreign Trade and Business Development, Sandra Husbands. She emphasised this point during day one of the inaugural Caribbean Chambers of Commerce network (CARICHAM), Multisectoral Trade Mission to Barbados, held this morning at the Courtyard by Marriott, Hastings, Christ Church.
Minister Husbands noted that at present, intra-regional trade amounts to approximately 15 per cent of total trade within the region and for this to increase she believes a number of steps must be taken to encourage inter-regional trade.
Some suggestions made were for the trading of agricultural products to be protected through the Common External Tariff (CET), or revision of the CET and the Rules of Origin; having efficient intra-regional transportation; and transformation of the labour market.
“We need a radical transformation of the labour market because it is an essential condition for socially inclusive growth so that we’re not leaving any of our citizens behind. The deepening of integration and successful trade depends on having a strategy across CARICOM for the transformation of our labour markets, and for the free movement of skills,” the Minister stated.
She proffered the view that education reform was critical to the transformation of labour markets within the region, because education and labour were integral components of a nation’s economic development, and they significantly influenced the patterns and outcomes of commerce and trade on both domestic and international levels.
Ms. Husbands added, “a well-educated and skilled workforce enhances a country’s ability to compete globally, adapt to market changes, and sustain economic growth”.
She encouraged businesses to voice what they needed in their workforce to education reform committees; form partnerships with educational institutions; and to also have internship and mentorship programmes.
Minister Husbands told the participants she looked forward to hearing of the outcomes from the trade mission and hoped there would be more such missions conducted to help increase trade within the region.
President of the Barbados Chamber of Commerce and Industry, James Clarke, outlined that the trade mission aims to facilitate a series of pivotal business-to-business engagements, which would foster collaborations that would pave the way for a more sustainable business community throughout our region.
“I am confident that the discussions, collaborations and partnerships that unfold during our time together will contribute significantly to the growth and prosperity of businesses across the region….
“This milestone event signifies a momentous collaboration and underscores our commitment to facilitating economic growth, fostering regional partnerships and promoting a vibrant business landscape in the Caribbean,” Mr. Clarke stated.
CARICHAM Past Vice Chair, Misha Lobban-Clarke, explained that CARICHAM serves as a unifying force, bringing together chambers of commerce from diverse countries within the Caribbean region. It acts as a nexus for collaboration, networking, and the exchange of invaluable business insights among regional chambers.