Government is engaging the private sector in order to enhance Barbados’ trade endeavours.
At an inaugural consultation held on Wednesday, March 29, Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, emphasised that it was critical to meet and engage with the private sector to discuss not only the way forward but the current concerns that may be preventing the development of Barbados’ trading agenda.
Tasked with the formulation, articulation and management of Barbados’ foreign and international trade policies, Mr. Symmonds noted that his ministry intends to promote, defend and facilitate the island’s trade policies, to ensure the country achieves its sustainable development goals for the well-being and economic prosperity of those residing here.
To this end, the Minister of Foreign Affairs said a four-pronged approach has been developed to strategically position Barbados to operate in a constantly changing international environment, as it seeks to derive maximum economic benefits from an increasingly liberalised global economy.
He listed those approaches as: “First of all, we want to preserve policy space for Barbados, in order to pursue our trade strategy and boost opportunities for economic growth. Secondly, we are very keen on negotiating more and more agreements so that we have a wide network which enhances trading opportunities for everyone.
“And, we are equally keen on intensifying our South-South cooperation and our South-South engagement; and of course, last but not least … is the desire to foster relations which improve our trade prospects.”
He also disclosed that as part of its efforts to increase trade and investment, his ministry in September 2022 rolled out a Commercial Diplomacy Network involving the Missions and supported by Export Barbados, Invest Barbados and Barbados Tourism Marketing Inc.
Mr. Symmonds, who is also the Senior Minister with responsibility for Coordinating the Productive Sectors, proposed that the consultation be held once every quarter, with follow-up sessions when necessary.
Minister of State for Foreign Trade and Business, Sandra Husbands, in endorsing Minister Symmonds’ recommendation, also proposed the formulation of smaller working groups to deal with specific matters.
This, she noted, would help both government and the private sector to share any obstacles and concerns, as well as suggest ways or opportunities for enhancing trade.
She also highlighted initiatives that could assist with intra-regional trade, the CARICOM Interactive Marketplace and Suspension Procedure (CIMSuPro), the CARICOM Public Procurement Notice Board and bilateral agreements.
Ms. Husbands stressed: “This enterprise is not going to succeed if we feel it is all government that has to make it happen, or if we feel it is all private sector that has to make it happen. Rather, it is both of us working together in concert, … and let us each play our part because this is how we are going to build the economy to secure a future for ourselves, businesses, families, and for the children of the future.”
Participating in the inaugural consultation held in a hybrid format were representatives from government departments; BIBA, the Association for Global Business; the Barbados Manufacturers’ Association; the Barbados Banking Association; the Small Business Association, and The Institute of Chartered Accountants of Barbados.