By Caribbean News Global 
THE CARIBBEAN / USA – Trinidad and Tobago minister of trade and industry, and chair of the Council for Trade and Economic Development (COTED) senator Paula Gopee-Scoon, met Friday in Guyana with representatives of the CARICOM Secretariat and United States Trade Representative Katherine Tai.
This follows ambassador Tai travel to Ecuador and Guyana as announced: (On Friday, August 2, ambassador Tai will be in Georgetown, Guyana. Ambassador Tai will meet with Guyanese president Mohamed Irfaan Ali and participate in a roundtable with Caribbean regional stakeholders on trade.)
Below is senator Paula Gopee-Scoon, remarks:
“The United States market is of significant importance to the region. The United States America is the top trading partner for CARICOM. The US market accounts for over 40 percent of all CARICOM’s exports and just over 35 percent of its imports. Over the last decade, CARICOM has recorded persistent trade deficits with the US.
In the five-year period 2018-2022, CARICOM’s exports to the US grew by 93 percent and its imports from the US increased by 48 percent. Notwithstanding the greater percentage increase in exports from CARICOM, the magnitude of the trade deficit increased over the period. This indicates that the real growth in CARICOM’s imports from the US far outstrips the growth in its exports to the US over the period.
This discussion today and moving forward is therefore important to determine measures that can be implemented to ensure that the region’s exports to the US continue to grow.
I note that high-level discussions have been ongoing for some time. I recall that some regional ministers met with ambassador Tai on the margins of MC13 in Abu Dhabi where discussions were initiated on collaborative activities to promote sustainable trade and diversification of supply chains, amongst other topics.
I also note that senior officials of the CARICOM-US Trade and Investment Council (TIC) also met in early July to undertake follow-up work mandated by the Ninth Meeting of the TIC, which was held in October 2023.
The region looks forward to discussing the utilization of the Caribbean Basin Initiative (CBI), which has been an important mechanism for the facilitation of trade and investment between CARICOM and the US. The region has received the statistical analysis undertaken by the USTR with regard to CARICOM’s utilization of the CBI and looks forward to the identification of specific measures to improve utilization by the region. We should all agree to commit to work towards higher utilization of the CBI.
The region would also wish to see an expansion of the CBI to allow for greater participation by all CARICOM Member States. Preferences granted under the CBI allow for the region’s goods to better compete when exported and sold in the US market. As small island developing states, without the preferences granted by the CBI, most goods will not be able to compete with international suppliers. As such, it is important to ensure continuity of the programme and also timely extensions of those aspects that require renewal.
Ambassador, recent events such as the global pandemic have shown how dependent we are on international trade. The recent passage of hurricane Beryl has also re-emphasized our vulnerability to the catastrophic effects of the changing global climate, changes to which we are insignificant contributors. In the face of these challenges we, as a community, have demonstrated time and again our inherent resilience.
And we are determined to further build this resilience by continuing our regional integration process to catalyze our insertion into the global economy. In this context, the United States is a critical trade and development partner, and the CBI trade preference programmes are the backbone of our bilateral trade relationship.
The region recognizes the value of open and frank discussions on challenges and opportunities impacting trade, so as to strengthen and improve CARICOM-US trade performance and relations. We look forward to more discussions of this type moving forward.
“The region also welcomes the focus on inclusive trade as we share the view that intentional steps must be taken to ensure that trade benefits all – especially the disadvantaged. CARICOM also places great effort in addressing the specific concerns of disadvantaged sectors, which is also mandated by the Revised Treaty of Chaguaramas.”
