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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Caribbean Export Creates Opportunities for Regional Trade between CARIFORUM and the FCOR & OCT Territories
Bridgetown, BARBADOS - The
Caribbean Export Development Agency (Caribbean Export) hosted a
Business Forum on June 25th, 2014 for private sector firms as well as
other key stakeholders from CARIFORUM, the French Caribbean Outermost
regions (FCORs) and EU Overseas Countries and Territories (OCTs) in the
Caribbean, with the aim of facilitating greater trade between the
territories on the island of Grand Cayman.
Despite their being
part of the wider Caribbean region and the existence of the Economic
Partnership Agreement (EPA), trade and economic cooperation between the
French Caribbean Outermost regions (FCORs) and EU Overseas Countries and
Territories (OCTs) in the Caribbean and CARIFORUM territories remains
under-developed. The exception to this is Trinidad and Tobago who
exports large quantities of energy and energy related products to FCORs
and OCTs.
Studies commissioned by Caribbean Export, as well as
by others, indicate that there are significant opportunities for trade
between CARIFORUM and the FCORs and OCTs as the latter import an average
of 90% of their goods and services. There are opportunities therefore
for CARIFORUM countries to strengthen trade with these territories in
particular for raw materials, primary agricultural products,
agro-processing, tourism, as well as financial and professional
services.
Building trade relations requires engagement by the
firms and companies that do business. The CARIFORUM-FCOR/OCT Business
Forum facilitated 40 plus companies from CARIFORUM in business meetings
with counterparts from the FCORs (Guadeloupe and Martinique) and the
OCTS (Cayman Islands, British Virgin Islands, Curacao, etc.). This
provided concrete opportunities for participating firms to promote their
products and services to new markets and to negotiate trade deals. The
forum also provided an opportunity for regional businesses to discuss
mechanisms and solutions for in-market support for CARIFORUM firms
trading or attempting to trade with the Guadeloupe and Martinique. One
of the highlights of the forum was a presentation from Health City
Cayman Islands. This facility is a new state of the art facility that
offers excellent opportunities for health tourism in the Cayman Islands.
"A
cohesive network is key to establishing regional trade. Trade within
the Caribbean is only possible through the establishment of strong
linkages and our facilitation of business meetings between CARIFORUM,
FCOR and OCT firms at CEC is a step closer towards building the kinds of
relationships required to grow regional trade. CEC represents
Caribbean commerce at its highest quality and functionality and should
be commended for pioneering a successful economic zone in the region,"
Commented Executive Director of the Caribbean Export Development Agency,
Pamela Coke-Hamilton.
Participants of the Business
Forum also visited the Cayman Enterprise City (CEC). CEC is a special
economic zone that was established in 2012 and is designed to attract
international companies operating in the technology and knowledge-based
industries. A recipient of Caribbean Export’s Special Award at the
Regional Investor of the Year Awards 2013, CEC enables entrepreneurs and
established businesses to set up physical operations in the Cayman
Islands with offices and staff on the ground, and to take advantage of
Cayman’s tax-neutral status along with a draft of special zone
concessions granted by the Cayman Islands Government. To date, over 150
firms are operating from the CEC, generating foreign direct investment
and with an estimated CI$15 million impact on the local economy.
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Caribbean Export Explores the Establishment of a Technical Management Unit to support Regional Trade
The Caribbean Export Development Agency (Caribbean Export) convened the 9th Meeting of the CARIFORUM, French Caribbean Outermost regions (FCORs) and EU Overseas Countries and Territories (OCTs) in the Caribbean, Task Force on Trade and Investment on the island of Grand Cayman on June 26 and 27, 2014.
In his opening remarks David Gomez, Manager, Trade and Export Development, Caribbean Export quoted the American industrialist and founder of the Ford Motor Company who once said, “Coming together is a beginning; keeping together is progress; working together is success.” The statement set the tone for the next two days of high level meetings of CARIFORUM, FCOR and OCT heads who have come together to move ahead on the decisions agreed at the 8th meeting and discuss the status of the Financial Services Sector in the Caribbean and the recommendations of the comprehensive study on the Technical Barriers to Trade (TBTs) and other technical requirements that affect CARIFORUM Exports to the FCORs.
This meeting comes directly after the Agency successfully hosted a Business Forum for private sector firms from the aforementioned territories in an effort to stimulate greater regional trade on June 25, 2014. Despite their being part of the wider Caribbean region and the existence of the Economic Partnership Agreement (EPA), trade and economic cooperation between the French Caribbean Outermost regions (FCORs) and EU Overseas Countries and Territories (OCTs) in the Caribbean and CARIFORUM territories remains under-developed. The exception to this is Trinidad and Tobago who exports large quantities of energy and energy related products to FCORs and OCTs.
Private sector firms were able to discuss the issues that they faced with regional trade and sought to develop business linkages. The Agency also explored the establishment of a Technical Management Unit (TMU) to assist exporters from CARIFORUM States that are interested in entering the French Caribbean Market as well as to assist French Caribbean Exporters with market information on the CARIFORUM region. While a number of Business Support Organizations (BSOs) in the region have already started the process of assisting firms to export to the French Caribbean, Caribbean Export is also aware that they face challenges in doing so.
The TMU is pegged to help address issues such as the provision of market research and intelligence in doing business in the FCORs; assist with meeting language and cultural requirements; identify key contacts and the coordination of trade fairs and market visits to facilitate buyer/seller contacts.
Additionally, it is important to note that whilst the issues of facilitating trade is required other barriers to trade such as costly air and sea transportation and the taxes such as Octroi de Mer that have direct implications on the ability of CARIFORM firms to trade in the French Caribbean must also be addressed in order to further advance in true intra-regional trade for the benefit of the entire Caribbean.
© Copyright 2014 by thebahamasweekly.com
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