BREAKING NEWS:Guyana: CARICOM Ministers Tackle Trade…..
CARICOM Ministers Discuss Trade and Free M ovement at Key COTED Meeting in Guyana
CARICOM Ministers of Trade and Economic Development recently convened in Guyana for a pivotal meeting of the Council for Trade and Economic Development (COTED). The gathering focused on advancing regional integration through trade and the free movement of people, two critical pillars of the Caribbean Community’s (CARICOM) Single Market and Economy (CSME).
The discussions, held in Georgetown, centered on removing persistent trade barriers and facilitating seamless movement within the region. Ministers tackled issues such as non-tariff barriers, the standardization of goods and services, and harmonization of regulatory frameworks across member states. They emphasized the need to bolster intra-regional trade to reduce reliance on external markets and ensure sustainable economic growth.
A significant highlight was the debate over simplifying the process for citizens to travel, work, and reside within CARICOM states. While the region has made strides with the implementation of the CARICOM Skilled Nationals Programme, challenges remain, particularly with mutual recognition of qualifications and border-entry policies. Ministers agreed to intensify efforts to fully operationalize the free movement provisions under the Revised Treaty of Chaguaramas, with a focus on addressing security concerns and streamlining administrative procedures.
The meeting also touched on trade facilitation measures to improve port efficiency and lower logistics costs, both of which are crucial for enhancing regional competitiveness. Officials explored ways to leverage technology and digital platforms to modernize customs and trade systems. Furthermore, the Ministers discussed strategies to expand exports to international markets, identifying niche areas where CARICOM states can collectively excel, such as agro-processing and renewable energy.
Environmental sustainability and resilience to climate change were also key considerations, given their impact on regional economies. The Ministers explored green trade opportunities and stressed the importance of sustainable practices in agriculture and manufacturing.
This COTED meeting underscored CARICOM’s commitment to fostering a unified and economically resilient Caribbean. With trade and free movement as top priorities, the Ministers recognized the importance of addressing disparities among member states to achieve equitable development. They pledged to continue collaboration and build on the progress made to realize the vision of a seamlessly integrated and thriving region.
The outcomes of this meeting are expected to influence key decisions at the upcoming CARICOM Heads of Government Summit, as the region charts its path toward deeper integration.
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