Against a backdrop of shifting global trade dynamics and tariff challenges, CARICOM Secretary-General Dr. Carla Barnett is urging regional trade leaders to double down on economic diversification and market expansion.
Speaking at the 60th Regular Meeting of the Council for Trade and Economic Development (COTED) on Tuesday, Dr. Barnett stressed the urgency of strengthening regional production, advancing trade negotiations, and removing longstanding barriers to intra-regional commerce.
“The recent tariff shocks are a stark reminder of the need to diversify our trade and economic relations,” she said during the opening session on June 10. “We must redouble our efforts to deepen existing markets, explore new ones, and develop new partnerships if the Region is to advance its goals of economic growth.”
The Secretary-General highlighted ongoing trade discussions with Colombia under the CARICOM-Colombia Agreement on Trade, Economic and Technical Cooperation, calling for a focused push to move those negotiations forward. She also stressed the importance of supporting regional entrepreneurs by updating policies and addressing systemic barriers.
“We need to promote regional production and expand intra-regional trade by updating policies and practices to support entrepreneurship,” she told the gathering of trade ministers and delegates. “We also have an imperative to address the impediments to trade and remove longstanding issues of non-compliance from the agenda.”
A report on the Regional Industrial Policy was also tabled at the meeting. Dr. Barnett described it as a key milestone toward deeper regional integration and urged member states to finalise and implement the policy to help drive long-term economic growth.
In a strong appeal for cross-sector cooperation, Dr. Barnett called on CARICOM institutions and stakeholders—including the Caribbean Development Bank (CDB) and the CARICOM Private Sector Organization (CPSO)—to break down silos and better coordinate their efforts.
“Time is too short, and resources are too scarce for us to continue to work in silos,” she said. “Collaboration and joint effort can save resources—both human and financial—and deliver better results.”
The two-day COTED meeting continues this week with trade ministers expected to discuss key issues related to regional economic policy, industrial development, and external trade relations
