CARICOM TRADE MINISTERS AND THE US TRADE REPRESENTATIVE (USTR) DISCUSS CARIBBEAN BASIN TRADE AND INVESTMENT

The Honourable Hugh Hilton Todd, Minister of Foreign Affairs and International Cooperation, represented Guyana at a virtual follow-up meeting today, October 18, 2024, between CARICOM Trade Ministers and the United States Trade Representative (USTR), Ambassador Katherine Tai, to advance the bilateral dialogue on trade and investment priorities for the Caribbean Basin.

The meeting was convened at the invitation of the USTR as an early follow-up to the previous Ministerial engagement on August 2, 2024. Trinidad and Tobago’s Minister of Trade and Industry, The Honourable Paula Gopie-Scoon, co-chaired the meeting in her capacity as current Chairman of the COTED (Council for Trade and Economic Development). Other CARICOM Member States were represented. The Caricom Secretary-General was represented by Assistant Secretary General Ambassador Wayne McCook.

In seeking to build on the discussions held in August, the USTR underscored the importance of the Caribbean Basin Initiative (CBI) as the backbone of US-Caribbean trade relations and advanced an inclusive agenda, aimed at benefitting the most disadvantaged segments of society. She underscored the need for more effective and transformative trade agreements. Minister Gopie-Scoon affirmed support of the US’ inclusive approach but reiterated the region’s concerns about its growing trade deficit with the US; expanding CBI coverage to services; unfair competition from Puerto Rican rum; etc. She also identified nearshoring and BPO opportunities that can also be exploited.

Minister Todd supported the focus on inclusivity and emphasized the need for both inclusivity and balance in terms of stakeholder institutions, the equitable distribution of resources, and a balanced approach to overall development. He also highlighted CARICOM’s achievements in upholding democratic principles and values that have contributed to the region’s stability and global peace. Minister Todd further underscored the importance of the follow-up meeting as a demonstration of the momentum being generated by the US/CARICOM bilateral dialogue.

Concerning Guyana’s inclusive developmental policies, the Minister mentioned the launch of the Agriculture and Innovation Entrepreneurship Programme, which was launched by His Excellency President Mohamed Irfaan Ali in 2022. The Programme aims to advance agricultural programmes targeting women and youth, with a mandate that 35% of all agricultural projects benefit these groups. Minister Todd also cited the Guyana School of Agriculture’s partnership with the UNDP and IICA to promote climate-smart agriculture for youths and women; Amerindian Development initiatives that supports the socio-economic development of Amerindian communities, as well as cash grants that benefit over 250 remote communities/villages; and the 15% mandatory allocation of the total value of Guyana’s carbon credit sales to Amerindian communities, totaling GUY $4.8 billion as of 2023.

Minister Todd emphasized the importance of stakeholder engagement, particularly involving the private sector. He also agreed with the sentiments of the Ministers from Trinidad and Tobago and Jamaica regarding the need for support with regional value chains, building capacity to navigate sanitary and phytosanitary (SPS) measures, the significance of nearshoring legislation, and the need for engagement to promote the development of diaspora-owned businesses in the U.S.

In conclusion, Ambassador Tai proposed the convening of two ad hoc technical level meetings aimed at enhancing CBI utilization. The first would focus on a technical team meeting to address the issues of nearshoring legislation and supply chain issues, while the second would focus on promoting inclusivity within the CBI framework and experience sharing. It is anticipated that the proposed meetings will be held before the end of the year.

October 18, 2024