COTED Chair urges decisive action on urgent trade and economic issues
Chair of the Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds.
(Caribbean Community (CARICOM) Secretariat, Turkeyen, Greater Georgetown, Guyana) - The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds has emphasised the critical role of the Council as businesses reel from the turbulence in the global trading system.
“Two years ago, we could never have imagined the turmoil with which the global trading system and the global economy are now confronted. Our business community is reeling from cancelled export orders, the imposition of new and unexpected tariffs, and unprecedented uncertainties,” Minister Symmonds, the Minister of Foreign Affairs and Foreign Trade of Barbados stated.
He was at the time addressing the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana on Tuesday, 11 June.
Minister Symmonds called on COTED to take decisive action to tackle urgent trade and economic issues, stressing the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community.”
CARICOM trade ministers met from 10-11 June to address an agenda dealing with the Caribbean Single Market and Economy (CSME), proposed implementation of the revised Common External Tariff (CET), progress of the Sectoral Working Group reviewing CARICOM Rules of Origin, and reports from the Monitoring Mechanisms on Sugar, Cement, and Rice.
Key external trade issues, including the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize's partial scope agreement with El Salvador, also received the Ministers' attention.
Regional standards, report on the industrial policy, and public procurement mechanisms were also on the agenda.
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