**Port of Spain**: Officials at a recent workshop emphasised the importance of investing in trade-enabling initiatives for Caribbean nations. The Caribbean Development Bank and partners seek to modernise trade systems and improve competitiveness through enhanced data practices and regional collaboration.
During a recent joint Regional Workshop on Measuring Digital Trade for CARICOM Countries held in Port of Spain, Trinidad and Tobago, officials underscored the necessity for increased investment in trade-enabling initiatives to bolster the Caribbean’s competitiveness and efficiency. This workshop was hosted by the Caribbean Development Bank (CDB) in collaboration with the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD).
Ian Durant, the CDB’s director of economics, highlighted the need for regional cooperation to address the vulnerabilities facing Caribbean economies. He stated, “Addressing the export concentration that lies at the heart of the Caribbean vulnerability requires improved competitiveness. We must create ecosystems that allow us to be able to produce a wider range of goods and services at prices that compare with potential competitors, and with a reliability and quality that meets the expectations of global markets.” Durant acknowledged the challenges posed by limited resources, stressing the importance of robust data collection alongside the enhancement of existing trade ecosystems.
Artie Bedassie-Maharaj, permanent secretary at Trinidad and Tobago’s Ministry of Planning and Development and also CDB’s director for Trinidad and Tobago, echoed the importance of collaboration for regional success. He remarked, “Collaboration is indeed the cornerstone of success. We find this undertaking to be both timely and essential in collectively addressing our challenges as Small Island Developing States with respect to enhancing our data collection and quality, particularly in digital trade.”
The CDB is currently working with various partners to refine trade efficiency, competitiveness, and technical capacity throughout the Caribbean region. Recognising the significant role of trade in economic evolution, the bank is implementing a comprehensive strategy aimed at modernising trade systems and promoting sustainable growth.
Central to these efforts is the Statistics Training Programme, which has emerged from a Memorandum of Understanding signed between the WTO and CDB in 2022. This programme focuses on enhancing the practices related to the production, compilation, dissemination, and utilisation of data in national statistics and customs offices, central banks, and ministries of trade. By strengthening institutional capacities, the CDB aims to foster evidence-based trade policies that could spur economic growth and alleviate poverty within the region.
Further, the CDB is prioritising the advancement of digital trade, recognising the growing importance of online platforms in facilitating the exchange of goods and services. There is a notable need for robust statistical systems to capture these digital transactions accurately. By improving the measurement and reporting of digital trade, the CDB intends to support the formation of international trade policies, enhance trade facilitation, and develop suitable customs procedures. These initiatives underscore the bank’s commitment to the modernisation of trade systems, promoting inclusive and sustainable growth, and fostering good governance across the Caribbean region.
Source: Noah Wire Services
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