The Sixty-Second Regular Meeting of the Council for Trade and Economic Development (COTED) opened on Thursday, 11 June at the CARICOM Secretariat in Georgetown, Guyana.
The meeting is being chaired by the Hon. Dr. Vince Henderson, Minister of Foreign Affairs, International Business, Trade and Energy of the Commonwealth of Dominica.
CARICOM Secretary-General, Dr. Carla Barnett, in opening remarks to the Ministers and delegates pointed to multiple ongoing global crises that continue to reshape economies and trade.
She said that disruptions in energy markets and supply chains have unsettled financial markets, increased prices, and created uncertainty for global economic growth.
Referencing data from the United Nations Conference on Trade and Development (UNCTAD), Dr. Barnett noted projections of a decline in global merchandise trade, alongside continued high costs for fuel, food and fertiliser. These conditions, she added, are expected to increase inflation and affect food security, heightening the vulnerability of CARICOM economies to external shocks.
Underscoring the importance of the meeting against this backdrop, she stated, “Our resilience is being tested, and safeguarding our trade and economic development agenda requires strategic, coordinated and focused efforts. In this regard, the COTED deliberations and decisions continue to be consequential for every member of the Community, particularly businesspersons, consumers, the self-employed, and our young people.”
Among the matters on the agenda for trade ministers is an assessment of the CARICOM Single Market and Economy (CSME), which the Secretary-General described as “the Region’s core platform for economic development and resilience.”
She added that the assessment COTED is undertaking confirms the need for more effective implementation of the Revised Treaty of Chaguaramas to “ensure a stronger and more durable CSME.”
In this context, she highlighted Article 164 of the Treaty, which allows for temporary tariff protection and market access support to help develop regional industries, particularly in Lesser Developed Countries. She also commended the CARICOM Development Fund for ongoing support to firms benefiting from these measures.
Trade ministers are also expected to consider emerging areas such as digital trade, with work advancing on a regional digital trade policy as part of efforts to respond to a more technology-driven global economy.
COTED will also review developments in the multilateral trading system, which the Secretary-General said has faced ongoing challenges.
The Sixty-Second Regular Meeting of the Council for Trade and Economic Development continues through 12 June.
The CARICOM Council for Trade and Economic Development (COTED) promotes trade and economic development of the Caribbean Community (CARICOM) and oversees the operations of the Single Market and Economy. Read more here: https://caricom.org/organs_and_bodies/the-council-for-trade-and-economic-development-coted/