Chief Govt Officer and Technical Director of the Caribbean Neighborhood (CARICOM) Non-public Sector Group (CPSO), Dr. Patrick Antoine, has proposed addressing commerce inefficiencies as a key technique to mitigate the potential affect of the upcoming 10 per cent baseline tariff on regional exports to the US (US).
Talking throughout a Enterprise Breakfast Discussion board in Montego Bay on Tuesday (July 8), Dr. Antoine famous that CARICOM is going through a possible fallout of roughly US$542.3 million each year consequent on proposed implementation of the baseline tariff, in keeping with a CPSO research performed throughout Caribbean nations.
“There are situations the place our inefficiency from commerce facilitation, inefficiency at ports, et cetera, account for almost 10 per cent of the export worth of a few of our merchandise in among the international locations. So once more, if we have been to drive down the inefficiencies, we might, actually, overcompensate for the loss,” he opined.
Dr. Antoine famous that by addressing commerce inefficiencies, the Caribbean might unlock substantial price financial savings throughout key sectors.
“So, all we’re saying within the context of all of that is to take a look at logistics and connectivity. We have to take a look at the affect on the negotiations that we’ve, as a result of about 70 per cent of the products that we export usually are not consumed locally,” the CPSO Head maintained.
CPSO Chairman, Gervase Warner, supported Dr. Antoine’s place, stressing that CARICOM member states should prioritise export market diversification.
“We’ve got to consider how we strategy the US for negotiation… that has them recognise us in a unique strategic line,” he additional suggested.
Mr. Warner emphasised that CARICOM nations should look past short-term reduction from US commerce insurance policies and actively pursue strategic partnerships that strengthen the area’s long-term financial resilience and international competitiveness.
It was introduced on Monday (July 7) that the 90-day suspension of the ten per cent tariff has been prolonged from July 9 to August 1.
The Discussion board was hosted by the CPSO and the Non-public Sector Organisation of Jamaica (PSOJ) on the Sandals Montego Bay Resort in St. James.
It fashioned a part of the forty ninth Common Assembly of the Convention of Heads of Authorities of CARICOM in Montego Bay from July 6 to eight.
