Achieving CARICOM's trade goals requires reframing its relationship with its largest trading partner, the United States, according to a new White Paper published by the Shridath Ramphal Centre for International Trade Law, Policy and Services (SRC) at The University of the West Indies, Cave Hill.
The White Paper, titled "Setting the Agenda for Enhanced CARICOM-U.S. Trade and Investment Relations", outlines a comprehensive agenda to reinvigorate trade and investment ties between CARICOM and the US in the short, medium and longer term.
Key recommendations from the White Paper include:
- Using the Trade and Investment Council (TIC), established under the US-CARICOM Trade and Investment Framework Agreement (TIFA), to initiate discussions with the US to reorient the relationship;
- In the short term, addressing non-tariff barriers impeding the free flow of goods into the US through the TIC process;
- In the short to medium term, exploring solutions with the US to address deficiencies in the Caribbean Basin Initiative (CBI) framework and conclude arrangements for mobility of professional licences and qualifications;
- In the short to medium term, initiating steps to attract more U.S. investment by preparing annual reports, exploring double taxation agreements, and proposing a Prosper Caribbean Initiative; and
- In the medium to long term, identifying the region's key objectives for a new trade framework and initiating discussions with the US to find areas of agreement.
The White Paper also identifies six sectors with potential to reinvigorate Caribbean and US private sector engagement: climate resilience and renewable energy, food production and agro-processing, the blue economy, nearshoring and friendshoring, facilitation of digital trade, and transportation and logistics. Authored by Ms. Andrea Ewart on behalf of the SRC, this White Paper argues that achieving CARICOM's goals at its 50th anniversary requires reframing the region's relationship with its largest trading partner, the US It provides a roadmap for CARICOM to craft a mutually beneficial trade and investment partnership framework with the US The SRC, named after distinguished Caribbean statesman Sir Shridath Ramphal, is dedicated to developing trade capacity and creating innovative trade solutions for the Caribbean region.
Click here to read more: CARICOM-U.S.-White-Paper-FORMATTED2.pdf (shridathramphalcentre.com)