October 12, 2024

Caribbean Broadcasting Corporation

The most credible news source in Barbados

Call for a new Caribbean/Canada trade agreement

July 8, 2023

Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, believes it’s time for a new trade agreement between the Caribbean and Canada.

He offered the suggestion during a reception to observe Canada Day last evening.

According to Mr. Symmonds, the current arrangement known as CARIBCAN, allows regionally manufactured goods to be exported into Canada on a duty free basis.

He says while this has worked well since its introduction in 1986, it violates World Trade Organisation requirements, because it is a one-way arrangement.

The Minister notes that it also depends on the generosity of Canada’s Prime Minister to renew it.

Mr. Symmonds believes a formal agreement which facilitates trade in services with Canada would correct what he says is a weakness in the country’s economic profile.

In response, High Commissioner, Lilian Chatterjee, said Canada understands that access to finance is crucial in addressing the vulnerabilities of small island developing states.

About The Author

Share this!