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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.
