CARIBBEAN COMPANIES are missing out on billions of dollars in potential business because they are not aggressively pursuing export opportunities opened up by trade agreements between Caribbean Community (CARICOM) governments and third countries, says a spokesman for the Caribbean Regional Negotiating Machinery (CRNM).
According to Mr. Lincoln Price, the CRNM's Jamaica-based private sector liaison officer, an example is the recently signed CARICOM-Dominican Republic trade agreement which has opened the door to an additional US$7 billion in annual export sales for regional companies engaged in manufacturing activities such as beverages, sugar, confectionery, chemicals, furniture, cement, and cereals.
"However, companies have not made adequate steps to take advantage of these possibilities," Mr. Price observes. "We therefore wish to take this opportunity to again urge regional companies to find out more about these trade agreements and seek to benefit from them to the fullest extent possible because the available opportunities can increase the profitability of their enterprises."
The CRNM is a specialised agency set up by CARICOM governments to assist member countries with the development of trade policy and to represent the Caribbean in external trade negotiations. The CRNM sees the private sector as a key stakeholder in this process as it is the role of private firms to conduct the business of international trade using agreements negotiated by their governments.
COMPETENT MECHANISMS
"The CRNM has put in place competent mechanisms for effective interface with the region's private sector," notes Mr. Price. "These include establishing a high level group of business persons to be a quick response group on trade matters, executing an intense programme of private sector dialogue, and hiring a private sector liaison to complement the work of private sector adviser, Mr. Jimmy Moss Solomon."
The Multilateral Investment Fund (MIF) of the Inter American Development Bank (IDB) has provided major funding to support the CRNM's private sector outreach which has the aim of stimulating greater business interest in trade negotiations and increasing the private sector's awareness of relevant trade issues. Activities include a weekly radio programme broadcast on stations across the Region, a monthly trade brief which is distributed via e-mail to business executives, and a region-wide series of trade seminars.
The CRNM's Internet website, www.crnm.org, contains lots of trade-related resources for the benefit of the private sector. Businesspersons are welcome to visit the web site and also to contact the CRNM at privatesector@crnm.org.
