Still some distance away from recovering from the ongoing impact of the coronavirus pandemic, the Caribbean would appear to be already looking beyond that challenge and focussing on the growth of its niche markets in Europe.
Through the Caribbean Forum (CARIFORUM) – a subgroup of the group of African, Caribbean and Pacific (ACP) states – the region is preparing to launch yet another marketing salvo in an effort to secure a firmer foothold for regional specialty foods and creative services in Europe, its second-largest trading partner, after the US.
Earlier this month, representatives of entities from member countries participated in a virtual forum with development agencies, public and private trade support institutions, and exporters in Europe, to draw up plans for the event. Information released by the Geneva-based International Trade Centre (ITC) says that the initiative seeks to “increase exports,” and “promote a transparent trading environment by helping businesses conform with trade regulations and support businesses associated with the industries in the current health and economic crisis.”
The ITC says that the market expansion initiative is being implemented “… in partnership with regional and national stakeholders” and will seek to “… drive forward local growth using the principles of local ownership and resilience-building through a market-based approach.”
Part of the mandate of the group will be to examine ways in which greater diversification of market channels and new products can serve as a springboard for new market opportunities and the development of the various sectors.
The ITC says that trade intelligence engagements will also focus on addressing “existing data gaps” and building the capacity of institutions to update information “through customized tools and trainings.”
Building resilience in the short term and generating growth in the long term, taking account of the prevailing COVID-19 restrictions in Caribbean economies, is, the ITC says, the primary objective of the initiative, while United Kingdom Minister for International Development Baroness Sugg is quoted as saying that the UK is delighted to work with the ITC “to launch the UK Trade Partnerships Programme in the Caribbean, supporting the region’s Caribbean Forum States to increase exports, create jobs and make the most of their economic ties.” The UK government official added, “Keeping trade and supply chains open is vital as we work together to tackle the impacts of the coronavirus pandemic.”
Acting Executive Director of the International Trade Centre Dorothy Tembo told the forum that the ITC, through the UK Trade Partnerships Programme, “will support CARIFORUM to explore new markets, prioritize value added products, digitalize, and strengthen the creative industries’ value chain.” The forum also addressed the rolling out of responses designed to lend support to COVID-19 affected businesses in CARIFORUM states as well as mechanisms with which to monitor the regional business environment “including regulatory and procedural obstacles to intra and extra-regional trade in the CARIFORUM.”
The Caribbean offers a range of specialty foods to tap into the UK and EU markets. It is also well poised to take advantage of trade in cultural goods and services as it offers opportunities to link with identity, culture, media and communication within a framework of sustainable economic growth.
