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CARICOM confronts trade challenges and tariff pressures at COTED meeting
CARICOM members during the 60th Meeting
Kaieteur News – The 60th Meeting of the Council for Trade and Economic Development (COTED) opened on Tuesday amid growing trade tensions and newly imposed tariffs that threaten regional economic stability among the CARICOM countries including Guyana.
The two-day meeting being held at the CARICOM (Caribbean Community) Secretariat Turkeyen, Greater Georgetown, brings together ministers and senior officials to confront the increasing global trading landscape and assess urgent intra-regional policy actions.
Addressing delegates at the opening ceremony, CARICOM’s Secretary-General Dr. Carla Barnett warned of escalating trade-related challenges and emphasized the urgency of regional collaboration.
“You are meeting against the background of many trade-related challenges facing the Region, and in a geo-political environment which is changing very rapidly,” Dr. Barnett stated.
“The recent tariff shocks are a stark reminder of the need to diversify our trade and economic relations,” she added.
The Secretary- General emphasized the need for focused attention on trade relations with key partners and pending agreements, saying,
“The work to address the way forward in trade relations with the United States; the bilateral negotiations with Colombia; and the outstanding Certification of the Belize-El Salvador Partial Scope Agreement, must be given focused attention.”
She also called for the removal of “longstanding issues of non-compliance” that hamper regional trade and urged modernization of trade policies to promote entrepreneurship and intra-regional commerce.
A major highlight of the meeting will be the presentation of a report on the Regional Industrial Policy, which Barnett described as potentially transformative for regional integration.
“This Policy can become an important aspect of the deepening of the regional integration strategy going forward,” she said, urging delegates to focus on how it will be finalized and implemented.
Meanwhile, Minister of Foreign Affairs and Foreign Trade of Barbados and Chairman of Caricom , Kerrie Symmonds, echoed these concerns in his address, describing the current global trade environment as one of “turmoil” and “unprecedented uncertainties.”
“Two years ago we could never have imagined the turmoil that the global trading system and the global economy is confronted with today,” Symmonds said.
“Our business community is reeling from cancelled export orders, the imposition of new and unexpected tariffs, and unprecedented uncertainties.”
Minister Symmonds stressed that trade and economic development must remain at the top of CARICOM’s agenda, especially for a region composed primarily of small, vulnerable economies.
“Whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe and affordable manner all impact the performance of our economies,” he noted while adding that “These considerations must be uppermost on our minds today and into tomorrow.”
The two-day session includes a packed agenda with several high-priority issues including:
- Requests for suspension of the Common External Tariff (CET): COTED will review suspension requests received between 27 May and 3 June 2025. These relate to goods such as paints, varnishes, and hydrocarbon propellants.
- Review of rules of origin: Delegates will consider the outcomes of regional consultations on community rules of origin and the use of specifications in CET suspensions and safeguard certificates.
- Advancement of the Caribbean Single Market and Economy (CSME): The meeting will push forward initiatives related to free movement of CARICOM nationals, the community’s competition policy, and the assessment of the CSME’s impact and benefits.
- External trade relations: Delegates will also evaluate World Trade Organization (WTO) developments, U.S. trade policies affecting the region, and preparations for resumed negotiations with Colombia.
- Belize-El Salvador Agreement: Final certification of Belize’s Partial Scope Agreement with El Salvador is also on the table, pending approval.
Meanwhile, Minister Symmonds emphasized the need for urgency and strategic execution.
“We have a range of matters for discussion and decision… we must advance with urgency,” he declared.
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