PORT OF SPAIN, Trinidad – The director of Economics at the Barbados-based Caribbean Development Bank (CDB), Ian Durant, says regional governments should increase investment in trade enabling initiatives which strengthen both competitiveness and efficiency.
Chief of the WTO trade statistics section, Barbara D’Adrea Adrian (lef) CDB’s director of Economics, Ian Durant and Permanent Secretary in the Ministry of Planning and Development, Mrs. Artie Bedassie-MaharajAddressing the joint regional workshop on Measuring Digital Trade for CARICOM countries, Durant said that these strategies can only be effected through deliberate and intensified regional collaboration and capacity building.
“Addressing the export concentration that lies at the heart of the Caribbean vulnerability requires improved competitiveness, Durant told participants to the workshop being hosted by the CDB, the World Trade Organization (WTO) and UN Trade and Development (UNCTAD).
“We must create ecosystems that allow us to be able to produce a wider range of goods and services at prices that compare with potential competitors, and with a reliability and quality that meets the expectations of global markets,” Durant said.
“While the ecosystem is extensive and includes many infrastructural and institutional components, we must ensure that all elements of the ecosystem are strong,” he said, adding this will be challenging because of limited resources, but remains critical alongside data collection.
Permanent Secretary in the Ministry of Planning and Development here, Mrs. Artie Bedassie-Maharaj, said that collaboration is indeed the cornerstone of success.
“We find this undertaking to be both timely and essential in collectively addressing our challenges as Small Island Developing States with respect to enhancing our data collection and quality, particularly in digital trade.”
The CDB is working with several partners to intensify its efforts to enhance trade efficiency, competitiveness, and technical capacity across the Caribbean. It is implementing a multifaceted strategy to modernize trade systems and foster sustainable growth recognizing the pivotal role of trade in economic development.
The CDB said that a cornerstone of this initiative is the current collaboration with the WTO and UNCTAD on the Statistics Training Programme, which led to the Memorandum of Understanding (MOU) signed by WTO and CDB in 2022 .
The program aims to modernize the production, compilation, dissemination, and utilization of data within national statistics and customs offices, central banks, as well as ministries of trade.
CDB said that by strengthening the capacity of these institutions, it seeks to promote evidence-based trade policies that can drive economic growth and reduce poverty in the region.
The bank said it is also focusing on the burgeoning area of digital trade.
“As online platforms increasingly facilitate the exchange of goods and services, there is a pressing need to develop robust statistical systems that can accurately capture these transactions.
“By improving the measurement and reporting of digital trade, the Bank aims to inform international trade policies, enhance trade facilitation, and establish appropriate customs procedures. Through these initiatives, the bank reaffirms its dedication to supporting the modernization of trade systems, promoting inclusive and sustainable growth, and enhancing good governance across the region,” the CDB added.
