CARICOM Manufacturers’ Association established

BARBADOS has an opportunity to build on its approximately $280 million of exports of goods to markets around the Caribbean.

This comes as six manufacturing bodies in the region came together to form a CARICOM Manufacturers’ Association (CMA) aimed at, among other things, increasing intra-regional trade and going after international markets.

The virtual launch of the association took place last week. Apart from the Barbados Manufacturers’ Association, the other associations are from Dominica, Guyana, Jamaica, St. Lucia, and Trinidad and Tobago.

The BMA will serve as chairman in the first year of the entity, with Dominica being the deputy.

The aims of the CMA include collaboration among members and to pursue policies to iron out difficulties among members.

Barbados’ exports to CARICOM have averaged about $280 million over the last three to four years with Trinidad and Tobago being the main market for goods from this country. Barbados’ exports to Guyana have been on the increase.

However, Trinidad and Tobago is the main exporting country to the rest of the region, even when oil exports from that country is excluded.

Regional integration, free trade, intra-CARICOM trade and the promotion of the Treaty of Chaguaramas are among other goals to be pursued by CMA members.

The share of technology and increasing investments make up other goals.

Barbados’ Minister in the Ministry of Foreign Affairs and Foreign Trade, Ms. Sandra Husbands, said she will be looking forward to the CMA. She said its formation had come at an opportune time, given what is happening globally and with the COVID-19 pandemic.

Both Jamaica and Trinidad and Tobago also hailed the agreement, saying that it is going to benefit the economies of participating countries.