GEORGETOWN, Guyana – Trade ministers from across the Caribbean Community (CARICOM) convened in Georgetown on Thursday for the 62nd Regular Meeting of the Council for Trade and Economic Development (COTED), with regional leaders warning that global economic challenges continue to threaten trade, food security, and economic growth.
The two-day meeting, being held at the CARICOM Secretariat, is chaired by Dominica’s Minister of Foreign Affairs, International Business, Trade and Energy, Dr. Vince Henderson.
Addressing ministers and delegates at the opening session, CARICOM Secretary-General Dr. Carla Barnett highlighted the impact of ongoing geopolitical tensions, supply chain disruptions, and volatility in global energy markets on Caribbean economies.
Citing projections from the United Nations Conference on Trade and Development (UNCTAD), Dr. Barnett noted that global merchandise trade is expected to decline while fuel, food, and fertiliser costs remain elevated. She warned that these developments could fuel inflation and increase food security risks across the region.
“Our resilience is being tested, and safeguarding our trade and economic development agenda requires strategic, coordinated and focused efforts,” Dr. Barnett told delegates.
She stressed that decisions taken at COTED have direct implications for businesses, consumers, self-employed persons, and young people throughout the Caribbean.
Among the key issues on the agenda is a review of the CARICOM Single Market and Economy (CSME), which Dr. Barnett described as the region’s primary platform for economic development and resilience. She said ongoing assessments point to the need for stronger implementation of the Revised Treaty of Chaguaramas to ensure a more effective and durable single market.
Ministers are also expected to examine the use of Article 164 of the treaty, which allows temporary tariff protection and market access measures aimed at supporting the development of regional industries, particularly in CARICOM’s less developed member states.
The meeting will further explore emerging opportunities in digital trade, as work advances on a regional digital trade policy designed to help Caribbean economies adapt to an increasingly technology-driven global marketplace.
COTED will also review developments within the multilateral trading system, which regional officials say continues to face significant challenges amid shifting global economic and trade dynamics.
The 62nd Regular Meeting of COTED concludes on June 12.