Minister of Agriculture and Fisheries, Hon. Audley Shaw, in attendance at the 94th Special Meeting of the Council on Trade and Economic Development (COTED) Food Security on Friday, October 8, 2021.
Minister Shaw highlighted key areas where there existed disparity in Intra-CARICOM trading relations whilst calling for the implementation of solutions such as removal of non-tariff barriers and the execution of the Caribbean Private Sector Organisation (CPSO) comprehensive plan which targets the reduction of the region’s food import bill by 25% throughout the next five years.
Revamping of trading relations amongst CARICOM States has been identified as an area that must be given keen attention as Jamaica and the region continue to chart a course of economic recovery from the COVID-19 pandemic.
Speaking at 94th Special Meeting of the Council on Trade and Economic Development (COTED) Food Security on Friday, October 8, 2021, Minister of Agriculture and Fisheries, Audley Shaw, said that there exists a significant disparity between intra-regional and extra-regional trading relations within CARICOM States.
“About 50 per cent of Caribbean exports are directed toward the United States (US), compared with around 15 per cent intra-regionally,” said Shaw.
The region is noted to having an annual agri-food trade deficit of just above US $2.2 billion, portraying it as food import dependent.
“This heavy dependence on extra-regional food imports highlights the region’s vulnerability particularly under a scenario of prolonged effects resulting from the COVID-19 pandemic,” stated Shaw.
Minister Shaw revealed other disparities amongst CARICOM trading relations in areas such as poultry meat and hatching eggs with intra-CARICOM trade in poultry meat being less than US$1 million in 2018, or less than one (1) percent, when the regional market is valued at US$122 million. Additionally, he noted that the importation of hatching eggs was another key trading area for the region to invest and tap into.
“In 2018, the importation of hatching eggs, all of which are from extra-regional sources, was valued at US$53.6 million, an increase of US$7.6 million or 16.5 percent from 2016,” Shaw said.
Minister Shaw called for the removal of non-tariff barriers and the execution of the Caribbean Private Sector Organisation comprehensive plan which targets the reduction of the region’s food import bill by 25% throughout the next 5 years.
This, he said, will seek to target the displacement of US$418.8 million worth of extra-regional imports in accordance with 2018 trade data.
“Importantly, this initiative aims to reduce the CARICOM food import bill which stands at US$5 billion, a clear indication that food availability from regional sources continues to be a key challenge to achieving food security in the Caribbean,” noted Shaw.
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