On October 13, the Caribbean Neighborhood (CARICOM) and the USA held the Ninth Assembly of the Commerce and Funding Council (TIC) beneath the CARICOM-United States Commerce and Funding Framework Settlement (TIFA).
Dominica’s Ambassador to CARICOM Felix Gregoire chaired the assembly for CARICOM and Deputy United States Commerce Consultant Jayme White chaired the assembly for the USA.
In the course of the assembly, the delegations from CARICOM and the USA reaffirmed the significance of the bilateral commerce and financial relationship and highlighted that two-way commerce and funding have recovered strongly because the pandemic.
The delegations agreed that engagement beneath the TIFA is a vital alternative to develop their financial relationship even additional, together with by increasing and diversifying exports and rising investments.
In the course of the assembly, the delegations highlighted the next conclusions and subsequent steps:
CARICOM and the USA dedicated to working collectively to assist sturdy and resilient provide chains of their shared area.
The delegations underscored the significance of the CBI commerce desire applications to the CARICOM-U.S. financial relationship. Each side agreed to collectively discover methods to extend utilization of the CBI applications – and thereby broaden regional commerce – by exchanging information, evaluation, and methodologies associated to utilization of the applications. CARICOM conveyed the continued curiosity of sure CARICOM member nations in being designated beneficiaries of CBI commerce preferences.
The delegations mentioned agricultural sustainability and meals safety, areas the place CARICOM and the USA share widespread pursuits and goals. CARICOM and the USA additionally mentioned agricultural biotechnology and particular commerce considerations. In the course of the assembly, CARICOM raised the matter of commerce in rum with the USA. Either side agreed to maintain the opposite knowledgeable about third-party agreements that will have an effect on CARICOM-U.S. agricultural commerce.
Each side agreed on the significance of defending staff’ rights and reaffirmed their dedication to internationally acknowledged core labor requirements. America highlighted its worker-centered commerce coverage and up to date U.S. efforts to eradicate the worst types of little one labor and eradicate pressured labor in international provide chains.
America and CARICOM mentioned how transparency and good regulatory practices (GRP) can facilitate commerce and funding and ongoing actions associated to the Declaration on Good Regulatory Practices introduced in 2022.
CARICOM and the USA acknowledged that commerce in providers symbolize a big and rising share of their economies and agreed to advance their collaboration on commerce in providers by establishing a joint work program on providers. Each side will arrange a primary scoping assembly to make clear and make sure areas for collaboration.
CARICOM and the USA mentioned mental property safety and enforcement in CARICOM Member States, together with associated to sign piracy and the WIPO Web Treaties, and agreed to proceed to work collectively to handle these points.
The delegations highlighted the significance of commerce facilitation to supporting meals safety and underscored that the complete implementation of the WTO Commerce Facilitation Settlement (TFA) is important for expediting commerce and lowering prices. CARICOM welcomed the assist of the U.S. Company for Worldwide Improvement to supply coaching and technical help for customs-related reforms.
CARICOM and the USA dedicated to contemplate the sharing of knowledge and finest practices on export promotion and facilitation of business-to-business engagement amongst CARICOM and U.S. corporations.
The delegations agreed to reinvigorate the TIC and to extra common engagements, together with intersessional engagements. Each side agreed to debate an agenda on learn how to proceed to advance technical cooperation.
