Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds. (FP)
Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, has underscored the importance of the discussion about the terms surrounding Barbados’ trade policy.
Mr. Symmonds stressed this point as he spoke at the recent launch of the Consultancy to Develop the National Trade Policy and Implementation Plan, hosted by his Ministry, and held at the Courtyard by Marriott Hotel, in Hastings.
“We cannot seriously talk about our plan or economic and commercial activity unless we have a discussion about the terms on which we trade, and unless we have a certain degree of certainty and predictability that allows for business people to plan, to make sensible investments in a strategic manner and to forecast. The terms of trade of any country are indispensable …,” he told his audience.
The Minister added that while there is an “element of uncertainty” globally within the business environment, there are questions which must be asked, including how do we now reeducate, upskill and treat workers?
“The labour force in Barbados must now become a labour force that is equipped and ready to face this new economy. We have to prioritise the markets that we want to go into, and we have to be very clear minded and frank about the issues that are going to confront us, …prepared to recognise that in everything we do, the terms of trade and the relationships” Mr. Symmonds underlined.
In her remarks, Acting Director of Foreign Trade in the Ministry of Foreign Affairs and Foreign Trade, Paula Byer, stressed that trade policy must capture the vulnerabilities within each sector, provide either a shield or buffer as needed, and recognise the climate crisis and its impact on the economy.
“Today, we must focus on our business development through trade. Improved coordination and information sharing [across each sector] is critical to ensuring that Barbados’ revised trade policy is sound,” she said.
While admitting that the country is yet to have a modern system for recording the value of services produced and consumed, Ms. Byer revealed that this is a serious weakness for Barbados, as a predominantly service economy.
“We have to address this urgently. Energy, education, agriculture, culture, international business, and the tourism industry, are major productive sectors from the private and public sectors. We need details on your policies and plans for the future,” she stated.
The Director further explained that when these “sector policies” are woven into trade policy, Barbados is positioned to earn more and increase production and employment.
“Barbados must invest in the supporting infrastructure to bring our imported goods into the island at lower prices and to export at lower costs. An effective trade policy can direct trade to preferred markets and avoid others,” she emphasised.
Meanwhile, the IDB’s Country Representative for Barbados, Carina Cockburn, stated that trade is not just an economic activity, but is a lifeline. Ms. Cockburn said: “As we launch this policy, let us reaffirm our collective commitment to positioning Barbados as a dynamic trading nation, one that continues to embrace opportunity, strengthens regional and global partnerships and secures a prosperous future for generations to come.”
Those attending the launch included Minister of Educational Transformation, Chad Blackman; Minister of Training and Tertiary Education, Sandra Husbands; Minister of Economic Affairs and Investment, Kay McConney; and representatives from the CARICOM Secretariat, Invest Barbados, the Barbados Private Sector Association, and the Barbados Chamber of Commerce and Industry.
Author: Dionne Best
Source: https://gisbarbados.gov.bb/blog/ministry-of-foreign-affairs-hosts-discussions-on-trade-policy/
