Barbados and other CARICOM economies must this year pursue regional cooperation as a strategic response following “a tumultuous year in regional and global trade”.
That reality has been outlined by Ambassador Wayne McCook, Assistant Secretary-General, CARICOM Single Market and Trade.
He said that the rules-based international system that underpinned decades of global economic growth was undergoing more than a stress test.
“Trade tensions, supply chain disruptions and a surge in economic nationalism and protectionist policies are driving global fragmentation and creating uncertainty for governments and businesses alike,” the senior CARICOM official noted.
“In looking at these challenges CARICOM Heads of Government have stressed the importance of enhancing our intra-regional trade, safeguarding the region’s trade relations with its major trading partner the United States, and deepening and diversifying our bilateral trade relations.”
McCook was a panellist discussing Prospects For International Trade In 2026 In The Context Of The Changing Global Geopolitical And Economic Landscape – Impact On Trade And The Challenges And Opportunities For The Caribbean And Latin America.
The discussion was held last Wednesday at the World Trade Centre in Georgetown, Guyana.
McCook said that CARICOM member states must pursue a multi-pronged approach in response to the major trade upheaval. His specific recommendations were: Reinforcing internal markets: We must diversify our supply chains and strengthen intra-regional trade.
Global diversification: We are exploring new circles of trade and economic integration, looking beyond traditional alliances to Brazil, India, and the African Union Members.
Strengthen existing relationships: We have existing trade arranges partners including the United Kingdom, the European Union, Canada, Colombia, Costa Rica, and Cuba Individual Members have partial scope agreements with partners including Chile, El Salvador and Brazil to name a few.”
McCook stated: “We must turn these market access opportunities into real and effective market presence. This will demand serious work on our supply side and a determined push for innovation, productivity and competitiveness.
“Address competiveness and supply side challenges by addressing non-tariff barriers and accelerating our regional and national agriculture and industrial policy initiatives in close partnership with the private sector.
On the need to strengthen regionalism as a strategic response, McCook said that “the push for expanded production and competitiveness in agricultural and industrial products is being supported by serious policy efforts”
“We must at the same time continue to strengthen our intra-regional trade arrangements. This will include completing the updating of our Common External Tariff and Rules Of Origin and aligning the industrial and agriculture policies with our trade policy in intentional ways,” he said.
“Additionally, work on regional services policies, removal of non-tariff barriers, addressing transport and logistics and advancing the digital agenda will help us build resilience and navigate the shocks ahead in 2026.”
He added: “On the bilateral front, starting with the US our major trading partner, we will anticipate discussions on the framework for our future trade relationship bearing in mind the fact that the Caribbean Basin Initiative remains in place despite the suspension of the tariff benefits at this time.
“We are prepared for constructive dialogue at the technical and political levels and value our consultations with the USTR on the ongoing trade relationship.
“We will continue to take deliberate steps to invigorate our bilateral trade agenda both with respect to existing bilateral trade agreements and outreach to other key partners such as Brazil, India and Africa, beginning with the completion of our negotiations with Colombia for an updated Trade and Economic Cooperation Agreement,” McCook shared.
He stressed that “notwithstanding the difficult path ahead, this region is resilient”.
“We have navigated choppy waters before, and there is every confidence that in 2026 with solid partnerships and strong private sector engagement we will weather the storms and build a stronger and more resilient region contributing to a stronger and more resilient hemisphere and an effective multilateral trading system,” McCook said.
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