CARICOM is stepping up efforts to modernize its trade framework and strengthen regional economic integration. The recently held 60th Regular Meeting of the Council for Trade and Economic Development (COTED) concluded with key policy decisions aimed at enhancing productivity, competitiveness, and the region’s global trade position.
Major Highlights from the Meeting:
- Draft Regional Industrial Policy Gains Traction:
Ministers reviewed the draft Regional Industrial Policy, a comprehensive initiative designed to deepen economic linkages across member states. Led by CARICOM’s Directorate of Economic Integration, with support from the President of Suriname, the policy focuses on boosting regional production and industrial capacity. Ambassador Wayne McCook expressed optimism that the policy will be finalized soon, saying it will better position CARICOM to benefit from both current and future trade arrangements.
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- Common External Tariff (CET) and Rules of Origin Set for Overhaul:
COTED agreed to begin implementation of a revised CET regime by January 2026, aimed at modernizing tariff structures and making them more relevant to current manufacturing and trade patterns. Updates to the CARICOM Rules of Origin, which define when products qualify for duty-free treatment within the region, are also in progress. These changes will coincide with the global shift to the 2027 Harmonised System Code by the World Customs Organisation.
“CET and Rules of Origin are the real engine of the Single Market,” said Ambassador McCook. “These updates are critical to support regional producers and facilitate stronger intra-regional trade.”
- Strategic Response to Shifting U.S. Trade Policy:
CARICOM is closely monitoring the implications of the U.S. “America First” policy, particularly a proposed 10% baseline tariff on regional exports. A specially formed Expert Working Group—comprising representatives from the CARICOM Secretariat, the Caribbean Development Bank, and the regional private sector—is preparing an in-depth analysis. Their findings will be shared during the 49th Heads of Government Conference, set for July 6–8, 2025, in Montego Bay, Jamaica.
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- Focus on Bilateral and Multilateral Trade Talks:
Trade ministers also approved CARICOM’s negotiating strategy for upcoming bilateral trade talks with Colombia. In addition, they reviewed plans for participating in the 2026 Ministerial Conference of the World Trade Organization (WTO). The region will be preparing to engage effectively in WTO discussions to protect and advance its interests within the global trading system.
These developments underscore CARICOM’s commitment to not just regional cooperation, but also to navigating global trade challenges proactively and strategically.
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