The Caribbean Development Bank (CDB) is urging regional governments to ramp up investments in modern trade and statistical systems to enhance competitiveness and economic resilience. Speaking at the Regional Workshop on Measuring Digital Trade for CARICOM Countries—hosted in collaboration with the World Trade Organization (WTO) and UN Trade and Development (UNCTAD) in Trinidad and Tobago—CDB’s Director of Economics, Ian Durant, emphasized the urgent need for regional cooperation and capacity-building in trade.
“Addressing the Caribbean’s export concentration issue requires a focus on improving competitiveness,” Durant stated. “We must create ecosystems that enable a more diverse range of goods and services to be produced at competitive prices, with the reliability and quality that global markets demand. While this requires extensive infrastructure and institutional support, strengthening every part of the ecosystem is essential.” He acknowledged the challenge of limited resources but stressed the importance of prioritizing data-driven decision-making to drive economic progress.
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Artie Bedassie-Maharaj, Permanent Secretary at Trinidad and Tobago’s Ministry of Planning and Development and CDB’s Director for Trinidad and Tobago, echoed this sentiment. “Collaboration is the key to success. This initiative is both timely and critical as we address data collection challenges in digital trade, a vital component of our economies as Small Island Developing States,” she said.
Recognizing trade as a catalyst for economic development, CDB is intensifying efforts to modernize trade systems across the region. A major pillar of this strategy is its collaboration with WTO and UNCTAD on the Statistics Training Programme, an initiative born out of a 2022 Memorandum of Understanding between CDB and WTO. This program is equipping national statistics offices, customs agencies, central banks, and trade ministries with the tools needed to enhance data accuracy, leading to more effective, evidence-based trade policies.
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The Bank is also sharpening its focus on digital trade, a rapidly expanding sector. With e-commerce playing an increasingly significant role in regional economies, there is a pressing need for robust statistical systems that can track digital transactions more effectively. By improving digital trade measurement and reporting, CDB aims to shape international trade policies, streamline trade facilitation, and refine customs procedures.
Through these forward-thinking initiatives, CDB reaffirms its commitment to modernizing trade systems, driving inclusive and sustainable economic growth, and fostering stronger governance throughout the Caribbean.
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