“Addressing the export concentration that lies at the heart of the Caribbean vulnerability requires improved competitiveness. We must create ecosystems that allow us to be able to produce a wider range of goods and services at prices that compare with potential competitors, and with a reliability and quality that meets the expectations of global markets.” Durant, indicated that “While the ecosystem is extensive and includes many infrastructural and institutional components, we must ensure that all elements of the ecosystem are strong.” This, he added, will be challenging because of limited resources, but remains critical alongside data collection.
Also speaking at the event was permanent secretary at the ministry of planning and development, Trinidad and Tobago and CDB’s director for Trinidad and Tobago, Artie Bedassie-Maharaj, who emphasized that “Collaboration is indeed the cornerstone of success. We find this undertaking to be both timely and essential in collectively addressing our challenges as Small Island Developing States with respect to enhancing our data collection and quality, particularly in digital trade.”
The bank is working with several partners to intensify its efforts to enhance trade efficiency, competitiveness, and technical capacity across the Caribbean. Recognising the pivotal role of trade in economic development, CDB is implementing a multifaceted strategy to modernise trade systems and foster sustainable growth.
A cornerstone of this initiative is the current collaboration with the WTO and UNCTAD on the Statistics Training Programme, which burgeoned out of a Memorandum of Understanding (MOU) signed by WTO and CDB in 2022 . This Programme aims to modernise the production, compilation, dissemination, and utilisation of data within national statistics and customs offices, central banks, as well as ministries of trade. By strengthening the capacity of these institutions, CDB seeks to promote evidence-based trade policies that can drive economic growth and reduce poverty in the region.
CDB is also focusing on the burgeoning area of digital trade. As online platforms increasingly facilitate the exchange of goods and services, there is a pressing need to develop robust statistical systems that can accurately capture these transactions. By improving the measurement and reporting of digital trade, the Bank aims to inform international trade policies, enhance trade facilitation, and establish appropriate customs procedures. Through these initiatives, the Bank reaffirms its dedication to supporting the modernization of trade systems, promoting inclusive and sustainable growth, and enhancing good governance across the region.
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