Antigua and Barbuda and its CARICOM partners stand to save billions of dollars on imports, but the region's financial infrastructure is not yet equipped to support that level of trade diversification. That is the assessment of a senior banking executive, as reported by Antigua Observer.
Priscilla Leonce, Head of Country for CIBC Antigua, told Antigua Observer that the opportunity is very real. Researchers at a recent World Bank forum identified significant potential savings for CARICOM nations, but Leonce cautioned that the financial systems underpinning regional trade must first be strengthened before those gains can be realised.
Leonce's remarks highlight a growing conversation across the Caribbean about the gap between the region's economic potential and the structural capacity required to achieve it. While policymakers and researchers have pointed to intra-regional trade as a pathway to greater economic resilience, the banking sector is signalling that foundational work remains to be done.
According to Antigua Observer, the World Bank forum served as the backdrop for these discussions, bringing together stakeholders to examine how CARICOM economies can reduce their heavy dependence on extra-regional imports. The potential savings identified by researchers underscore the scale of what is at stake for member states, including Antigua and Barbuda.
Leonce's position reflects a broader consensus among financial professionals that trade ambitions must be matched by robust payment systems, correspondent banking relationships, and cross-border financial frameworks capable of handling increased regional commerce.
