Jamaican businesses urged to pursue trade opportunities in North America

 

Business leaders are being strongly encouraged to aggressively pursue opportunities in the North American trade market. 

 

The call follows the just concluded 49th CARICOM Heads of Government meeting where regional leaders emphasized the urgent need to strengthen trade ties within the Caribbean in the face of global economic instability.

 

This push for stronger intraregional trade comes amid a challenging global trade climate marked by rising protectionist policies in Washington. 

 

The US has imposed a 10?se tariff on all regional exports with countries like Trinidad and Tobago and Guyana facing even higher rates, particularly on non-oil imports.

 

This new approach marks a shift from the long-standing preferential access Caribbean nations once enjoyed under the Caribbean Basin Initiative.

 

But President of the Private Sector Organisation of Jamaica, Metry Seaga, believes Jamaica may still be in a more favourable position despite the changes. 

 

"Ten per cent is still the lowest tariff of any country in the world," said Mr. Seaga, who argued that this puts Jamaica in a significantly better position than its competitors. 

 

"So I am not looking at it to say, listen, we have a problem because America has put 10 per cent on us. I am looking at it as America has put 10% on us, but he has put 40% on China. That makes us 30% more competitive. And if Trinidad has certain things that they can't send into the US because they have a higher tariff, come to Jamaican manufacturing and we will send it to the US. Our trading arrangement with the US still is the best in the world," he reiterated. 

 

But Mr. Seaga argued that Jamaica and the region "have never used the CBI to our benefit". In light of this, he urged business leaders to "get off of their behind, go into America and say to American people, stop going three quarters of the way or half way around the world to Asia, because we are right here in the Caribbean at your doorstep." 

 

The PSOJ president was a guest Wednesday on the Morning Agenda on Power 106 FM.

 

Prime Minister Dr. Andrew Holness on Tuesday said, Jamaica is actively engaging with the US to address the recent import tax measure.