Bridgetown, BARBADOS, June 25, 2014. The Caribbean Export Development Agency (Caribbean Export) hosted a Business Forum on June 25th, 2014 for private sector firms as well as other key stakeholders from CARIFORUM, the French Caribbean Outermost regions (FCORs) and EU Overseas Countries and Territories (OCTs) in the Caribbean, with the aim of facilitating greater trade between the territories on the island of Grand Cayman.
Despite their being part of the wider Caribbean region and the existence of the Economic Partnership Agreement (EPA), trade and economic cooperation between the French Caribbean Outermost regions (FCORs) and EU Overseas Countries and Territories (OCTs) in the Caribbean and CARIFORUM territories remains under-developed. The exception to this is Trinidad and Tobago who exports large quantities of energy and energy related products to FCORs and OCTs.
Studies commissioned by Caribbean Export, as well as by others, indicate that there are significant opportunities for trade between CARIFORUM and the FCORs and OCTs as the latter import an average of 90% of their goods and services. There are opportunities therefore for CARIFORUM countries to strengthen trade with these territories in particular for raw materials, primary agricultural products, agro-processing, tourism, as well as financial and professional services.