Private Sector Urged to Take Advantage of Trade Arrangements with UK

President of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, is calling on business stakeholders to take advantage of trade arrangements with the United Kingdom (UK).

He was speaking at a business briefing at the British High Commission in Kingston on Tuesday (October 1) as part of a UK Trade Mission to Jamaica.

This event aimed to highlight and strengthen economic ties and explore collaborative opportunities between British businesses and Jamaican stakeholders across various sectors.

“We just simply have not done enough as the private sector to take advantage of the trade arrangements that we have; certainly, this trade has been available to us and we just haven’t done enough,” Mr. Seaga said.

He noted that Jamaica currently exports goods worth more than $550 million to the European Union (EU) and new opportunities are emerging in critical sectors.

“The Economic Partnership Agreement between CARIFORUM and the UK, following Brexit, offers renewed avenues for strengthening trade in areas like agriculture, energy and logistics but the key to unlocking even greater value lies in adding more value to our traditional export,” Mr. Seaga said.

He emphasised that while products such as rum, coffee, and sugar are renowned globally, there is a need for “increased processing and branding in Jamaica to ensure that more of the profits from these products remain right here in Jamaica”.

Mr. Seaga said the PSOJ is looking forward “to exploring how we can build on our historical trade ties while seizing the new opportunities that Brexit presents”

He also highlighted opportunities in sectors such logistics, tourism, agriculture and manufacturing for UK businesses looking to expand in the region.

Mr. Seaga encouraged attendees to engage deeply with Jamaican businesses over the coming days. “The PSOJ stands ready,” he said.

British High Commissioner to Jamaica, Her Excellency Judith Slater, who opened the briefing, highlighted the diverse range of industries represented on the UK trade mission.

“We’ve got logistics, we’ve got energy, we’ve got shipping, we’ve got innovative mosquito repellent systems, we’ve got investment, and we’ve got automotive businesses, and so, it’s a good mixture,” she noted.

While highlighting the strides made in improving trade between Jamaica and the UK, High Commissioner Slater said that more needs to be done, noting that the countries must leverage their historical and cultural connections.

“We have a common language, we have a common legal system, we have similar education systems, we understand each other, and the diaspora of nearly one million Jamaicans living in the UK has got to be a massive advantage,” she said.