Businesses Encouraged to Capitalise on Trade Agreements

Jamaican businesses are being encouraged to take advantage of the island’s existing trade agreements to boost competitiveness and expand into new markets.

Vice President, Exports, Jamaica Promotions Corporation (JAMPRO), Sonja Linton, highlighted the significant opportunities available through these agreements, many of which, she said, are currently underutilised.

She was speaking at the Business Acceleration Centre (BAC) Accelerator Series at the Terra Nova All-Suite Hotel in Kingston on Thursday (February 6).

Jamaica has about 20 trade agreements relating to contract manufacturing, offering reduced rates for goods entering the United Kingdom (UK) and European Union (EU).

These arrangements enable businesses to price their products more attractively in international markets.

However, many Jamaican companies are not fully utilising these agreements due to a lack of awareness or understanding.

Ms. Linton emphasised the potential for growth through contract manufacturing and white labelling, stating, “this is an opportunity for companies in Jamaica to make products under other labels… . You have a contract to manufacture 100 soaps for the Marriott group, you send it off to them, and that’s it”.

This model allows businesses to focus on production, reduce distribution costs, and utilise excess capacity.

The Trade Board and Customs Agency websites offer comprehensive information on trade agreements, including the CARIFORUM-EU agreement, which covers the United Kingdon (UK) and Europe.

Ms. Linton urged businesses to explore these resources.

“I invite you to visit the Trade Board website and learn some more about the trade agreements…; trade agreements can be quite beneficial, and if you’re operating in the Special Economic Zones (SEZs) and you are making use of these trade agreements, you can see the opportunity [to be] competitive wherever you go,” she said.

She stressed that by leveraging these trade agreements, Jamaican businesses can enhance their competitiveness, access new markets, and drive economic growth.