CARICOM Chair Advocates Safeguarding US Trade Preferences as Deal Deadline Nears

Caribbean Community (CARICOM) Chairman and Prime Minister, Dr. the Most Hon. Andrew Holness, has underscored the importance of preserving long-standing preferential trade arrangements with the United States (US) under the Caribbean Basin Initiative (CBI), as regional negotiations with North America near a critical deadline.

“Our position is that we should seek to defend the historical trade relations that we have had with the United States, particularly under the CBI. We cannot give up on differential and preferential treatment for Small Island Developing States (SIDS),” Dr. Holness said.

He was speaking during the Closing Media Conference for the 49th Regular Meeting of the CARICOM Heads of Government at the Montego Bay Convention Centre in Rose Hall, St. James, on Tuesday (July 8).

Dr. Holness emphasised that trade carries a critical development dimension, and Caribbean-specific concerns must be meaningfully addressed in the ongoing negotiations.

“We do recognise that we are existing in a changing environment but we must negotiate strongly from our position, and that is, there is the development aspect. And we should continue to press home that trade should take into consideration the historical development issues of the region,” he added.

It was announced on Monday (July 7) that the 90-day suspension of the 10 per cent tariff on all CARICOM exports to the United States (US) has been extended from July 9 to August 1.

Dr. Holness informed reporters that CARICOM Member States have engaged with a US trade representative, with further negotiations scheduled to continue beyond July 9.

He added that CARICOM is “preparing for very strong negotiations from our position”.

Historically, the Caribbean has benefited from preferential trade arrangements under the CBI, which grants non-reciprocal, duty-free access to the US market for most eligible exports.