Revision of Foreign Trade Policy

A revision of the national foreign trade policy with a view to enhancing the country’s performance in the export of goods and services has been undertaken by the Ministry of Foreign Affairs and Foreign Trade.

“This is required if we are to achieve sustained economic growth, which has eluded us for many years. This is also necessary if we are to achieve the sustainable development goals.  On Monday (January 18) we addressed our revised Foreign Trade Policy in the Cabinet,” said Foreign Affairs and Foreign Trade Minister, Senator the Hon. A.J. Nicholson.

“Jamaica’s involvement in international trade is fundamental to the country’s effort to meet its development objectives, in line with the National Development Plan (Vision 2030) and the National Growth Agenda,” he added.

The Minister was piloting round table discussions with the World Trade Organisation (WTO) Director General, Ambassador Roberto Azevêdo and several government Ministers, at Jamaica House, in Kingston, on January 19.

Taking part were Minister of Tourism and Entertainment, Hon. Dr. Wykeham McNeill; Minister of Finance and Planning, Dr. the Hon. Peter Phillips; National Security Minister, Hon. Peter Bunting and Minister of Industry, Investment and Commerce, Hon. Anthony Hylton.

Senator Nicholson informed that critical to Jamaica’s sustained economic growth and development, is the ongoing partnership established with the WTO.

He emphasised that trade provides a means to overcome constraints posed by a small domestic market like Jamaica and allows it to access larger external markets, technology and capital to increase its productivity and competitiveness.

For his part, Ambassador Azevêdo said that several factors, one of which is the country’s unimpeded access to major markets, will allow it to be more impactful in international trade than where it is currently.

He emphasised the importance of the Trade Facilitation Agreement, which is of particular importance to small economies like Jamaica, particularly in relation to capacity building and technical cooperation.

During the discussions, the  Ministers fielded questions on a number of issues to the Director General.