The new Executive Director of the Barbados Chamber of Commerce and Industry (BCCI), Carlos Wharton is raising concern about this country’s trade performance in recent times.
In an article featured in the May edition of the BCCI’s newsletter, Chamber Biz, Wharton said that Barbados’ trade performance is in fact a reflection of the overall negative economic outlook for the country, and also noted that the value of Barbados’ exports is not only below par, but the range of products being exported is limited.
“This performance is also reflected in the country’s declining market share in the CSME [CARICOM Single Market and Economy] in terms of trade in goods and services. Our services exports do not seem to have improved as anticipated with the introduction of the CSME and the [CARIFORUM-EU] Economic Partnership Agreement. This state of affairs should not be allowed to continue for much longer,” he contended.
With that in mind, the BCCI official said he is of the view that the industrial and trade policies of Barbados, and the wider Region, need to be urgently reviewed to determine what has worked and what needs to be done to make certain that the business environment promotes innovation, competition and development. He made the point while suggesting that the slow pace of implementation of regional trade agreements is impacting our ability to “creatively transact business from Barbados to the Region”.
“Costs of doing business, unnecessary travel requirements, uncertainty about the rules of the game all affect how our entrepreneurs look to the regional and international markets for opportunities to grow their business. Perhaps, it is time for the Heads of Government of CARICOM/CARIFORUM to meet and chart a new vision for the Region given the headwinds being experienced in the Caribbean and the profound changes taking place globally,” he stated.
Wharton added, “It is my hope, that under my tenure at the Barbados Chamber of Commerce and Industry (BCCI), the Secretariat will provide timely information and advice to the Chamber’s members on developments that could either positively or negatively affect their bottom line. The Chamber has a responsibility to ensure that Barbadian firms have the best opportunity to trade and invest on a regional and/or international basis.”
The new Executive Director added that the BCCI will collaborate with the social partners to examine and deal with the slow implementation of our trade agreements. Likewise, he said they will seek to put the “right platforms” in place to encourage an improvement in this country’s competitiveness and export performance. Given that, he said it is the Chamber’s intention to create and expand relationships with the social partners and key institutions including the University of the West Indies, Caribbean Export and the CARICOM Secretariat. Such steps, he said, are intended to reposition local firms to capitalise on the market opportunities available under existing trade instruments.