The 5th Forum of Trade Promotion Organisations was held on October 25, during which its members reviewed ways of strengthening institutional reciprocal co-operation in support of trade and investment promotion within the region, in addition to supporting the initiative to develop a Virtual Market of the Greater Caribbean as an Internet-based platform that will present the possibility of a unique site in the region to promote and market goods and services.

The Association of Caribbean States, in keeping with information technology and e-commerce in particular, is helping the entrepreneurs of the Greater Caribbean take part in the contemporary method of conducting business in the international arena, which allows commercial transactions to be carried out with great speed. The Caribbean needs to place itself decisively in this new approach to launching products and this type of virtual trade accommodates that possibility.

As for the 5th Business Forum of the Greater Caribbean, its characteristics differed from previous fora, which certainly contributed to its success. The opening day stood out in particular, given its thematic sessions that impacted favourably on the entrepreneurs in attendance. Included among the issues addressed were: the vision of the region’s business community regarding obstacles to trade in the Greater Caribbean, the impact of the agreements of the World Trade Organisation in the framework of the Doha Round, the competitiveness of Small and Medium Enterprises, Trinidad and Tobago’s experience in the areas of globalisation and liberalisation, a proposal for conducting business via the internet, the Virtual Market of the Greater Caribbean and other topics of interest.

The number and quality of the business meetings held among the participating entrepreneurs was indeed the essence of the event, and the average recorded in previous years was surpassed with business being conducted in excess of US$5,000.000 during the two days of the business meeting, thus confirming the importance of the event. Furthermore, this figure is expected to increase as negotiations develop. There is no doubt that this Forum has been one of the most productive to date and new editions of the event are expected to contribute increasingly to the development of trade and economic relations in the Greater Caribbean.

The objectives that created this Business Forum, just as the other activities that support the strengthening of trade and investment within the Greater Caribbean, allow us to capitalise on the advantages of our geographic proximity and the similarity of our economies. Consequently, the Greater Caribbean, having a total market exceeding 240 million persons and trade in the amount of US$600 billion, should be a trade objective for the entrepreneurs of the region, since it has been undoubtedly highlighted as an economic area of great potential that cannot be ignored.

Mr. Luis Noriega is the Director of Trade of the Association of Caribbean States. The views expressed are not necessarily the official views of the ACS. Feedback can be sent to mail@acs-aec.org

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09 November, 2004