Trade ministers representing all member states of the Caribbean Community (CARICOM) have assembled in Georgetown, Guyana, for the 62nd Regular Meeting of the Council for Trade and Economic Development (COTED), with the official opening ceremony kicking off on Thursday, June 11 at the CARICOM Secretariat headquarters.
The two-day strategic gathering is being led by Hon. Dr. Vince Henderson, Dominica’s Minister of Foreign Affairs, International Business, Trade and Energy, in line with an official press statement published by the CARICOM organization.
In her opening address to assembled delegates, CARICOM Secretary-General Dr. Carla Barnett underscored the growing complexity of global economic challenges that the Caribbean region currently navigates. She emphasized that cascading global crises have sent persistent shockwaves through regional trade and economic activity, with energy market volatility and ongoing global supply chain disruptions combining to drive widespread market instability, soaring operational and consumer costs, and deep uncertainty over future economic expansion.
Citing forecast data from the United Nations Conference on Trade and Development (UNCTAD), Dr. Barnett noted that global merchandise trade volumes are projected to contract in the coming period, while prices for fuel, staple food supplies, and agricultural fertiliser will remain at historically high levels. These overlapping trends, she warned, will almost certainly amplify inflationary pressures across the region, undermine longstanding food security goals, and leave small open CARICOM economies far more vulnerable to sudden external economic shocks.
Against this challenging global backdrop, Dr. Barnett emphasized the critical importance of the deliberations taking place over the course of the meeting. “Our collective resilience is being put to the test, and protecting our shared trade and economic development agenda demands strategic, coordinated, and sharply focused action from all of us,” she stated. “In this context, the discussions and decisions emerging from this COTED session will remain impactful for every member of the Caribbean Community, especially local business owners, consumers, self-employed workers, and our young population entering the workforce.”
Per the official CARICOM release, one of the central agenda items for ministers is a comprehensive review of the CARICOM Single Market and Economy (CSME), a regional integration framework that Dr. Barnett described as “our region’s foundational platform for long-term economic development and systemic resilience.” She explained that the assessment being carried out by COTED reinforces the urgent need for more robust implementation of the Revised Treaty of Chaguaramas, the legal framework governing the bloc, to build a “stronger, more durable CSME that delivers for all Caribbean people.”
Dr. Barnett also drew delegates’ focus to Article 164 of the Revised Treaty, a provision that establishes temporary tariff protection and targeted market access support for regional industries, particularly those based in the Community’s Less Developed Member States. She further recognized the critical supporting role played by the CARICOM Development Fund in assisting local businesses that access benefits through these treaty provisions.
Beyond the review of existing integration frameworks, ministers are set to examine a range of fast-emerging trade priorities, including the drafting of a unified regional digital trade policy designed to help CARICOM member states adapt to a rapidly changing, technology-driven global economy. The meeting will also include a thorough update on recent developments within the global multilateral trading system, an institution that Dr. Barnett confirmed continues to face substantial structural and functional challenges. The COTED 62nd Regular Meeting is scheduled to wrap up its work on June 12.