By Gerald V. Paul

“A CARICOM-Canada Trade and Development Agreement will facilitate increased bilateral trade and investment between Canada and CARICOM,” Trinidad and Tobago, High Commissioner Philip Buxo told a distinguished audience at the Delta Meadowvale Hotel and Conference Centre, Mississauga, on Wednesday.

Buxo, who spearheaded business development in the CARICOM region and has worked closely with the Canadian Commercial Corporation (CCC) and Export Development Canada (EDC), revealed that a trade agreement will allow for better, broader access for the service sector across the region; ensure a predictable and stable environment of Canadian regulations for CARICOM service providers; increase transfer of professionals and skilled workers; create strong investment rules that will attract foreign investment; and ensure open access to CARICOM goods and services by addressing technical barriers to trade and services.

The members States of the Caribbean Community (CARICOM) are currently engaged in negotiations with Canada for a Trade Development Agreement intended to replace the existing CARIBCAN Agreement which expires at the end of 2011.

CARICOM-Canada two-way merchandise trade has more than doubled over the last decade, from CDN $1.1 billion in 1999 to $2.5 billion in 2008 and to $2.4 billion in 2010. CARICOM’s direct investment in Canada, mainly from the Bahamas and Barbados, was CDN $405 million in 2010.

The new agreement is expected to provide improved terms of for CARICOM’s goods, services and investments into the Canadian market and facilitate development cooperation.

Addresing the opening of the forum in Minssissauga, Buxo pointed out some private sector concerns, including information asymmetries regarding the regulatory environment in different sectors. This is essentially if CARICOM firms are to take advantage of any market access created by a new Trade Agreement.

“The mutual interests between Canada and the English speaking Caribbean are becoming increasingly more apparent, and the old habit of Canada and the Commonwealth Caribbean working together has new urgency, utility and importance. The challenge is to renew it in forward thinking ways and the Canada-CARICOM Trade and Development Agreement is a step in the right direction,” Buxo added.