Caricom-Canada Summit: Regional leaders pushing for increased trade, investment opportunities

…Strategic Partnership launched

Canada is seeking to strengthen relations with the Caribbean Community (Caricom) Member States through the establishment of a strategic partnership that will allow for institutionalised and regular dialogue at various levels in areas such as trade and investment.
The first Caricom-Canada Summit is being held in Ottawa, Canada from October 17 to October 19 under the theme: “Strategic Partners for a Resilient Future.” President Dr Irfaan Ali is among the group of regional leaders that have travelled to the North American nation for these high-level engagements.

During the opening ceremony on Wednesday morning, Caricom Chairman, Dominican Prime Minister Roosevelt Skerrit highlighted the important role Canada has been playing in the development of countries in the Region, especially in recent years.
“The Government of Canada has demonstrated its steadfast support for development in the Caricom region and is one of the largest providers of developmental assistance. Canada has aligned its Caricom programmes with the priorities of our Member States, and in cooperation with our Governments and institutions, has focused on critical issues such as economic growth, trade and investment, climate change and security… Our Region has traditionally relied on Canada’s advocacy to highlight our challenges and realities and promote our interests in international fora where we do not have a voice,” the Caricom Chair stated.

But while he recognised that there have been highly-effective initiatives with real and enduring impacts, Prime Minister Skerrit underscored the need for Canada’s continued support.
On this note, he said during the summit sessions, Caricom and Canada would discuss initiatives to strengthen economic ties, build more inclusive and sustainable communities, and address the challenges of climate change.
Another area which he highlighted is trade and according to the Caribbean Head of State, this remains a critical engine for the growth and development that will secure the Region’s financial and economic future.

“Bringing Governments and business leaders together in a roundtable on trade and investment will allow us to outline our ambitions, share insights and build alliances for sustainable and resilient economic growth. Canadian businesses have a long history of providing innovation and connectivity for the Region in infrastructure, financial services and technology. Enhanced Caricom-Canada trade and investment will enable cross-cutting innovations and sectoral expansions, allowing for increased economic opportunities and job creation, improved access to goods and services and an enhanced quality of life,” Prime Minister Skerrit outlined.

Strategic partnership
The Caricom-Canada Summit will advance shared priorities, including building inclusive and sustainable economies, increasing trade and investment, and promoting multilateral collaboration. It will also facilitate implementation of joint action decisions and agreements on specific thematic priorities, including health, environment, defence, trade, development and finance.
One of the highlights of the summit is the establishment of a Caricom-Canada Strategic Partnership.
According to Canadian Prime Minister Justin Trudeau, this inter-hemispheric partnership will take the relationship and friendship between Canada and the Caribbean to the next level.
“Deepening and strengthening our relationship will help us tackle urgent challenges together, creating good jobs, ending poverty, growing the middle class, making life more affordable, fighting climate change and protecting the environment including protecting our oceans, which I know is vital for the Caribbean Small Island and Coastal States and building, of course, a secure, peaceful hemisphere and a secure peaceful world,” he noted.

Access to financing
Prime Minister Trudeau pointed out that over the years, Canada and Caricom have built an enduring partnership and friendship with strong ties between their peoples. He noted that the vitality and the culture of the Caribbean Diaspora contributes enormously to Canada’s diversity.
To this end, the Canadian Leader stressed the need to work together as strategic partners to protect and deliver for citizens. Trudeau said this summit provides the platform for Canada and Caribbean nations to discuss a host of issues in the spirit of collaboration and find solutions against the backdrop of achieving the Sustainable Development Goals (SDGs) by 2030.
“Canada is proud of its strong development cooperation in the Caribbean region, which has been at its highest level in recent years, but we know there’s much more work to be done. Canada continues to advocate for better access to finance,” PM Trudeau stated.
Meanwhile, Caricom Secretary General, Dr Carla Barnett also raised the issue of access to financing during her remarks at the opening ceremony of the inaugural summit. She stated that Canada has been a vital Caricom partner since the establishment of formal diplomatic ties.
The SG noted that the summit would provide a space to shape the Caribbean’s financial and economic future through trade and investment strategy discussions.
According to the Caricom SG, this summit is being convened against the backdrop of an unforgiving international environment marked by multifaceted global instability. As export-oriented small economies that are still recovering from the COVID-19 pandemic and facing the ongoing challenges posed by climate change, Dr Barnett noted, Caricom nations’ outlook for economic growth faced additional risks due to the growing instabilities.
“Dealing effectively with these challenges will require meaningful action on the call for improved access to affordable finance and fundamental reform to the international financial architecture… This Summit will also provide a space to shape the Region’s financial and economic future, through trade and investment strategy discussions. In this regard, we will explore practical ways in which Canada can support the Region, in a manner that is uniquely beneficial to Canadian business interests and capital markets. Enhancing these commercial relationships and promoting multisectoral business and investment opportunities are critical to foster economic growth, job creation, and prosperity for both sides,” the Secretary General said.
Dr Barnett is confident that the initiatives that will be discussed over the two days of the summit under the diverse and substantial agenda, which is aimed at bolstering ties and enhancing cooperation, will reflect continued leadership, commitment and shared responsibility to shape a better and more resilient future for the peoples of Caricom and Canada. (G8)