CARICOM unveils draft industrial policy and strategy to strengthen intra-regional trade

As the Caribbean Community (CARICOM) intensifies efforts to strengthen trade and economic ties among its member states, the organisation has unveiled a draft Industrial Policy and Strategy for 2025-2030 to regional leaders.
The updated framework is aimed at enhancing integration and promoting sustainable development across the Caribbean.

On Tuesday the 60th Regular Meeting of the Council for Trade and Economic Development (COTED) got underway at the CARICOM Secretariat, Georgetown.
The high-level engagement brought together regional leaders from across the Caribbean. The meeting’s agenda was filled with key trade issues, including the proposed implementation of the revised Common External Tariff (CET), updates from the Sectoral Working Group reviewing CARICOM’s Rules of Origin, and reports from the monitoring mechanisms on sugar, cement, and rice.
At the opening ceremony, CARICOM Secretary-General Dr Carla Barnett underscored the urgent need for the region to diversify its trade and economic relations. She highlighted that relying heavily on traditional markets and a narrow range of exports poses risks to the region’s economic stability.
“You are meeting against the background of many trade-related challenges facing the region and in a geopolitical environment which is changing very rapidly. The recent tariff shocks are a stark reminder of the need for us to diversify our trade and economic relations. We must redouble our efforts to deepen existing and explore new markets and develop new partnerships if the region is to advance its goal of economic growth and sustainable development.”
The Secretary-General emphasised that the region must intensify efforts to boost regional production and expand intra-regional trade by modernising policies and practices that support entrepreneurship and simplify trade and business development.
She also called for addressing persistent trade barriers and resolving long-standing issues of non-compliance within the community to foster a more integrated and efficient regional market.
Dr Barnett highlighted that the new Industrial Policy and Strategy for 2025–2030 will be presented to regional leaders at the meeting. She emphasised that this policy will play a crucial role in advancing regional integration and fostering sustainable economic growth across CARICOM member states.
“I am pleased that a report on the regional industrial policy will be presented to you at this session. This policy can become an important aspect of deepening regional integration strategy going forward and I urge you to give focused attention as to how it will be finalised and implemented. Excellencies, the region also needs to more efficiently harness the competencies of our regional institutions and work more effectively together to advance the work of the community.”
Just last year, Senior Economic Advisor to the CARICOM Secretary-General, Dr Wendell Samuel emphasised the necessity of revising the Caribbean Community’s draft Industrial Policy.
He noted that the rapidly changing global and domestic economic landscapes require an updated framework to better address emerging challenges and opportunities. According to Dr Samuel, this revision is crucial to ensure that the policy remains relevant and effective in driving sustainable industrial growth and regional economic resilience.