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Euro boost for Cariforum export services
Bridgetown, BARBADOS—The Caribbean Export Development Agency (Caribbean Export) in conjunction with the implementing partners Caricom Secretariat and the Ministry of Industry and Commerce of the Dominican Republic (DICOEX) have been awarded responsibility for the implementation of a 3.2million Euro programme by the European Union towards implementation of the 10th EDF Services Sector Component.
Implementation of the services component will be a collaborative effort between the agency and implementing partners Caricom Secretariat and DICOEX.
“The services component of the EPA represents one of the concrete ways that Caribbean businesses and entrepreneurs could reap tangible, economic benefits. The services sectors in most Cariforum countries is a significant contributor to GDP, accounting for more than 50 per cent of GDP in most cases and over 60 per cent for the OECS member states” said Ambassador Michael Barfod, head of delegation to Barbados and the Eastern Caribbean for the European Union during his remarks at the cheque hand- over ceremony.
In most Cariforum States, trade is increasingly driven by services exports. However, due to inadequate policies and regulatory regimes found across numerous trade agreements such as the Economic Partnership Agreement (EPA), Cariforum States are serverly constrained in their ability to take advantage of the opportunities that exist for long term economic development. The 10th EDF Services Sector programme will address these issues specifically.
“The creative industries have emerged as a key growth sector in the Caribbean economy through its contribution to GDP, exports, and employment, as well as its impact on destination and intellectual property branding” said executive director Pamela-Coke-Hamilton. “In light of the great importance that the services sector plays in the region, we are pleased that Caribbean Export will play a role in the implementation of the 10th EDF Services Sector Component.”
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