Brexit vs Caribbean

Is Brexit a threat for the Caribbean?

brexit vs caribbean

Britain has spoken! Availing themselves of their democratic right to be in full control of their own destiny, Brexit caused shock waves, felt around the world. Amongst those concerned, are the small islands territories making up the Caribbean.

There has been enough buzz for months about the potential impact of such an action. While many may have hoped for a different outcome as a means of security for themselves, today the reality is what it is and plans have to be made accordingly.

In the weeks ahead, while Britain defines its future in trade, immigration, tourism and other key areas, the Caribbean needs to pay close attention. Donor funding, while critical, is not the only area that needs to be reviewed. From CARIFORUM-EPA’s to foreign policy and tourism, there is much to be considered.

The Caribbean has enjoyed and anticipates continued strong ties to what, for most of the islands, was the proverbial “motherland”. The UK is home to many of our nationals proving that the ties that bind us are more than commercial ones.

Caribbean’s Correspondent Banking

Correspondent banking

Caribbean countries continue to pay very close attention to the challenges faced within the banking sector.

Alicia Nicholls in an article published on Caribbean Trade Law and Development clearly articulates the relationship between Caribbean banks and the international world.

“Correspondent banking relationships are Caribbean countries’ umbilical cord to the international financial system. They allow for the conduct of international trade and investment by facilitating crossborder payments, as well as the receipt and sending of remittances through international wire transfers. At the microlevel these relationships help local exporters to receive payments for their goods and services, local businesses to pay for imports, and poor families to receive remittances for their day to day survival. As I mentioned in an earlier article, the loss of correspondent banking relationships could spell disaster for the small, open economies of the region which are highly dependent on trade and investment flows, with implications for poverty reduction and eradication.”

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LAC Form SME Alliances With Russia

UNIDO side event at SPIEF: “Strengthening international SME Alliances between the Russia Federation and the LAC region”

SME Alliances

As a follow-up of the workshop on “Strengthening International SME Alliances in the Global Market” held in July 2015 in Quito, Ecuador, the UNIDO LAC Division, in cooperation with the Ministry of Foreign Affairs of the Russian Federation organized a side event, titled “Strengthening international SMEs alliances between the Russian Federation and Latin America and the Caribbean”, at the St. Petersburg International Economic Forum 2016.

It seems like a tall order: trading between countries that are separated by wide oceans and pose several logistical challenges particularly for Caribbean islands.  But in today’s age, the old addage: “where there is a will, there is a way” is more relevant than ever.


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St. Kitts & Nevis ratifies TFA


Trade Facilitation Agreement

Saint Kitts and Nevis has ratified the WTO’s Trade Facilitation Agreement (TFA), becoming the fifth Caribbean WTO member to do so. St. Kitts and Nevis deposited its instruments of acceptance with the WTO secretariat on 17 June.

On 8 June the WTO hosted an experience-sharing event to help members identify best practices and the challenges faced by WTO members in establishing or maintaining national trade facilitation committees.

The TFA will enter into force once two-thirds of the WTO membership has formally accepted the Agreement.  With the acceptance by St. Kitts and Nevis, the number of TFA ratifications now stands at 82, meaning the WTO has received just over three-quarters of the ratifications needed to bring the Agreement into force.  Read More

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