From Guardian Media

KINGSTON—A broad-based private sector working group has been formed to examine and make recommendations on the Caribbean Community (Caricom) and other free trade agreements. The working group represents members of the Jamaica Chamber of Commerce, the Jamaica Exporters’ Association, the Jamaica Manufacturers’ Association (JMA), and the Private Sector Organisation of Jamaica.

T&T exports to Jamaica have been a constant source of friction in the north Caribbean country as manufacturers in Jamaica complain that T&T manufacturers benefit from subsidised electricity. Caricom exports to Jamaica, which are dominated by exports from T&T, have fallen consistently between 2008 and 2012, according to the Statistical Institute of Jamaica. In 2008, Caricom exports to Jamaica amounted to US$1.68 billion, but this declined by almost half to US$858 million last year.

Caricom exports to Jamaica declined by 15 per cent between 2011 and 2012, falling from US$989.3 million in 2011 to US$858.6 million in 2012. A statement from the group said the decision was based on feedback from their members and the critical role trade agreements will play as Jamaica makes adjustments under its programme with the International Monetary Fund (IMF).

In May, the Washington-based financial institution approved a US$932.3 million loan under its Extended Fund Facility (EFF) for Jamaica. The four-year EFF will support the Jamaica government’s comprehensive economic reform agenda and forms a critical part of a total funding package of two billion US dollars from Jamaica’s multilateral partners including the World Bank and the Inter-American Development Bank (IDB), with each having preliminarily agreed to allocate US$510 million over the next four years.

JMA president, Brian Pengelley said the formation of the working group will ensure that the private sector is part of the solution to Jamaica’s trade issues with the region. In the statement, the working group said it would necessary recommendations to the government on issues relating to regional trade relations and would also determine whether there is merit to complaints from members regarding intra-regional trading.

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http://www.guardian.co.tt/business/2013-07-17/private-sector-forms-working-group-advise-caricom