JARRETT - FILE
EARL JARRETT, chairman of the Trade Policy Committee of the Private Sector Organisation of Jamaica says the recent World Trade Organisation ruling on the proposed European Union (EU) 'tariff only' banana import regime is "disturbing."
Based on trends in global trade, the PSOJ was aware that the changes taking place with bananas and other commodities such as sugar were inevitable, Mr.Jarrett said. However, the recent ruling of the World Trade Organisation (WTO) is cause for concern.
"The potential loss of incomes from these commodities will mean less persons being able to pay for basic services/living expenses, and contribute to general economic activity," he said. "These are therefore issues that the wider business community and the general public cannot afford to ignore as there is likely to be a ripple effect into every aspect of society, from business to education, to social services."
HAVE SYMPATHY
The entire country needs to be sensitive to the linkages between the developments taking place in banana and sugar and other international trade regimes, he said. While there is concern for the impacted companies, farmers and other direct sugar and banana stakeholders, "the PSOJ is equally concerned about the implications for businesses everywhere."
African, Caribbean and Pacific (ACP) producers had already objected to the EU's proposed tariff of 230 euros and had requested a higher tariff. Therefore the recent arbiters' finding that the EU's proposed tariff only regime is illegal, is likely to further prejudice ACP countries by additional cuts to accommodate non-ACP producers- primarily Latin American countries.
"What we need to avoid in the future is to be caught unprepared," he said. "We will also work with sectors and firms as we seek to address housekeeping and other issues of how we position ourselves to stave off the negative impact of developments such as these in the future."
Since the decision was announced, he said EU representatives have said that they will continue to fight to maintain benefits for ACP producers.
