Sun | Nov 27, 2022

CARICOM launches new initiative to facilitate intra-regional trade

Published:Monday | September 26, 2022 | 1:48 PM
CIMSUPRO provides a platform, where entrepreneurs, from CARICOM, can offer their products, from raw materials, to finished goods. - CMC photo

PARAMARIBO, Suriname, CMC – The Caribbean Community (CARICOM) on Monday launched a new regional platform to facilitate intra-regional trade in goods and agricultural products.

The initiative, dubbed “CIMSUPRO” – CARICOM Market Place and Suspension Procedure- will register suppliers and buyers of CARICOM originating goods.

CARICOM chairman, Chandrikapersad Santokhi said, that CIMSUPRO provides a platform, where entrepreneurs, from CARICOM, can offer their products, from raw materials, to finished goods.

He said the region, faces many challenges, resulting from global developments, including the COVID-19 pandemic, and in order to recover from that, the region needs to be better equipped and “must first work on strengthening our communities' capacities and supporting each other".

“After all, the initial intention of the grouping of countries, now known as CARICOM, was to promote economic integration and cooperation, among its members. As the oldest surviving integration movement, in the developing world, CARICOM has the duty, to set forth, its goals, and be a model for regional integration.”

He told the ceremony that the region faces many challenges, such as the need, to enhance productivity and sustainable growth.

“Trade and economic development, shall only be achieved, through private-public partnerships.  After all, it is the private sector that trades and does business. Therefore, I'm more than delighted, with the establishment, of CIMSUPRO,” he said, noting that it is helping in the formation of a CARICOM industrial policy.

“The extension of the regional integration, which has been sought, since the start of CARICOM, can now be reached, just by visiting the website, to seek the necessary inputs, from the CARICOM marketplace.”

He said long waiting periods for suspension, granted by the CARICOM Secretariat, “and the uncertainty, of not knowing at which stage your suspension request is, are things of the past."

CARICOM Secretary General, Dr. Carla Barnett, speaking at the launch, said the initiative marks an important milestone in the evolution of the way trade and business can and will be conducted within the 15-member grouping.

“It creates a digital 'Marketplace' where regional buyers and sellers of regionally produced goods can contact and contract each other directly. It also introduces the potential for improving the efficiency in processing applications for a suspension of the Common External Tariff (CET)."

Barnett said that while the Guyana-based CARICOM Secretariat will continue to consult with member states directly on requests for suspensions, the CIMSUPRO portal will provide an important source of information on the review of all requests and over time, CIMSUPRO can become a processing platform for such requests.

Stakeholders, especially suppliers of regionally produced goods, can access the portal and register via the following link https://www.cimsupro.com/user/register.

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