- December 13, 2023
- Posted by: Elias Dupuis
- Category: News
A New Era of Prosperity: Canada and the Caribbean Strengthen Trade Ties
Dominican businesses set to benefit from improved trade relations with our northern neighbour
The Canada-Caricom Summit, held between October 17-19, 2023, marked a significant milestone in the trade relations between Canada and the Caribbean, including Dominica. With over Can$1.8 billion in merchandise trade recorded last year, both regions are set to benefit from expanded trade programs and initiatives. So, what does it mean for the future of trade and investment in Dominica?
Expanding Trade Opportunities
Prime Minister Justin Trudeau’s announcement of expanded duty-free access under the Commonwealth Caribbean countries tariff program is a major benefit for Caribbean nations. This initiative, including textiles and apparel, opens new avenues for businesses in Dominica to access the Canadian market. Easing trade barriers is a crucial step towards fostering economic growth and creating job opportunities in the region.
Strengthening Business Ties
The introduction of a new foreign labor program for agriculture and fish processing under Canada’s temporary foreign worker program is set to strengthen the ties between Canadian businesses and Caribbean workers. This move not only benefits the labor market but also contributes to the sustainable development of critical industries in Dominica.
Building a Clean Economy
Prime Minister Trudeau highlighted the vast potential for profit, prosperity, and the common good in building up a clean economy. With Canada’s expertise in green infrastructure, smart agriculture, renewable energy, and clean technology, there are outstanding opportunities for partnership and innovation. Dominica, with its commitment to sustainable practices and renewable energy, stands to gain significantly from these collaborations and can participate immediately given the structures that area already in place here.
Promoting Inclusivity and Diversity
Ensuring that the benefits of growth and prosperity are shared among all communities is a priority for both Canada and the Caribbean. Trudeau emphasized the importance of inclusivity, urging for women, girls and individuals of all races and creeds to have equal opportunities to prosper and build their futures. This commitment to diversity aligns with Dominica’s values and enhances the social impact of trade and investment in the country. Dominica, in October, appointed the nation’s first indigenous and first female President, a move that is representative of our agenda of inclusion at all levels.
Cementing People-to-People Ties
The natural affinity between the people of Canada and the Caribbean makes doing business together a seamless endeavor. The summit has laid the groundwork for more ambitious and concrete collaborations, further solidifying the friendship and partnership between the two regions.
A Call to Action
President Irfaan Ali of Guyana, representing Prime Minister Roosevelt Skerrit of Dominica as co-chair of the summit, underscored the importance of resetting the trade and investment landscape. This summit serves as a call to action for the private sector in both Canada and the Caribbean to seize the opportunities at hand and actively participate in expanding trade and exploring new investment avenues.
The Canada-Caricom summit has ushered in a new era of trade relations between Canada and the Caribbean, promising prosperity, innovation, and sustainable development. Dominica, with our strategic location, commitment to sustainable practices, culture of inclusive, and diverse economy, is poised to reap the benefits of these strengthened ties. Now is the time for investors, entrepreneurs, and businesses in Dominica to leverage these opportunities and contribute to the nation’s vibrant future.
Connect with Invest Dominica Authority here to explore the myriad of opportunities that await in this exciting new chapter of Canada-Caribbean trade relations.
This post was extracted from an article published here: https://trinidadexpress.com/business/local/canada-announces-new-trade-initiatives-for-caribbean/article_bc48f0f6-7134-11ee-8772-4f8cf8398536.html on the outcomes of the Canada- Caricom Summit held on October 17-19, 2023, under the theme “Strategic Partners for a Resilient Future.”.