According to Lincoln Price, the CRNM’s Jamaica-based Private Sector Liaison Officer, an example is the recently signed CARICOM-Dominican Republic trade agreement which has opened the door to an estimated additional US$7 billion in annual export sales for regional companies engaged in manufacturing activities such as beverages, sugar, confectionery, chemicals, furniture, cement, and cereals.

“However, companies have not made adequate steps to take advantage of these possibilities,” Price observes.

“We therefore wish to take this opportunity to again urge regional companies to find out more about these trade agreements and seek to benefit from them to the fullest extent possible because the available opportunities can increase the profitability of their enterprises.”

The CRNM is a specialized agency set up by CARICOM governments to assist member countries with the development of trade policy and to represent the Caribbean in external trade negotiations.

The CRNM sees the private sector as a key stakeholder in this process as it is the role of private firms to conduct the business of international trade using agreements negotiated by their governments.

“The CRNM has put in place competent mechanisms for effective interface with the region’s private sector,” notes Price.

“These include establishing a high level group of business persons to be a quick response group on trade matters, executing an intense programme of private sector dialogue, and hiring a private sector liaison to complement the work of private sector advisor, Mr. Jimmy Moss Solomon.”

The Multilateral Investment Fund (MIF) of the Inter American Development Bank (IDB) has provided major funding to support the CRNM’s private sector outreach which has the aim of stimulating greater business interest in trade negotiations and increasing the private sector’s awareness of relevant trade issues.

Activities include a weekly radio programme broadcast on stations across the Region, a monthly trade brief which is distributed via email to business executives, and a region-wide series of trade seminars. 2006 promises to be an active year for trade negotiators and the CRNM is intent on negotiating from a strong commercial base.

It is therefore crucial, says Price, that the region’s private sector makes a greater effort to acquaint themselves with the various trade negotiations and existing trade agreements, and share their interests and concerns with their respective Ministries of Trade and the CRNM so that they can be effectively represented at the negotiating table.

“Trade agreements exist to expose our firms to markets capable of boosting their sales, and providing them with more efficient sources of raw materials,” Price explains.

“The CRNM is inviting dialogue to iron out any hurdles that exist, and even though we are pleased with the comments we have received to date, we think there is still a lot more scope for increased private sector engagement.”

The CRNM’s website, www.crnm.org, contains lots of trade-related resources for the benefit of the private sector. Business persons are encouraged to visit the web site and also to contact the CRNM at privatesector@crnm.org.