EU and Caribbean Export Sign Agreement for Phase 2 of the CTPSDP

Bridgetown, Barbados, May 16, 2008.  The European Union (EU) and Caribbean Export Development Agency (Caribbean Export) have today formally signed the agreement which brings phase two of the Caribbean Trade and Private Sector Development Programme (CTPSDP) into operation.

EUR 6.883 million of this EUR 7.9M programme has been allocated to Caribbean Export for implementation of specific projects over the next two years.

The main objective of this programme is to contribute to the gradual integration of CARIFORUM countries into the world economy and by so doing enhance regional economic growth and thus help to alleviate poverty.

The programme is to increase the international competitiveness of the private sector in CARIFORUM Member states and to help the potentially more competitive sectors.  It will support improvement of the trade environment as well as the institutional strengthening of business support organisations (BSOs) to enhance the range and quality of services delivered to their members and clients.

The expected results of the project will be:

1. Increased competitiveness of firms through market expansion and export diversification support.
2. A vibrant Caribbean Business and Investment Support Network with strengthened Business and Investment Support Organisations
3. Greater cooperation between the CARIFORUM business sector and that of the French and Dutch Caribbean territories (DOMs and OCTs).
4. Increased contribution by the Caribbean business sector to the improvement of the regulatory environment for private sector development in the region through the publication of an annual report on the state of the Caribbean regulatory environment for the private sector as well as on regional foreign direct investment (FDI). This report will be presented to an annual meeting of concerned stakeholders.
5. Assistance with EPA preparation and implementation.

The proposed implementation strategy is to integrate the project activities into the work plan of Caribbean Export through the Contribution Agreement now signed between the European Commission (EC) and Caribbean Export.  This is a major step forward for the relationship between the EC and Caribbean Export, as this arrangement allows the Agency to use its own procedures and rules, which have been audited and approved by the EC.

Caribbean Export’s Executive Director, Mr. Philip Williams, stated that the Agency is particularly grateful to the EU for its continuing support. He noted that the Agency’s ongoing operational costs are covered by the annual contributions of the 15 Member States of CARIFORUM. However, these contributions are not sufficient to enable the Agency to undertake the aAmbitious programme of support to regional business, which is necessary for it to have a significant impact on the region’s trade and investment development. Mr Williams added: “Caribbean Export is urgently seeking new sources of technical assistance, both from other international development partners like the EU and also, from major regional corporations”.

“In this regard, Caribbean Export is pleased to note the continuing support over the last four years by FirstCaribbean International Bank of the Caribbean Gift and Craft Show, now in its 15th year, to be held in Barbados on 2nd to 5th October. We are in discussion with other major regional corporations and are confident that some of them will join the EU and FirstCaribbean in recognising the mutual benefit of support to an organisation at the forefront of the region’s trade and investment promotion effort, which is so critical to the region’s economic development”.

For more information on the Contribution Agreement and the work of Caribbean Export, please visit the website: www.carib-export.com or contact Mr. Tony Bradshaw, Manager of Operations at E-mail: tbradshaw@carib-export.com.