Trade Board Promotes Benefits of Agreements

The Trade Board Limited (TBL) has been making a positive impact with its ‘Step-Up Export with Trade Agreements’ initiative, which was launched in May 2022.

The project has two overarching goals, which are to promote the benefits of the nine preferential Trade Agreements/Arrangements managed by the entity and increase awareness of the underutilised/inactive agreements.

These Trade agreements can provide various benefits, such as reduced tariffs, streamlined customs procedures, increased market access, as well as helping companies increase their competitiveness and reach new customers in foreign markets.

Presenting on the project’s findings since it was launched, the entity’s Director of Information Systems and Records Management, Carl Morgan, attributed the project’s current success to direct engagements with manufacturers and exporters through various site visits.

He shared that “by interacting with the public [it was evident] that knowledge of the agreements was pretty limited, and that is something that we needed to address”.

Mr. Morgan was speaking at the ‘Step-Up Export with Trade Agreements’ seminar, held recently at the University of the West Indies (UWI) Regional Headquarters in Kingston.

He revealed that site visits have, so far, been completed for 108 companies across nine parishes.

“The project is ongoing and we haven’t quite gotten to those three parishes [Hanover, Portland and St. Thomas] as yet, but this is not an exercise that we started and intended to stop. We are going to continue,” he said.

Coming out of the site visits, he shared that “100 per cent of the entities that we interacted with lauded the initiative. They thought the information shared was timely and helpful, and they believe that it will lead to greater export opportunities”.

Mr. Morgan added that the findings also showed that “73 per cent of the companies visited are [utilising the] CARICOM [trade agreement]; however, their products can, in fact, qualify for preferential treatment under other existing agreements”.

Having been lauded by several companies is an indication that the project has been effectively supporting businesses in navigating the complexities of international trade, facilitated market entry, and enhanced their export capabilities.

The Trade Board is Jamaica’s certifying authority for goods exported under the various trade agreements.

Trade Board Promotes Benefits of Agreements

Source: JIS