“Only through urgent, collective action in the security domain, in support of Haiti, can the scourge of gang violence be arrested. This is a critical first step towards creating favourable conditions for elections, sustained delivery of humanitarian support and relief, the rebuilding of institutions and the laying of the foundation for the long-term economic development of Haiti.”

• H.E. François Jackman, Permanent Representative of Barbados

CARICOM Secretariat, Turkeyen, Greater Georgetown, Guyana | Tuesday, 30 September 2025

Introduction: I have the honour to deliver this statement on behalf of the fourteen (14) Member States of the Caribbean Community (CARICOM).

CARICOM applauds the resounding support of world leaders for the urgent and united action towards the restoration of peace and stability in Haiti, echoed throughout the recently concluded General Debate of the 80th session of the General Assembly. These critical objectives can only be achieved if security is restored in Haiti.

In that regard, we wholeheartedly welcome the Security Council’s adoption today of this Resolution as a fundamental step that responds to the urgency of the security situation in Haiti.  And we thank the co penholders for their leadership.

CARICOM in particular welcomes the timely transition of the Multinational Security Support (MSS) mission to a Gang Suppression Force (GSF) with a UN-authorized mandate to bring an immediate end to violence and to restore public safety in Haiti.

Furthermore, CARICOM endorses the establishment of a UN Support Office in Haiti to provide the necessary logistical and administrative support for this robust Force. Finally, we underscore the need to ensure sustainable, predictable resourcing of the Gang Suppression Force by all international partners.  And we also renew our call for the urgent capitalisation of the 2025 humanitarian needs and response plan for Haiti.

Only through urgent, collective action in the security domain, in support of Haiti, can the scourge of gang violence be arrested. This is a critical first step towards creating favourable conditions for elections, sustained delivery of humanitarian support and relief, the rebuilding of institutions and the laying of the foundation for the long-term economic development of Haiti.

In closing, CARICOM reaffirms its solidarity with Haiti as well as our openness and willingness to work with all members of the Security Council to provide the necessary support for the Haitian people, and we look to the wider international community to step up its support boldly and with resolve to end the violence and suffering that the people of Haiti have endured for too long. 

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About CARICOM:

Bridgetown, Barbados – The CARICOM Private Sector Organization (CPSO) has estimated that CARICOM Member States could achieve annual savings of US$1.3 billion by diversifying their import sources away from the United States, particularly as escalating reciprocal tariffs increase costs and expand the regional trade deficit. The Region currently serves as the US’s third-largest import partner. Nearly 70% of final imported goods—valued at US$7.7 billion—originates from the US.

These findings were presented on September 10^th  during a hybrid forum titled “De-risking CSME Imports: Examining the Scope for Goods Market Fulfillment from Non-Traditional Sources.” The event was hosted by the CPSO in collaboration with the Eastern Caribbean Central Bank (ECCB) at the Bank’s Headquarters in St. Kitts and Nevis.

Growing Trade Deficit Presents Economic Risks

CPSO CEO and Technical Director Dr. Patrick Antoine presented findings from a comprehensive Study revealing troubling trends in the Region’s goods trade deficit with the United States. The deficit increased by approximately US$200 million between 2022 and 2023, followed by an additional US$300 million increase from 2023 to 2024. Projections indicate a further US$500 million expansion between 2024 and 2025, even without considering the tariff impacts.

The new tariff regime, imposing 10% to 15% duties on previously duty-free goods, will drive costs upward by a significant degree. The Study projects that with the implementation by the US of 15% reciprocal tariffs on Trinidad and Tobago and Guyana in July, the Region’s projected export-revenue loss would increase to US$653.6 million.

“While trade openness supports economic activity and consumer welfare, over-dependence on a single source of imports clearly does not benefit us,” Dr. Antoine emphasized.

CARICOM’s Heavy Dependence on US Imports

CPSO Chairman Gervase Warner in his remarks also referred to the Region’s substantial reliance on US imports, noting that “CARICOM consistently ranks third in terms of import share from the US, positioned closely behind Mexico and Canada.” He pointed to specific examples, including the Bahamas, which sources over 60% of its imports from the US and St. Kitts and Nevis, where 47% to 51% of import trade originates from the US.

Cascading Effects and Regional Vulnerabilities

The CPSO warned that US tariffs will likely trigger additional cascading effects through duties imposed on goods entering the US before transshipment to the Caribbean. This secondary inflationary pressure, combined with rising domestic labour costs, threatens to increase living and business costs throughout the Region while also posing threats to the competitiveness of Caribbean tourism offerings.

The Eastern Caribbean Currency Union (ECCU) faces particular vulnerability, with Member States collectively sourcing 44.4% of their imports from the US. Unlike some CARICOM States, which import raw materials for processing and re-export, ECCU Member States primarily import finished goods, offering limited opportunities for value-added production.

Strategic Diversification Opportunities

To enhance economic resilience, the CPSO recommends strategic import market diversification, which could deliver substantial cost savings, protect consumers from price volatility and improve competitiveness in key sectors including manufacturing and tourism.

The comprehensive analysis undertaken by the CPSO examined 1,251 product lines worth over US$9.1 billion, identifying significant opportunities to reduce US import dependence. The Study found that 32% of non-fuel goods (including food products) and 23% of mineral fuels, could be sourced more cost-effectively from alternative markets.  Remarkably, 94.7% of non-fuel imports and 85.8% of total imports (including fuel) could be competitively sourced from other suppliers.

Promising Alternative Markets

The Study identified several alternative markets with substantial potential, including Malaysia, Brazil, the Netherlands, Spain, Turkey, South Africa, Estonia, Bulgaria, Portugal and Mexico. Notably, certain markets such as South Africa and Turkey offer large volumes of goods at approximately half the US price.

The analysis projects that the CARICOM Single Market and Economy (CSME) could realize annual savings of US$1.3 billion on US imports, representing 16.4% of total import value. The largest opportunities exist in machinery and electrical equipment sectors, both critical to construction, foreign direct investment and broader economic development.

Infrastructure Challenges and Solutions

To capitalize on these opportunities, the Study emphasized the need for improved trade facilitation and port logistics. An assessment of weekly liner connectivity from 17 potential supplier countries revealed that Jamaica’s Port Kingston maintains the highest regional connectivity, with Trinidad and Tobago’s Port of Spain ranking second.

Many Organizations of Eastern Caribbean States (OECS) ports, however, including in St. Kitts and Nevis, have limited or no direct liner connectivity, creating significant barriers to developing new trade relationships. The CPSO stressed that Eastern Caribbean countries must also prioritize port infrastructure upgrades if they are to capture import diversification benefits.

Vision for Regional Trade Hub

ECCB Governor Timothy Antoine reinforced the urgency of movement toward these solutions. He challenged the Region to leverage its strategic geographic position between the Americas, Africa and Europe to establish itself as a bidirectional trade logistics hub. This transformation could create a new growth engine alongside energy security initiatives and digital transformation efforts.

Moving Ahead

The results of the research presented during the Forum can contribute to strategic responses by CARICOM targeting the diversification of import and export markets; leverages the locational advantages of CARICOM States; and introduces urgent policy changes to benefit from the shifts in regional and global supply chains. Such a regional response must deliver on the inherent opportunities for alternative sources of imports, in addition to developing the significant opportunities for further expansion of production and trade within the CSME. Increasing the competitiveness of CARICOM goods in the US markets, for the cohort of goods that have maintained their market positioning/appeal, must also continue as part of CARICOM’s Strategic response, Dr. Antoine told the gathering.

Bridgetown, Barbados — The CARICOM Private Sector Organization (CPSO) has warned that the United States’ decision to raise Trinidad and Tobago’s reciprocal tariff rate from 10% to 15% could result in the most severe, absolute impact upon any of the CARICOM Member States. This impact could put the country in the unenviable position of suffering the most significant export revenue loss.

It is noteworthy that prior to the imposition of the April 9th tariff of 10%, CARICOM Member States, including Trinidad and Tobago, benefitted from duty free access to the US market under the Caribbean Basin Initiative (CBI). The increased tariff rate (15%), which took effect from August 7, comes just months after Trinidad and Tobago had been assigned the 10% baseline rate which was introduced in April 2025 as part of the America First trade policy. CPSO modelling now projects USD 291.9 million in potential annual export revenue losses for Trinidad and Tobago; up from USD 194.6 million under the 10% baseline rate. This figure widens the gap between Trinidad and Tobago and other CARICOM Member States in terms of the potential export losses to be incurred as a result of the US measure.

Over two-thirds of the estimated losses expected to be suffered by Trinidad and Tobago are concentrated in two sectors: Base Metals and Articles Thereof (USD 199.3 million) and Chemicals (USD 74.8 million). The Base Metals category is largely comprised of various forms of iron and steel products which are widely used in the United States across construction, automotive and manufacturing industries. The Chemicals category includes products such as anhydrous ammonia, methanol and urea which are critical inputs for fertilizer production, plastics and other industrial processes. Together, these exports from Trinidad and Tobago anchor the country’s industrial capacity and also feed into US supply chains that rely on competitively priced raw materials.

While the magnitude of the potential revenue loss for the Agriculture and Food Products sector (estimated at just over USD 9 million) is not as large as the two sectors named above, the implications for Agriculture and Food Products are far from benign. This sector sustains small producers and rural livelihoods, ranging from fish products, which are an important export to US food markets, to prepared condiments, sauces and seasonings, which are supplied to both diaspora communities and the growing specialty food segments of the US market. For many of these micro and small exporters, the additional 5%, compounded onto the 10% announced in April, will present an even greater challenge to their export competitiveness and to the foreign exchange earning potential of the Trinidad and Tobago economy.

“Trinidad and Tobago was already the most exposed CARICOM economy under the reciprocal tariff regime,” said Dr. Patrick Antoine, CEO and Technical Director of the CPSO. “This adjustment not only increases the scale of potential losses, but it does so in sectors that are vital to our industrial capacity and to US manufacturers who rely on our exports for inputs.”

Dr. Antoine also linked the development to a broader erosion of CARICOM’s historic trade position with the US.

“In our recent submission to the US review of the Caribbean Basin Initiative, we highlighted that these new tariffs erode the preferential access that has underpinned our economic partnership with the US for decades. That erosion is now accelerating.”

The CPSO indicates that the America First policy and the April imposition of reciprocal tariffs were the wake-up call for the region. This latest adjustment to 15% is the signal of the need for rapid, coordinated action to safeguard competitiveness. That action, Dr. Antoine noted, must be built on proven models of collaboration: “The joint regional and private sector position that secured exemptions for China-built ships and short-sea shipping for the Caribbean is proof that when we act collectively, we can protect our strategic interests.”

He added, “Now is the time to apply that same resolve — to protect current trade flows, engage the US on tariff differentials and position Trinidad and Tobago and CARICOM for long-term strength in a more contested global market.”

About the CARICOM Private Sector Organization:
The CARICOM Private Sector Organization (CPSO) is the most recently accredited Associate Institution of the Caribbean Community. The CPSO is a ‘Service Organization’ to mobilize and advance private sector participation in CARICOM, with a mandate to contribute to the full implementation of the CARICOM Single Market and Economy (CSME). The Membership of the CPSO is comprised of private sector entities operating in the CARICOM space, including Micro, Small and Medium Sized Enterprises (MSMEs).

For media enquiries, please contact:
The CPSO Secretariat
Email: info@thecpso.org | website: www.thecpso.org

Bridgetown, Barbados – The CARICOM Private Sector Organization (CPSO) is pleased to announce that PricewaterhouseCoopers (PwC) has been awarded the Consultancy for the ‘Study to Articulate Feasible Models to Effect a Regional Stock Exchange Among Participating States of the CARICOM Single Market and Economy (CSME)’.

Following a rigorous and transparent selection process, the decision to select PwC to lead the Study to Articulate Feasible Models to Effect a Regional Stock Exchange Among Participating States of the CSME was taken at a meeting of the CPSO, Regional Stock Exchange Study Project Steering Committee (CPSO-PSC) held on July 21, 2025. The CPSO-PSC is comprised of representatives from regional stock exchanges, dealer-brokers, listed companies, Central Bank Governors, the CARICOM Secretariat, regulators, and representatives from CPSO’s Executive Committee and Secretariat. The CPSO-PSC will maintain overall management and coordination responsibility of the Consultancy.

The ‘Study’ will focus on exploring models for a regional intermediatory mechanism for securities trading, incorporating key market institutions such as Securities Exchanges, Securities Regulators, Broker-Dealers and Issuers, that will achieve or approximate the essential features of an integrated capital market across CARICOM Member States. A key objective will be to identify a feasible framework that is both operationally efficient and minimally burdensome (financially or administratively) to participating institutions, while ensuring adequate regulatory oversight to safeguard investors.

The Study will be undertaken in two phases:

1. Phase I: Establishing The Feasibility of a Regional Stock Exchange
2. Phase II: Identifying The Appropriate Model and Outline of the Fit for Purpose Architecture

PwC’s comprehensive proposal, deep industry expertise, and proven track record in financial market development were key factors in their unanimous selection. The firm brings extensive global experience in advising on capital market reforms and regulatory frameworks. The PwC Team will work in close collaboration with the CPSO-PSC and other stakeholder entities to ensure that the project is undertaken in a manner which best aligns with regional aspirations and international best practices.

Efficient capital markets play a critical role in economic development by channeling resources from investors (individuals and institutions) to businesses and governments to support operational, investment and capital expenditure requirements. The benefits of securities exchange integration include optimal capital mobilization to support development, diversified risk, more efficient and competitive financial markets, lower financing costs, higher returns, and the overall increase in cross-border flow of capital.

The establishment of a robust and dynamic regional stock exchange is crucial for fostering economic growth, attracting investment, and providing new opportunities for businesses and investors across our Region.

This Study is expected to lay the groundwork for a more integrated and accessible capital market ecosystem within the Region, that presents opportunities for greater investment options and opportunities for capital raising People of CARICOM, businesses and regional economies.

The Regional Stock Exchange Study was endorsed by CARICOM Heads of Government at the Forty–Eighth (48^th) Meeting of the Conference, held in Barbados from February 19-21, 2025.

The CPSO is delighted to be partnering with regional stakeholders and with PwC in undertaking this Study, given the transformative potential for the Community.

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Bridgetown, Barbados – The Caribbean Private Sector Organization (CPSO) joins the business community of Jamaica and the wider Caribbean region in mourning the passing of Mr. Don Wehby, former Group Chief Executive Officer of GraceKennedy Limited and esteemed member of the CPSO. Mr. Wehby passed away on Saturday, July 26, 2025, at the age of 62.

A consummate corporate leader, Mr. Wehby was a true visionary whose monumental work epitomized and significantly furthered the vision of private sector-led regional growth. His passion and leadership were instrumental in driving successful business integration within CARICOM, and between the region and key international markets such as the United States, United Kingdom, Europe and Central America.

His transformative leadership at GraceKennedy from 2011 to 2025 more than doubled the company’s revenue and extended its footprint throughout the Caribbean and across several global markets. Through strategic mergers, acquisitions, and regional integration, he advanced a model of Caribbean business that was both globally competitive and deeply committed to the ideals of the CARICOM Single Market and Economy (CSME) including promoting cross-border trade, and facilitating the free movement of goods, services, capital, and people.

Beyond his remarkable corporate achievements, Mr. Wehby made significant contributions to national public service in Jamaica, and to regional development. He served as a Government Senator and Minister without Portfolio in the Ministry of Finance and the Public Service, and he received Jamaica’s Order of Distinction (Commander Class) in 2017 as well as the Order of Jamaica, the country’s fourth-highest honor, in 2024. This year, he was also slated to be inducted into the Private Sector Organisation of Jamaica’s Hall of Fame in October.

Don Wehby’s legacy will remain a guiding light for Caribbean enterprise, integration, and transformation for generations to come. The CPSO extends its deepest condolences to his wife, Hilary, his three children, Stephanie, Nicholas, and Abigail, and the entire GraceKennedy family.

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