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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Bridgetown, Barbados – The CARICOM Private Sector Organization (CPSO) welcomes the decision by four CARICOM Member States: Barbados, Belize, Dominica, and Saint Vincent and the Grenadines, to implement full free movement of nationals by October 1, 2025, under the provisions of the Revised Treaty of Chaguaramas and the Protocol on Enhanced Cooperation.  The CPSO is now calling on other CARICOM Member States to resolve outstanding administrative and legislative barriers and to adopt full free movement by December 31, 2025.

The call by the CPSO comes after CARICOM Chairman and Prime Minister of Jamaica, Dr. the Most Honourable Andrew Holness, disclosed during the closing Press Conference of the 49^th Regular Meeting of the Conference of Heads of Government, the decision by four Member States to move forward with full implementation.  In his announcement, Dr. Holness also indicated that Jamaica was committed to implementing full free movement as it addressed the legislative and administrative constraints that had slowed its progress.

The CPSO celebrates these developments as a long-anticipated and necessary milestone for operationalizing the CARICOM Single Market and Economy (CSME).  Since its establishment in 2020, the CPSO has consistently advocated for full free movement of labour across the Community, identifying it as a prerequisite for regional economic scale and resilience.

The Organization reiterated its position during the Business Forum Breakfast co-hosted with the Private Sector Organisation of Jamaica and Sandals Resorts, held on the margins of the 49th CARICOM Heads of Government Meeting in Montego Bay on July 8, 2025. At that event, the CPSO also advanced the idea that labour from countries such as Haiti should benefit from managed and phased arrangements to address critical labour shortages in key sectors.

In his remarks, Mr. Gervase Warner, Chairman of the CPSO, emphasized that the restriction of intra-regional labour mobility has long stymied growth in high-potential sectors such as construction, agriculture, tourism, and services.

“The post-COVID recovery, rising global competitiveness, and the scale of opportunities in countries like Guyana and Jamaica demand swift access to skilled and semi-skilled labour across the region,” he noted. “This is an essential condition for private-sector-led expansion.”

This sentiment was echoed by other business leaders at the forum. CPSO Executive Committee members Mr. Christian Mouttet, Chairman of Victor E. Mouttet Limited and Agostini’s Limited (Trinidad and Tobago), and Mr. William Mahfood, Chairman of the Wisynco Group (Jamaica), both founding CPSO members, shared similar views as they raised the issue of labour mobility directly with the Heads of Government in attendance at the Breakfast Session.

At that time, Prime Minister Holness, in his response, intimated that a formal announcement regarding free movement of labour in the Region would be made later that day: an announcement which he was confident would provide some reassurance to the private sector.  Upon subsequently learning of the decision by the four Member States to implement full free movement, both Mr. Mahfood and Mr. Mouttet, expressed their satisfaction.

Dr. Patrick Antoine, CPSO’s CEO and Technical Director, disclosed that the organization had received direct outreach from both the authorities and private sector stakeholders in one CARICOM Member State regarding the potential provision of agricultural labour to support traditional crops including sugar, cocoa, banana, and nutmeg; all of which suffer from acute labour shortages.

“There clearly exists a meeting of the minds between those who want to supply labour and those who need it, and a new willingness on both sides to cooperate in whatever arrangements may be necessary to operationalize these ‘labour schemes’. However, this will ultimately require formal decisions by regional Governments.”

He further added, “The inability to access labour, especially higher-skilled labour, was a major binding constraint on the region’s ability to achieve the 25 by 2025 food security vision.”

Prime Minister Holness also announced that the Conference agreed to expand the the list of skilled categories under the CSME to include aviation personnel, photogrammetry specialists, field maintenance workers, and aircraft maintenance professionals.

The CPSO commends the decision of the Conference and the manifest leadership of the four implementing Member States. The Organization also acknowledges and welcomes Jamaica’s stated commitment to accelerate its own internal processes toward full implementation, having recognized it as an urgent priority for the Community, Jamaica’s economy and its private sector.

On behalf of the regional private sector, the CPSO continues to urge the remaining CARICOM Member States to urgently resolve the outstanding administrative and legislative issues so that the long awaited goal of full free movement of labour, desired by the People of CARICOM, can be realized by December 31, 2025.

The CPSO remains committed to working with Member States and the private sector to translate this important breakthrough into a fully realized framework for regional integration and shared prosperity.

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’ with a goal 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

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Montego Bay, Jamaica– A powerful collective call for urgent, coordinated action to resolve longstanding  obstacles impacting regional integration emerged from the PSOJ-CPSO Business Breakfast Forum, hosted on July 8, 2025, at Sandals Montego Bay. The event brought together regional heads of government and private sector leaders against the backdrop of the 49th CARICOM Heads of Government Meeting.

Speakers highlighted that persistent inefficiencies, trade bottlenecks, and non-tariff barriers continue to suppress intra-regional trade, which currently accounts for just 11.2% of CARICOM’s total trade. Emphasis was placed on translating policy into practical reforms with a focus on accelerating implementation of the CARICOM Single Market and Economy (CSME) and intra-regional trade, harmonizing trade standards and removing non-tariff barriers, deepening financial market integration, including the establishment of a regional stock exchange and addressing global policy shifts such as US reciprocal tariffs and the International Maritime Organization (IMO) global carbon tax.

Delivering the keynote address, Prime Minister of Jamaica, Dr. The Most Honourable Andrew Holness, the incoming Chair for CARICOM, as of 1st July, stressed “regional integration must be more than aspiration; it must serve as a critical shield of resilience and self-reliance. No business can thrive in isolation, and no government can respond alone. We must act with urgency and strategic coordination.”

Prime Minister Holness also reaffirmed Jamaica’s commitment to the CSME (CSME), noting recent reforms to the Common External Tariff and the development of the regional industrial policy framework.

Chairman of the CARICOM Private Sector Organization (CPSO), Gervase Warner, framed the Forum as a rare, yet vital, opportunity for public-private dialogue. He pointed to specific projects requiring action, including regional capital markets integration through the development of a regional stock exchange, mobilised digital infrastructure investment, and critical regional maritime transportation solutions.

Mr. Warner remarked, “We cannot afford inertia. Many of the barriers we face, including non-tariff
barriers, are self-imposed. The private sector must play its role in dismantling them.”

President of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, highlighted the private sector’s readiness to lead but noted the need for governments to create an enabling environment.

“We’re not here for another talk shop. Regional integration is no longer optional; it is a necessity for survival and growth. We need harmonized regulations, efficient customs systems, modern logistics, and reduced red tape,” Seaga asserted.

“Our job as governments is to facilitate and create a level playing field,” said Prime Minister Holness in response. “Regional integration cannot be treated as an economic aspiration; it must be a shield of resilience and self-reliance. We must act with urgency, coordination, and a strategic mindset to overcome the obstacles,” he added.

Bringing empirical weight to the discussions, Dr. Patrick Antoine, Chief Executive Officer and Technical Director of the CPSO, revealed cutting-edge insights and analysis, highlighting that CARICOM could face US$542.3 million in annual export revenue losses due to new US reciprocal tariffs.

Dr. Antoine advocated for a ‘CBI-Plus’ strategy to safeguard products outside the existing Caribbean Basin Initiative (CBI) preference regime.

He emphasized, “Every delay in CSME implementation represents lost opportunities for growth, jobs, and innovation.”

Dr. Antoine’s presentation also raised awareness regarding the looming IMO Global Carbon Tax and implications for the CARICOM Region, stating “we are also calling for an urgent convening of a technical
working group to address the global carbon tax’s potential impact on our trade competitiveness.”

Adding a frank regional perspective, Honourable Kerrie Symmonds, Barbados’ Minister of Foreign Affairs and Foreign Trade, urged CARICOM members to move beyond self critique toward practical action.

“We have missed too many boats—whether in production integration or sourcing diversification. Resilience means building new, reliable trade relationships beyond our traditional partners,” Minister Symmonds said. He also raised concerns about emerging global green protectionism policies, warning that CARICOM must engage early to protect its interests.

The PSOJ and CPSO underscored that the time for talk has passed, reaffirming their resolve to drive tangible outcomes through stronger public-private partnerships, actionable policy reforms, and region-wide collaboration with CARICOM governments.

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Bridgetown, Barbados, June 25^th, 2025— The CARICOM Private Sector Organization (CPSO) welcomes and strongly supports the decision taken at the Sixtieth Regular Meeting of the Council for Trade and Economic Development (COTED) for the alteration of the Common External Tariff (CET) on paints and varnishes to 35%, effective July 1, 2026.

This decisive policy move follows comprehensive industry research which confirmed that persistently underpriced imports from extra-regional countries have placed severe and sustained pressure on the Region’s paint manufacturing sector. These extra-regional imports have distorted the market, undermined domestic production and threatened employment and investment, jeopardizing the long-term viability of one of CARICOM’s key manufacturing value chains.

Dr. Patrick Antoine, CEO and Technical Director of the CPSO, speaking on the COTED Decision, said “The alteration in the CET to 35% represents a necessary and timely intervention for the paint and varnishes industry. This decision will set us on a pathway to level the playing field for CARICOM manufacturers, safeguard regional jobs, and ensure that investment in quality production is not undermined by unfair trade practices.”

The CPSO commends the Honourable Kerrie Symmonds, Minister of Foreign Affairs and Foreign Trade of Barbados, and Chair of COTED for his visionary leadership and steadfast commitment to ensuring a rules-based, equitable trade environment that supports regional production and enables CARICOM’s industrial development.

The Decision by COTED Minsters, is expected to catalyze approximately USD 200 million in investments in the CSME paints and coatings sector over the next three years. Already, investments in plant expansions have been undertaken by paint manufacturers in Saint Lucia, Grenada, Suriname, and Jamaica, where a new innovative facility was commissioned in March of this year.

Yet the CET adjustment highlights a broader regional need. Dr. Antoine noted “the requirement for CARICOM to operationalize a Community-wide regime of trade defense measures to safeguard regional producers from unfair trade practices, which will emerge in the routine context of international trade.” He also indicated that while three CARICOM Member States maintain competent authorities capable of addressing unfair trade practices at the national level, an effective coordinated mechanism to respond in instances where the CSME market was impacted, remained lacking.

The CPSO stands ready to support Member States with implementation of the COTED Decision by July 1, 2026. The CET adjustment is consistent with the objectives of the CARICOM trade regime to strengthen production and trade in the CSME, providing regional manufacturers with the scale required to achieve efficiency gains, thereby strengthening their ability to compete in extra-regional markets.

The Decision was the result of region-wide collaboration. The CPSO was tasked with coordinating the technical work underpinning the request for the CET alteration for paints and coatings by paint manufacturing companies in the Organization of Eastern Caribbean States (OECS), with strong support from manufacturers in all the More Developed Countries (MDCs).  The CPSO CEO, remarked that this action, which commenced with the smallest of manufacturers, and secured the support of the COTED Ministers, after thorough analysis, was an effective demonstration of the benefits of CARICOM.

The CET alteration comes as CARICOM advances its Industrial Policy framework, amidst a resurgence of regionalism, rising global tensions and the imposition of the U.S. reciprocal tariff of 10% on CARICOM exports. In this context, the move to strengthen tariff protection for key industries such as the paints and coatings sector, represents both a necessary defense and proactive step toward deeper regional integration.

For media enquiries, please contact:

The CPSO Secretariat

Email: info@thecpso.org | website: www.thecpso.org

Port of Spain, Trinidad and Tobago – The CARICOM Private Sector Organization (CPSO), extends its warmest congratulations to the Honourable Kamla Persad-Bissessar S.C. on her appointment as Prime Minister of the Republic of Trinidad and Tobago following the mandate bestowed by the people on April 28th, 2025.

Prime Minister Persad-Bissessar assumes office at a pivotal moment in geopolitical, regional and national affairs. The CPSO acknowledges the immense responsibilities that accompany this leadership role, and the Organization stands ready, with the full support of its membership, to contribute meaningfully to the vision of a stronger, more peaceful and prosperous Trinidad and Tobago.

The CPSO remains steadfast in its commitment to the Caribbean Community and looks forward to continued engagement with all CARICOM Member States toward achieving sustainable development, inclusive growth and deeper regional integration.

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