EU-Cariforum seeks to reduce high import bill, foster greater food security

Business

18 Hrs Ago

Cariforum – the body comprising of Caribbean ACP states – with the assistance of the European Union (EU) is seeking to reduce its annual food import bill which is over €9 billion.

This according to the EU-Cariforum webinar which took place on Thursday.

The webinar focused on the findings of a study titled, Agriculture, Fisheries and Food Processing in Cariforum.

It is the third in a series of studies commissioned by EU to raise awareness on the economic opportunities related to the Cariforum-EU economic partnership agreement (EPA).

According to the study, Caricom is trying to reduce its agricultural imports by 25 per cent by the year 2025. The urgency to cut down this import, coupled with the global movement towards enhancing food security and safety has prompted Caricom nations to implement the “25 by 25” program.

This initiative also opens doors for EU enterprises to support the region in achieving this goal by exploring trade and investment partnership opportunities of mutual benefit.

Speaking at the webinar, Agriculture Minister of Guyana, Zulfikar Mustapha said, “There has been a visible shift in Caricom’s focus with regards to ensuring food security and promoting self-sufficiency. The EPA addresses cross-cutting issues such as barriers to trade, financing, market facilitation and transportation, all of which are necessary to ensure a favourable investment climate in the region.”

The study also highlighted the emerging trade and investment opportunities in agriculture, fisheries and food processing across the Cariforum region. It also explored conditions for market access and the ease of doing business.

Head of co-operation of the EU Delegation to Caricom, David Mogollón said, “Agriculture, crop cultivation, live-stock rearing and fishing are an integral part of the region’s cultural identity. Through our continued engagement with the Caribbean and international partners, we are promoting investments in the region to collectively build a modern, sustainable and climate resilient agri-food sector. This will contribute to the economic growth, food security and poverty reduction in the region.”

Speaking on the domestic front, executive director of the European Business Chamber TT Marie Louise Norton-Murray said, “TT is part of various EU funded projects such as the Tobago Good Foods project. TT has also formally signed an MOU with COLEAD – a EU based association of producers, importers and distributors that promote sustainable agriculture and market access.”

Norton-Murray also identified a few areas of possible investment and partnership opportunities in TT such as the controlled environment agriculture, expansion of cocoa production, agro-tourism and fisheries.

In 2008, the EU and 14 Caribbean countries signed the EPA geared towards strengthening trade and investment relations and promoting regional integration.

The EPA provides a framework for facilitating trade and commercial relations. It also promotes export diversification, enhances the competitiveness of the region’s agro-processing sector, eliminates barriers to trade and fosters greater market access.