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Kaieteur News
Sunday July 01, 2012
Jamaica working to ease trade constraints with CARICOM partners JIS - State Minister for Industry, Investment and Commerce, Hon. Sharon Ffolkes-Abrahams, said the Ministry is working to address trade constraints within the region, including the trade imbalance between Jamaica and Trinidad and Tobago. “We are working closely with CARICOM on the range of trade and investment issues, including access to markets, the movement of people, and so on,” she stated. Mrs. Ffolks Abrahams was speaking at the opening of the second annual Junior Achievement Company of Entrepreneurs (JACE) Conference, held at the Rex Nettleford Hall, University of
the West Indies, Mona. She informed that the Ministry will also be looking at trade matters outside of CARICOM, including collaborating with the Ministry of Foreign Affairs and Foreign Trade on free trade discussions with Canada and other countries such as the Dominican Republic. “The work of the Ministry will also continue in the area of exploring the export of goods to Europe under the European Partnership Agreement (EPA),” Mrs. Ffolkes Abrahams said. The State Minister stated that the Government, through the National Export Strategy (NES), will continue to set a framework for ensuring that
trade and investment contribute to the rebuilding and growth of the economy. Turning to other matters, the State Minister pointed to the need for increased focus to be placed on the services sector, based on its tremendous growth potential. She noted that services represent a significant aspect of global trade, and the ability of the sector to induce growth in developing countries “is huge, but perhaps underutilised”. “That is critical not just in business but in all areas of society. It also helps with selfconfidence because... the ability to operate in a company... helps build that self confidence and leadership skills,” Mr. Bowen said.
IDB provides funds for Barbados energy programme
WASHINGTON - The Inter-American Development Bank (IDB) last week announced the approval of a $17 million loan to support Barbados’ Public Sector Smart Energy programme. The programme’s resources are expected to be supplemented with a grant from the European Union (EU) of up to •5.8 million (approximately $7.6 million at the time of the loan’s approval), the first such grant provided by the EU under a framework agreement with the IDB. This agreement facilitates cooperation
in areas such as social cohesion and poverty reduction, regional integration and trade development, renewable energies and energy efficiency, and climate change and statistics. The Public Sector Smart Energy programme, which will implement renewable energy solutions and energy efficiency and conservation measures by government agencies, complements a broad range of policies, programs and actions Barbados is adopting to cut energy costs and reduce its dependence on imported fuel.